$REGN
Regeneron Pharmaceuticals Inc

2016 Q2 Form 10-Q Financial Statement

#000153217616000067 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $1.213B $998.6M
YoY Change 21.43% 50.01%
Cost Of Revenue $41.25M $60.86M
YoY Change -32.22% 103.22%
Gross Profit $1.171B $937.8M
YoY Change 24.91% 47.5%
Gross Profit Margin 96.6% 93.91%
Selling, General & Admin $292.0M $174.6M
YoY Change 67.27% 80.49%
% of Gross Profit 24.93% 18.62%
Research & Development $559.9M $390.3M
YoY Change 43.45% 32.54%
% of Gross Profit 47.8% 41.62%
Depreciation & Amortization $25.00M $15.30M
YoY Change 63.4% 17.69%
% of Gross Profit 2.13% 1.63%
Operating Expenses $852.0M $564.9M
YoY Change 50.81% 44.39%
Operating Profit $291.6M $344.9M
YoY Change -15.44% 51.19%
Interest Expense -$1.251M $2.748M
YoY Change -145.52% -73.0%
% of Operating Profit -0.43% 0.8%
Other Income/Expense, Net $628.0K -$16.86M
YoY Change -103.72% -12.57%
Pretax Income $292.3M $328.0M
YoY Change -10.9% 57.08%
Income Tax $96.04M $133.4M
% Of Pretax Income 32.86% 40.66%
Net Earnings $196.2M $194.6M
YoY Change 0.81% 102.01%
Net Earnings / Revenue 16.18% 19.49%
Basic Earnings Per Share $1.88 $1.89
Diluted Earnings Per Share $1.69 $1.69
COMMON SHARES
Basic Shares Outstanding 104.6M shares 102.9M shares
Diluted Shares Outstanding 116.2M shares 115.3M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.045B $604.0M
YoY Change 73.01% -26.07%
Cash & Equivalents $646.5M $390.6M
Short-Term Investments $399.0M $214.0M
Other Short-Term Assets $158.0M $142.0M
YoY Change 11.27% 12.7%
Inventory $316.1M $171.3M
Prepaid Expenses
Receivables $1.432B $1.072B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.209B $2.283B
YoY Change 40.55% 19.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.773B $1.326B
YoY Change 33.69% 87.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $590.0M $590.0M
YoY Change 0.0% 7.08%
Other Assets $6.715M $4.138M
YoY Change 62.28% -53.39%
Total Long-Term Assets $2.996B $2.244B
YoY Change 33.52% 45.94%
TOTAL ASSETS
Total Short-Term Assets $3.209B $2.283B
Total Long-Term Assets $2.996B $2.244B
Total Assets $6.205B $4.527B
YoY Change 37.07% 30.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.0M $130.0M
YoY Change -21.54% 176.6%
Accrued Expenses $488.0M $399.0M
YoY Change 22.31% 69.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $951.6M $601.5M
YoY Change 58.19% 71.1%
LONG-TERM LIABILITIES
Long-Term Debt $362.0M $388.0M
YoY Change -6.7% -24.95%
Other Long-Term Liabilities $119.5M $76.08M
YoY Change 57.1% 408.28%
Total Long-Term Liabilities $119.5M $76.08M
YoY Change 57.1% 408.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $951.6M $601.5M
Total Long-Term Liabilities $119.5M $76.08M
Total Liabilities $2.128B $1.189B
YoY Change 79.08% 9.31%
SHAREHOLDERS EQUITY
Retained Earnings $1.230B $487.3M
YoY Change 152.47% 644.14%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $316.1M $287.1M
YoY Change 10.09% -754.71%
Treasury Stock Shares 3.762M shares 3.417M shares
Shareholders Equity $4.077B $3.338B
YoY Change
Total Liabilities & Shareholders Equity $6.205B $4.527B
YoY Change 37.07% 30.99%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $196.2M $194.6M
YoY Change 0.81% 102.01%
Depreciation, Depletion And Amortization $25.00M $15.30M
YoY Change 63.4% 17.69%
Cash From Operating Activities $399.5M $257.8M
YoY Change 54.97% -23.37%
INVESTING ACTIVITIES
Capital Expenditures -$138.8M -$239.9M
YoY Change -42.14% 238.36%
Acquisitions
YoY Change
Other Investing Activities -$187.2M -$131.8M
YoY Change 42.03% 178.65%
Cash From Investing Activities -$326.0M -$371.6M
YoY Change -12.27% 214.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -31.20M -3.500M
YoY Change 791.43% -95.63%
NET CHANGE
Cash From Operating Activities 399.5M 257.8M
Cash From Investing Activities -326.0M -371.6M
Cash From Financing Activities -31.20M -3.500M
Net Change In Cash 42.30M -117.3M
YoY Change -136.06% -184.94%
FREE CASH FLOW
Cash From Operating Activities $399.5M $257.8M
Capital Expenditures -$138.8M -$239.9M
Free Cash Flow $538.3M $497.7M
YoY Change 8.16% 22.19%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Amendment Flag
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dei Document Period End Date
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dei Document Type
DocumentType
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dei Entity Central Index Key
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dei Entity Filer Category
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dei Entity Registrant Name
EntityRegistrantName
REGENERON PHARMACEUTICALS INC
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Accounting Standards </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2016-09 ("ASU 2016-09"), </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Stock Compensation, Improvements to Employee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;">, which the Company elected to early adopt during the second quarter of 2016. ASU 2016-09 requires an entity to recognize all excess tax benefits and tax deficiencies in connection with stock-based compensation as income tax expense or benefit in the income statement (previously, excess tax benefits were recognized in additional paid-in capital). This aspect of ASU 2016-09 was adopted prospectively, and accordingly, the Company recorded excess tax benefits of </font><font style="font-family:inherit;font-size:10pt;">$39.8 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$55.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, within income tax expense for the three and six months ended June 30, 2016, respectively. Included within income tax expense for the six months ended June 30, 2016 is </font><font style="font-family:inherit;font-size:10pt;">$15.6 million</font><font style="font-family:inherit;font-size:10pt;"> of excess tax benefits, which was previously recorded to additional paid-in capital during the first quarter of 2016. The amendments also require recognition of excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Furthermore, the amendments require that excess tax benefits be classified as an operating activity in the statement of cash flows (such amounts were previously included as a financing activity in the statement of cash flows); the Company also adopted this provision of ASU 2016-09 prospectively.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued Accounting Standards Update 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. The new standard requires a lessee to recognize in its balance sheet (for both finance and operating leases) a liability to make lease payments ("lease liability") and a right-of-use asset representing its right to use the underlying asset for the lease term. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the impact that this guidance will have on the Company's financial statements.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued Accounting Standards Update 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recognition and Measurement of Financial Assets and Financial Liabilities</font><font style="font-family:inherit;font-size:10pt;">. The amendments require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The implementation of the amendments is expected to increase the volatility of an entity's net income; however, the Company is not currently able to estimate the impact of adopting these amendments, as the significance of the impact will depend on the Company's equity investment balance upon adoption. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued Accounting Standards Update 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">, which will replace existing revenue recognition guidance. The new standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. To achieve that core principle, an entity must identify the contract(s) with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the entity satisfies the performance obligation. In July 2015, the FASB decided to delay the effective date of the new standard by one year; as a result, the new standard will be effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption will be permitted, but no earlier than 2017 for calendar year-end entities. The standard allows for two transition methods - retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial adoption. The Company has not yet determined its method of transition and is evaluating the impact that this guidance will have on the Company's financial statements.</font></div></div>
us-gaap Revenue Recognition Revenue Reductions
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenue from product sales is recorded net of applicable provisions for rebates and chargebacks, distribution-related fees, and other sales-related deductions. </font></div></div>

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