Regeneron Pharmaceuticals Inc (REGN)

Return on total capital

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before interest and tax (EBIT)	US$ in thousands	4,272,300	4,918,200	9,383,100	3,867,300	2,459,300
Long-term debt	US$ in thousands	1,982,900	1,981,400	1,980,000	1,978,500	0
Total stockholders’ equity	US$ in thousands	25,973,100	22,664,000	18,768,800	11,025,300	11,089,700
Return on total capital		15.28%	19.96%	45.22%	29.74%	22.18%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $4,272,300K ÷ ($1,982,900K + $25,973,100K)
= 15.28%

Regeneron Pharmaceuticals, Inc.'s return on total capital has exhibited fluctuations over the past five years. The trend shows a decline from 41.46% in 2021 to 14.75% in 2023. In 2022, the return on total capital was at 19.33%, indicating a momentary increase from the previous year.

The average return on total capital over this period is noteworthy at 23.66%, demonstrating the company's ability to generate returns in relation to the total capital employed in its operations. The fluctuation in the return on total capital suggests potential changes in the company's operational efficiency and profitability.

It would be beneficial for stakeholders and investors to further investigate the underlying reasons for the fluctuations to gain a deeper understanding of Regeneron Pharmaceuticals, Inc.'s financial performance and strategic positioning in the market.