Regeneron Pharmaceuticals Inc (REGN)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	4,199,300	4,858,800	9,325,800	3,810,400	2,429,100
Revenue	US$ in thousands	13,044,200	12,113,500	16,014,400	8,440,200	7,833,200
Pretax margin		32.19%	40.11%	58.23%	45.15%	31.01%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $4,199,300K ÷ $13,044,200K
= 32.19%

Regeneron Pharmaceuticals, Inc. has demonstrated varying pretax margins over the past five years. The company's pretax margin decreased from 30.89% in 2019 to 44.84% in 2020. However, there was a significant improvement in performance as the pretax margin increased to 58.03% in 2021. This trend was not sustained, as the pretax margin declined to 39.91% in 2022 and further decreased to 32.01% in 2023.

The fluctuations in Regeneron Pharmaceuticals, Inc.'s pretax margin over the years indicate the company's ability to manage costs and generate profits before accounting for taxes. The declining trend in recent years may suggest challenges in maintaining profitability levels or increasing costs relative to revenue. Further analysis of the company's cost structure, revenue streams, and potential factors impacting profitability would be beneficial in understanding the factors driving the fluctuations in pretax margin.