Regeneron Pharmaceuticals Inc (REGN)

Return on total capital

		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 interest and tax (EBIT) (ttm)	US$ in thousands	4,272,300	4,448,500	4,845,000	4,719,500	4,918,200	6,093,600	6,399,300	9,190,200	9,383,100	8,105,000	7,298,800	4,460,200	3,867,300	3,524,400	3,276,100	2,580,200	2,459,300	2,246,400	2,113,400	2,543,700
Long-term debt	US$ in thousands	1,982,900	1,982,600	1,982,200	1,981,800	1,981,400	1,981,100	1,980,700	1,980,400	1,980,000	1,979,600	1,979,200	1,978,900	1,978,500	1,978,300	—	—	0	—	—	—
Total stockholders’ equity	US$ in thousands	25,973,100	24,904,400	24,017,900	23,495,200	22,664,000	21,438,800	20,687,800	19,914,700	18,768,800	17,258,000	15,127,300	11,977,000	11,025,300	10,125,500	9,057,400	12,133,000	11,089,700	10,504,400	9,755,900	9,444,700
Return on total capital		15.28%	16.55%	18.63%	18.52%	19.96%	26.02%	28.23%	41.97%	45.22%	42.13%	42.67%	31.96%	29.74%	29.12%	36.17%	21.27%	22.18%	21.39%	21.66%	26.93%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (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 shown a declining trend over the last eight quarters, dropping from 40.26% in Q1 2022 to 14.75% in Q4 2023. This decrease in the return on total capital indicates a reduction in the company's ability to generate profits from the capital invested in its operations. It may suggest challenges in effectively utilizing the company's resources to generate returns for its investors. Further analysis is recommended to identify the underlying factors contributing to this downward trend and to develop strategies to improve the company's return on total capital in the future.