Regeneron Pharmaceuticals (REGN) FY2022 results: revenue $12.2 billion, down 24.3% on the year

Regeneron Pharmaceuticals, Inc. (REGN) reported revenue of $12.2 billion for fiscal 2022, the year ended 31 December 2022, down 24.3% on the year before. Net income was $4.3 billion, down 46.3%, and diluted earnings per share $38.22. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2023.

Revenue

$12.2 billion

-24.3% on the year

FY2015FY2022

Operating margin

38.9%

55.7% a year earlier

FY2015FY2022

Net income

$4.3 billion

-46.3% on the year

FY2015FY2022

Diluted EPS

$38.22

-46.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	12,173	16,072	8,497	-24.3%
Research and development	3,592	2,860	2,647	+25.6%
Selling, general and administrative	2,116	1,825	1,346	+15.9%
Operating income	4,739	8,947	3,577	-47.0%
Operating margin	38.9%	55.7%	42.1%
Interest expense	59.4	57.3	56.9	+3.7%
Pre-tax income	4,859	9,326	3,810	-47.9%
Income tax	520	1,250	297	-58.4%
Effective tax rate	10.7%	13.4%	7.8%
Net income	4,338	8,075	3,513	-46.3%
Net margin	35.6%	50.2%	41.3%
Diluted EPS	$38.22	$71.97	$30.52	-46.9%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	5,015	7,081	2,618	-29.2%
Capital expenditure	590	552	615	+6.9%
Free cash flow	4,425	6,529	2,004	-32.2%
Free cash flow margin	36.3%	40.6%	23.6%
Cash from investing	-3,785	-5,385	-70.6
Cash from financing	-1,009	-1,006	-1,970
Depreciation and amortisation	341	286	236	+19.3%
Share-based compensation	725	602	432	+20.5%
Buybacks	2,083	1,645	5,847	+26.6%
Diluted shares, weighted	114m	112m	115m	+1.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	22,664	18,769	11,025	+20.8%
Debt	1,981	1,980	1,978	+0.1%
Operating lease liabilities	55.8	n/a	n/a
Finance lease liabilities	720	0.0	717
Other liabilities	3,793	4,686	3,442	-19.1%
Total liabilities and equity	29,214	25,435	17,163	+14.9%
Fixed assets	n/a	3,482	3,222
Intangible assets	916	6.7	n/a	+13,564.2%
Investments	11,228	9,647	4,529	+16.4%
Cash and equivalents	3,106	2,886	2,194	+7.6%
Receivables	5,329	6,036	4,115	-11.7%
Inventory	2,402	1,951	1,917	+23.1%
Other assets	6,234	1,425	1,188	+337.4%
Total assets	29,214	25,435	17,163	+14.9%

10-K for the year ended 31 December 2022, filed 6 February 2023: the filing.