Regeneron Pharmaceuticals Inc (REGN)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	4,199,300	4,376,400	4,775,400	4,655,700	4,858,800	6,037,500	6,344,300	9,133,900	9,325,800	8,047,000	7,228,700	4,394,800	3,810,400	3,475,600	3,245,800	2,551,600	2,429,100	2,215,500	2,082,900	2,514,300
Revenue (ttm)	US$ in thousands	13,044,200	13,025,200	12,601,200	12,306,100	12,113,500	13,654,100	14,171,800	16,451,800	16,014,400	13,499,700	12,328,800	9,147,000	8,455,000	8,201,600	7,974,500	7,957,900	7,839,900	7,598,200	7,213,600	6,889,000
Pretax margin		32.19%	33.60%	37.90%	37.83%	40.11%	44.22%	44.77%	55.52%	58.23%	59.61%	58.63%	48.05%	45.07%	42.38%	40.70%	32.06%	30.98%	29.16%	28.87%	36.50%

December 31, 2023 calculation

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

Regeneron Pharmaceuticals, Inc. has shown a gradual decline in its pretax margin over the past eight quarters. The pretax margin was highest in Q1 2022 at 55.33% but has since experienced a downward trend, reaching its lowest value of 32.01% in Q4 2023. This decrease may indicate inefficiencies in cost management or a decrease in revenue relative to expenses. The declining pretax margin suggests that Regeneron Pharmaceuticals, Inc. may need to focus on improving operational efficiency and cost control measures to enhance profitability.