Stock Analysis on Net
Stock Analysis on Net

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Price to FCFE (P/FCFE)

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Regeneron Pharmaceuticals Inc., FCFE calculation

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income 3,953,600 4,338,400 8,075,300 3,513,200 2,115,800
Net noncash charges 734,500 919,800 922,500 608,500 514,700
Changes in assets and liabilities (94,100) (243,300) (1,916,500) (1,503,600) (200,500)
Net cash provided by operating activities 4,594,000 5,014,900 7,081,300 2,618,100 2,430,000
Capital expenditures (718,600) (590,100) (551,900) (614,600) (429,600)
Proceeds from issuance of long-term debt — — — 1,981,900 —
Proceeds from bridge loan facility — — — 1,500,000 —
Repayment of bridge loan facility — — — (1,500,000) —
Free cash flow to equity (FCFE) 3,875,400 4,424,800 6,529,400 3,985,400 2,000,400

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Regeneron Pharmaceuticals Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Regeneron Pharmaceuticals Inc. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Regeneron Pharmaceuticals Inc., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 109,889,531
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 3,875,400
FCFE per share 35.27
Current share price (P) 744.60
Valuation Ratio
P/FCFE 21.11
Benchmarks
P/FCFE, Competitors1
AbbVie Inc. 16.47
Amgen Inc. 4.56
Bristol-Myers Squibb Co. 9.01
Danaher Corp. 47.73
Eli Lilly & Co. 73.37
Gilead Sciences Inc. 15.29
Johnson & Johnson 23.74
Merck & Co. Inc. 18.32
Moderna Inc. —
Pfizer Inc. 3.49
Thermo Fisher Scientific Inc. 28.39
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 16.08
P/FCFE, Industry
Health Care 16.45

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Regeneron Pharmaceuticals Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 109,761,896 109,325,532 108,539,282 107,131,899 110,019,809
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 3,875,400 4,424,800 6,529,400 3,985,400 2,000,400
FCFE per share3 35.31 40.47 60.16 37.20 18.18
Share price1, 4 936.33 780.86 622.36 494.90 381.87
Valuation Ratio
P/FCFE5 26.52 19.29 10.35 13.30 21.00
Benchmarks
P/FCFE, Competitors6
AbbVie Inc. 17.37 22.66 18.76 13.16 3.64
Amgen Inc. 4.71 8.32 13.52 11.06 33.32
Bristol-Myers Squibb Co. 7.52 22.85 16.17 7.80 5.80
Danaher Corp. 53.08 32.04 20.75 44.62 6.88
Eli Lilly & Co. 75.06 60.51 35.17 36.62 15.87
Gilead Sciences Inc. 12.81 15.22 12.70 5.98 15.91
Johnson & Johnson 24.31 16.73 23.28 15.60 23.06
Merck & Co. Inc. 24.48 22.40 18.72 17.85 18.08
Moderna Inc. — 12.24 4.62 31.68 —
Pfizer Inc. 3.82 10.56 8.88 — 9.87
Thermo Fisher Scientific Inc. 31.16 27.98 13.44 18.58 46.04
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 17.23 19.02 15.27 17.30 11.46
P/FCFE, Industry
Health Care 16.99 18.08 16.76 17.08 13.39

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,875,400,000 ÷ 109,761,896 = 35.31

4 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 936.33 ÷ 35.31 = 26.52

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Regeneron Pharmaceuticals Inc. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.