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Regeneron Pharmaceuticals’ Gross Margin Trends

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Dec. 11 2018, Updated 1:18 p.m. ET

Revenue forecast

In fiscal 2018 and fiscal 2019, Regeneron Pharmaceuticals (REGN) is expected to generate revenue of $6.49 billion and $7.16 billion, respectively, compared with revenue of $5.87 billion in fiscal 2017. Meanwhile, peers Amgen (AMGN), Biogen (BIIB), and Johnson & Johnson (JNJ) are expected to have revenue of $23.36 billion, $13.31 billion, and $81.35 billion, respectively, in fiscal 2018. Regeneron’s cash per share is $20.14, while Amgen’s, Biogen’s, and Johnson & Johnson’s cash per share is $45.17, $21.31, and $7.20, respectively.

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Gross margins

In the third quarter of this year, Regeneron’s cost of goods sold fell YoY (year-over-year) to $30.82 million from $46.39 million, and its collaboration and contract manufacturing costs rose YoY to $79.55 million from $57.84 million. Its gross margin expanded YoY to 97% from 93.05%.

Expected trends

Regeneron’s gross margin is expected to be 95.97% and 95.85%, respectively, in fiscal 2018 and fiscal 2019, compared with 93.24% in fiscal 2017. Meanwhile, Amgen’s, Biogen’s, and Johnson & Johnson’s fiscal 2018 gross margins are expected to be 85.83%, 86.71%, and 71.09%, respectively. Next, we’ll look at Regeneron’s operational performance.

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