Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $16.1B | $12.2B | $13.1B | $14.2B | $14.3B |
| YoY | — | -24.3% | +7.8% | +8.3% | +1.0% |
| Cost of goods sold | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | $2.9B | $3.6B | $4.4B | $5.1B | $5.9B |
| YoY | — | +25.6% | +23.6% | +15.6% | +14.0% |
| Selling, general & administrative | $1.8B | $2.1B | $2.6B | $3.0B | $2.7B |
| YoY | — | +15.9% | +24.4% | +12.3% | -8.6% |
| Operating income | $8.9B | $4.7B | $4.0B | $4.0B | $3.6B |
| YoY | — | -47.0% | -14.6% | -1.4% | -10.3% |
| Pretax income | $9.3B | $4.9B | $4.2B | $4.8B | $5.2B |
| YoY | — | -47.9% | -13.6% | +13.8% | +9.4% |
| Income tax | $1.3B | $520.4M | $245.7M | $367.3M | $725.8M |
| YoY | — | -58.4% | -52.8% | +49.5% | +97.6% |
| Net income | $8.1B | $4.3B | $4.0B | $4.4B | $4.5B |
| YoY | — | -46.3% | -8.9% | +11.6% | +2.1% |
| EPS — basic | $76.40 | $40.51 | $37.05 | $40.90 | $43.07 |
| YoY | — | -47.0% | -8.5% | +10.4% | +5.3% |
| EPS — diluted | $71.97 | $38.22 | $34.77 | $38.34 | $41.48 |
| YoY | — | -46.9% | -9.0% | +10.3% | +8.2% |
| Weighted shares — basic | 105.7M | 107.1M | 106.7M | 107.9M | 104.6M |
| Weighted shares — diluted | 112.2M | 113.5M | 113.7M | 115.1M | 108.6M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $2.9B | $3.1B | $2.7B | $2.5B | $3.1B |
| YoY | — | +7.6% | -12.1% | -8.9% | +25.3% |
| Marketable securities (current) | $2.8B | $4.6B | $8.1B | $6.5B | $5.5B |
| YoY | — | +65.0% | +75.0% | -19.6% | -15.9% |
| Accounts receivable | $6.0B | $5.3B | $5.7B | $6.2B | $5.7B |
| YoY | — | -11.7% | +6.4% | +9.6% | -7.6% |
| Inventory | $2.0B | $2.4B | $2.6B | $3.1B | $3.2B |
| YoY | — | +23.1% | +7.4% | +19.6% | +3.7% |
| Total current assets | $14.0B | $15.9B | $19.5B | $18.7B | $18.0B |
| YoY | — | +13.3% | +22.6% | -4.2% | -3.4% |
| Total assets | $25.4B | $29.2B | $33.1B | $37.8B | $40.6B |
| YoY | — | +14.9% | +13.2% | +14.1% | +7.4% |
| Total current liabilities | $3.9B | $3.1B | $3.4B | $3.9B | $4.4B |
| YoY | — | -20.1% | +9.0% | +15.2% | +10.8% |
| Total liabilities | $6.7B | $6.6B | $7.1B | $8.4B | $9.3B |
| YoY | — | -1.7% | +8.5% | +18.3% | +10.7% |
| Total equity | $18.8B | $22.7B | $26.0B | $29.4B | $31.3B |
| YoY | — | +20.8% | +14.6% | +13.0% | +6.5% |
| Shares outstanding | — | — | — | — | — |
| YoY | — | — | — | — | — |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $7.1B | $5.0B | $4.6B | $4.4B | $5.0B |
| YoY | — | -29.2% | -8.4% | -3.8% | +12.6% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $1.6B | $2.1B | $2.2B | $2.6B | $3.4B |
| YoY | — | +26.6% | +7.3% | +16.5% | +32.1% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 55.7% | 38.9% | 30.9% | 28.1% | 24.9% |
| Net margin | 50.2% | 35.6% | 30.1% | 31.1% | 31.4% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | 13.4% | 10.7% | 5.9% | 7.7% | 13.9% |
| Current ratio | 3.56x | 5.06x | 5.69x | 4.73x | 4.13x |
| Total liabilities / equity | 0.36x | 0.29x | 0.27x | 0.29x | 0.30x |
Peer comparison — latest full year
Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| REGN FY25 · this stock | $14.3B | +1.0% | — | 24.9% | 31.4% | — |
| UNH FY25 | $447.6B | +11.8% | — | 4.2% | 2.7% | 3.6% |
| CVS FY25 | $402.1B | +7.8% | — | 1.2% | 0.4% | 1.9% |
| CI FY25 | $274.9B | +11.2% | — | 3.3% | — | — |
| ELV FY25 | $199.1B | +12.5% | — | 3.6% | 2.8% | 1.6% |
| JNJ FY25 | $94.2B | +6.0% | 67.9% | — | 28.5% | 20.9% |
| LLY FY25 | $65.2B | +44.7% | — | — | 31.7% | — |
| MRK FY25 | $65.0B | +1.3% | — | — | 28.1% | 19.0% |
| ABBV FY25 | $61.2B | +8.6% | — | 24.6% | 6.9% | 29.1% |
| BMY FY25 | $48.2B | -0.2% | — | — | 14.6% | 26.7% |
| TMO FY25 | $44.6B | +3.9% | — | 17.4% | 15.0% | 14.1% |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.