Regeneron Pharmaceuticals (REGN) FY2019 results: revenue $6.6 billion, up 27.4% on the year
Regeneron Pharmaceuticals, Inc. (REGN) reported revenue of $6.6 billion for fiscal 2019, the year ended 31 December 2019, up 27.4% on the year before. Net income was $2.1 billion, down 13.4%, and diluted earnings per share $18.46. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2020.
Revenue
$6.6 billion
+27.4% on the year
FY2012FY2019
Operating margin
33.7%
49.3% a year earlier
FY2012FY2019
Net income
$2.1 billion
-13.4% on the year
FY2012FY2019
Diluted EPS
$18.46
-13.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,558
5,146
5,872
+27.4%
Cost of revenue
403
238
203
+69.6%
Gross profit
6,155
4,908
5,670
+25.4%
Gross margin
93.9%
95.4%
96.6%
Research and development
2,450
1,469
2,075
+66.8%
Selling, general and administrative
1,342
1,127
1,320
+19.0%
Operating income
2,210
2,534
2,080
-12.8%
Operating margin
33.7%
49.3%
35.4%
Interest expense
30.2
28.2
25.1
+7.1%
Pre-tax income
2,429
2,554
2,079
-4.9%
Income tax
313
109
880
+187.2%
Effective tax rate
12.9%
4.3%
42.3%
Net income
2,116
2,444
1,199
-13.4%
Net margin
32.3%
47.5%
20.4%
Diluted EPS
$18.46
$21.29
$10.34
-13.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,430
2,195
1,307
+10.7%
Capital expenditure
430
383
273
+12.1%
Free cash flow
2,000
1,812
1,034
+10.4%
Free cash flow margin
30.5%
35.2%
17.6%
Cash from investing
-2,028
-1,463
-1,005
Cash from financing
-252
-77.1
-24.4
Depreciation and amortisation
210
148
145
+41.9%
Share-based compensation
464
427
507
+8.6%
Buybacks
276
4.4
0.0
+6,170.5%
Diluted shares, weighted
115m
115m
116m
-0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
11,090
8,757
6,144
+26.6%
Short-term borrowings
0.0
n/a
n/a
Debt
0.0
0.0
0.0
Finance lease liabilities
714
n/a
n/a
Other liabilities
3,002
2,977
2,620
+0.8%
Total liabilities and equity
14,805
11,734
8,764
+26.2%
Fixed assets
2,890
2,576
2,359
+12.2%
Investments
4,853
3,097
2,083
+56.7%
Cash and equivalents
1,618
1,468
813
+10.2%
Receivables
2,100
1,724
1,539
+21.8%
Inventory
1,416
1,151
726
+23.0%
Other assets
1,928
1,719
1,245
+12.2%
Total assets
14,805
11,734
8,764
+26.2%
10-K for the year ended 31 December 2019, filed 7 February 2020: the filing.