$REGN
REGENERON PHARMACEUTICALS, INC.

2016 Q3 Form 10-Q Financial Statement

#000153217616000082 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $1.220B $1.137B
YoY Change 7.27% 56.72%
Cost Of Revenue $29.90M $67.20M
YoY Change -55.5% 99.67%
Gross Profit $1.190B $1.070B
YoY Change 11.21% 54.63%
Gross Profit Margin 97.55% 94.09%
Selling, General & Admin $270.0M $210.0M
YoY Change 28.6% 45.83%
% of Gross Profit 22.69% 19.62%
Research & Development $543.0M $425.9M
YoY Change 27.5% 26.11%
% of Gross Profit 45.63% 39.8%
Depreciation & Amortization $27.80M $20.70M
YoY Change 34.3% 46.81%
% of Gross Profit 2.34% 1.93%
Operating Expenses $813.1M $635.9M
YoY Change 27.86% 32.01%
Operating Profit $362.8M $392.4M
YoY Change -7.55% 108.22%
Interest Expense -$496.0K $1.715M
YoY Change -128.92% -81.42%
% of Operating Profit -0.14% 0.44%
Other Income/Expense, Net $3.079M $867.0K
YoY Change 255.13% -113.06%
Pretax Income $365.9M $393.3M
YoY Change -6.97% 116.3%
Income Tax $101.1M $182.9M
% Of Pretax Income 27.63% 46.5%
Net Earnings $264.8M $210.4M
YoY Change 25.86% 152.35%
Net Earnings / Revenue 21.7% 18.5%
Basic Earnings Per Share $2.53 $2.04
Diluted Earnings Per Share $2.27 $1.82
COMMON SHARES
Basic Shares Outstanding 104.8M shares 103.3M shares
Diluted Shares Outstanding 116.5M shares 115.9M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.408B $896.0M
YoY Change 57.14% -14.01%
Cash & Equivalents $920.4M $654.6M
Short-Term Investments $488.0M $241.0M
Other Short-Term Assets $179.0M $182.0M
YoY Change -1.65% 30.94%
Inventory $345.6M $190.7M
Prepaid Expenses
Receivables $1.332B $1.088B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.502B $2.676B
YoY Change 30.87% 21.59%
LONG-TERM ASSETS
Property, Plant & Equipment $1.872B $1.475B
YoY Change 26.92% 80.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $778.0M $681.0M
YoY Change 14.24% 50.33%
Other Assets $20.71M $4.583M
YoY Change 351.78% 34.16%
Total Long-Term Assets $3.326B $2.507B
YoY Change 32.67% 62.93%
TOTAL ASSETS
Total Short-Term Assets $3.502B $2.676B
Total Long-Term Assets $3.326B $2.507B
Total Assets $6.828B $5.183B
YoY Change 31.74% 38.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.0M $107.0M
YoY Change 15.89% 127.66%
Accrued Expenses $435.0M $471.0M
YoY Change -7.64% 61.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $961.2M $735.0M
YoY Change 30.78% 79.18%
LONG-TERM LIABILITIES
Long-Term Debt $382.0M $395.0M
YoY Change -3.29% -29.96%
Other Long-Term Liabilities $135.7M $77.91M
YoY Change 74.18% 228.08%
Total Long-Term Liabilities $135.7M $77.91M
YoY Change 74.18% 228.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $961.2M $735.0M
Total Long-Term Liabilities $135.7M $77.91M
Total Liabilities $2.337B $1.886B
YoY Change 23.9% 58.81%
SHAREHOLDERS EQUITY
Retained Earnings $1.495B $697.7M
YoY Change 114.29% 380.49%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $316.1M $288.8M
YoY Change 9.45% 558.57%
Treasury Stock Shares 3.762M shares 3.437M shares
Shareholders Equity $4.491B $3.297B
YoY Change
Total Liabilities & Shareholders Equity $6.828B $5.183B
YoY Change 31.74% 38.6%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $264.8M $210.4M
YoY Change 25.86% 152.35%
Depreciation, Depletion And Amortization $27.80M $20.70M
YoY Change 34.3% 46.81%
Cash From Operating Activities $651.0M $892.9M
YoY Change -27.09% 443.13%
INVESTING ACTIVITIES
Capital Expenditures -$118.6M -$146.1M
YoY Change -18.82% 83.08%
Acquisitions
YoY Change
Other Investing Activities -$287.3M -$137.0M
YoY Change 109.71% 216.4%
Cash From Investing Activities -$405.8M -$283.2M
YoY Change 43.29% 130.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 28.70M -345.7M
YoY Change -108.3% -6748.08%
NET CHANGE
Cash From Operating Activities 651.0M 892.9M
Cash From Investing Activities -405.8M -283.2M
Cash From Financing Activities 28.70M -345.7M
Net Change In Cash 273.9M 264.0M
YoY Change 3.75% 466.52%
FREE CASH FLOW
Cash From Operating Activities $651.0M $892.9M
Capital Expenditures -$118.6M -$146.1M
Free Cash Flow $769.6M $1.039B
YoY Change -25.93% 325.47%

Facts In Submission

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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;">$8.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$64.1 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, within income tax expense for the three and nine months ended September 30, 2016, respectively. Included within income tax expense for the nine months ended September 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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