$REGN
REGENERON PHARMACEUTICALS, INC.

2020 Q1 Form 10-Q Financial Statement

#000180422020000011 Filed on May 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.828B $1.373B
YoY Change 33.19% -9.19%
Cost Of Revenue $217.3M $172.1M
YoY Change 26.26% 148.54%
Gross Profit $1.611B $1.201B
YoY Change 34.19% -16.76%
Gross Profit Margin 88.11% 87.46%
Selling, General & Admin $367.3M $291.1M
YoY Change 26.18% -12.0%
% of Gross Profit 22.8% 24.25%
Research & Development $583.9M $486.1M
YoY Change 20.12% -2.51%
% of Gross Profit 36.25% 40.49%
Depreciation & Amortization $56.10M $51.00M
YoY Change 10.0% 40.11%
% of Gross Profit 3.48% 4.25%
Operating Expenses $951.2M $777.2M
YoY Change 22.39% -6.29%
Operating Profit $700.1M $480.0M
YoY Change 45.85% -15.37%
Interest Expense $6.100M $7.700M
YoY Change -20.78% 20.31%
% of Operating Profit 0.87% 1.6%
Other Income/Expense, Net -$31.50M $66.10M
YoY Change -147.66% 263.19%
Pretax Income $668.6M $546.1M
YoY Change 22.43% -6.71%
Income Tax $44.00M $85.00M
% Of Pretax Income 6.58% 15.56%
Net Earnings $624.6M $461.1M
YoY Change 35.46% -3.54%
Net Earnings / Revenue 34.16% 33.59%
Basic Earnings Per Share $5.69 $4.23
Diluted Earnings Per Share $5.43 $3.99
COMMON SHARES
Basic Shares Outstanding 109.8M shares 108.9M shares
Diluted Shares Outstanding 115.1M shares 115.5M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.003B $3.232B
YoY Change 23.86% 98.89%
Cash & Equivalents $2.208B $1.709B
Short-Term Investments $1.795B $1.524B
Other Short-Term Assets $708.0M $546.0M
YoY Change 29.67% 44.83%
Inventory $1.481B $1.209B
Prepaid Expenses
Receivables $2.063B $1.728B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.644B $6.929B
YoY Change 24.76% 52.45%
LONG-TERM ASSETS
Property, Plant & Equipment $2.945B $2.613B
YoY Change 12.7% 9.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.292B $2.340B
YoY Change 40.68% 28.43%
Other Assets $161.2M $144.3M
YoY Change 11.71% 82.7%
Total Long-Term Assets $7.113B $5.926B
YoY Change 20.03% 22.75%
TOTAL ASSETS
Total Short-Term Assets $8.644B $6.929B
Total Long-Term Assets $7.113B $5.926B
Total Assets $15.76B $12.85B
YoY Change 22.58% 37.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $348.0M $240.0M
YoY Change 45.0% 15.38%
Accrued Expenses $1.143B $741.0M
YoY Change 54.25% 11.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.055B $1.511B
YoY Change 35.98% 19.41%
LONG-TERM LIABILITIES
Long-Term Debt $715.0M $710.0M
YoY Change 0.7% 0.71%
Other Long-Term Liabilities $321.5M $376.3M
YoY Change -14.56% 121.45%
Total Long-Term Liabilities $321.5M $376.3M
YoY Change -14.56% 121.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.055B $1.511B
Total Long-Term Liabilities $321.5M $376.3M
Total Liabilities $3.625B $3.410B
YoY Change 6.29% 21.57%
SHAREHOLDERS EQUITY
Retained Earnings $8.004B $5.725B
YoY Change 39.81% 74.13%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.074B $444.2M
YoY Change 141.74% 40.46%
Treasury Stock Shares 5.684M shares 4.047M shares
Shareholders Equity $12.13B $9.445B
YoY Change
Total Liabilities & Shareholders Equity $15.76B $12.85B
YoY Change 22.58% 37.15%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $624.6M $461.1M
YoY Change 35.46% -3.54%
Depreciation, Depletion And Amortization $56.10M $51.00M
YoY Change 10.0% 40.11%
Cash From Operating Activities $698.0M $897.0M
YoY Change -22.19% 44.96%
INVESTING ACTIVITIES
Capital Expenditures -$170.1M -$74.30M
YoY Change 128.94% -6.42%
Acquisitions
YoY Change
Other Investing Activities -$273.1M -$701.8M
YoY Change -61.09% 102.83%
Cash From Investing Activities -$443.2M -$776.1M
YoY Change -42.89% 82.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$490.7M -$130.6M
YoY Change 275.73% 874.63%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $335.6M $119.9M
YoY Change 179.9% 794.78%
NET CHANGE
Cash From Operating Activities $698.0M $897.0M
Cash From Investing Activities -$443.2M -$776.1M
Cash From Financing Activities $335.6M $119.9M
Net Change In Cash $590.4M $240.8M
YoY Change 145.18% 16.44%
FREE CASH FLOW
Cash From Operating Activities $698.0M $897.0M
Capital Expenditures -$170.1M -$74.30M
Free Cash Flow $868.1M $971.3M
YoY Change -10.62% 39.11%

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CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
320700000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10000000.0 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
335600000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
119900000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
590400000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
240800000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1630300000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1480200000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2220700000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1721000000.0 USD
CY2019Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1211400000 USD
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
85000000.0 USD
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
317700000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1372600000 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
486100000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
291100000 USD
CY2019Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
56700000 USD
CY2019Q1 us-gaap Costs And Expenses
CostsAndExpenses
892600000 USD
CY2019Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
81100000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
325800000 USD
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our condensed consolidated financial statements as of and for the three months ended March 31, 2020; however, actual results could differ from those estimates and there may be changes to our estimates in future periods.</span></div>
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
624600000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
461100000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
109800000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
108900000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
115100000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
115500000 shares
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.69
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.23
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.43
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.99
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
4478000000.0 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
23500000 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
31900000 USD
CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
4469600000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
4206300000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
28500000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
300000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
4234500000 USD
CY2020Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
1795100000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
1596500000 USD
CY2020Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
2674500000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
2638000000.0 USD
CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
4469600000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
4234500000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
2039600000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
31900000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
2039600000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
31900000 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
274500000 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
300000 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
274500000 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
300000 USD
CY2020Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0 USD
CY2020Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-56800000 USD
CY2019Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
42800000 USD
CY2020Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
55600000 USD
CY2020Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
210900000 USD
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
216300000 USD
CY2020Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
692200000 USD
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
727700000 USD
CY2020Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
96400000 USD
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
70600000 USD
CY2020Q1 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
481400000 USD
CY2019Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
400900000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
1480900000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
1415500000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.066
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.156
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2208200000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1708500000 USD
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
12500000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
12500000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2220700000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1721000000.0 USD
CY2020Q1 regn Accrued Capital Expenditures
AccruedCapitalExpenditures
72600000 USD
CY2019Q4 regn Accrued Capital Expenditures
AccruedCapitalExpenditures
133700000 USD
CY2019Q1 regn Accrued Capital Expenditures
AccruedCapitalExpenditures
54400000 USD
CY2018Q4 regn Accrued Capital Expenditures
AccruedCapitalExpenditures
54500000 USD
CY2020Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
117000000.0 USD
CY2019Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
100000000.0 USD

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