What is the primary revenue source for Regeneron (REGN)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze REGN's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Regeneron's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Regeneron Makes Money: REGN Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 55.15% of revenue, indicating concentration.

Revenue: USD 7.90B
Largest revenue segment share (Collaboration Revenue): 55.15%
Research and development: USD 3.40B
Selling, general and administrative: USD 1.31B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Research and developmentResearch and development · ResearchAndDevelopmentExpense · ResearchAndDevelopmentExpense + AcquiredInProcessResearchAndDevelopment
Largest revenue segment share (Collaboration Revenue)Collaboration Revenue · segment_value / revenue * 100
RevenueRevenues · RevenueFromContractWithCustomerExcludingAssessedTax
Selling, general and administrativeSelling, general, and administrative · SellingGeneralAndAdministrativeExpense

Assets

Where is the money tied up, and how is the company financed?

Steady

The company has a net cash position and relies primarily on its own capital.

Accounts receivable: USD 6.57B
Property, plant and equipment: USD 5.46B
Inventory: USD 3.08B
Total liabilities: USD 10.02B
Shareholder equity: USD 31.71B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty, plant, and equipment, net · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Shareholder equityTotal stockholders' equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories · InventoryNet
Accounts receivableAccounts receivable, net · AccountsReceivableNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 86.94% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 2.02B
Operating cash flow: USD 1.76B
Cash conversion: 86.94%
Free cash flow: USD 1.29B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 194.60M
Share repurchases: USD 1.96B
Stock issuance proceeds: USD 212.30M
Net shareholder return: USD 1.95B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of dividends · PaymentsOfDividends · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsProceeds from issuance of common stock · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?