Regeneron Pharmaceuticals (REGN) FY2014 results: revenue $2.8 billion, up 34.0% on the year
Regeneron Pharmaceuticals, Inc. (REGN) reported revenue of $2.8 billion for fiscal 2014, the year ended 31 December 2014, up 34.0% on the year before. Net income was $338 million, down 18.3%, and diluted earnings per share $2.98. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2015.
Revenue
$2.8 billion
+34.0% on the year
FY2008FY2014
Operating margin
29.2%
35.3% a year earlier
FY2008FY2014
Net income
$338 million
-18.3% on the year
FY2008FY2014
Diluted EPS
$2.98
-19.9% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,820
2,105
1,378
+34.0%
Cost of revenue
129
118
83.9
+9.3%
Gross profit
2,691
1,987
1,295
+35.4%
Gross margin
95.4%
94.4%
93.9%
Research and development
1,271
860
626
+47.8%
Selling, general and administrative
519
346
211
+49.9%
Operating income
824
743
458
+10.9%
Operating margin
29.2%
35.3%
33.2%
Interest expense
37.4
46.4
45.3
-19.5%
Pre-tax income
761
696
414
+9.3%
Income tax
423
283
-336
+49.7%
Effective tax rate
55.6%
40.6%
-81.0%
Net income
338
414
750
-18.3%
Net margin
12.0%
19.7%
54.4%
Diluted EPS
$2.98
$3.72
$6.75
-19.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
752
589
-74.6
+27.8%
Capital expenditure
333
156
49.3
+113.0%
Free cash flow
419
432
-124
-3.0%
Free cash flow margin
14.9%
20.5%
-9.0%
Cash from investing
-421
-355
-81.1
Cash from financing
-219
72.2
-97.6
Depreciation and amortisation
52.7
41.2
36.9
+27.9%
Share-based compensation
322
215
94.2
+49.4%
Diluted shares, weighted
113m
111m
115m
+1.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,550
1,965
1,257
+29.8%
Debt
147
320
297
-54.2%
Other liabilities
1,141
666
527
+71.3%
Total liabilities and equity
3,838
2,951
2,080
+30.0%
Fixed assets
974
527
380
+84.9%
Investments
712
548
349
+29.8%
Cash and equivalents
649
536
230
+21.1%
Receivables
739
787
593
-6.1%
Inventory
129
70.4
28.6
+83.2%
Other assets
634
483
499
+31.4%
Total assets
3,838
2,951
2,080
+30.0%
10-K for the year ended 31 December 2014, filed 12 February 2015: the filing.