Regeneron Pharmaceuticals Beneish M-Score Historical Data
The historical data trend for Regeneron Pharmaceuticals's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Regeneron Pharmaceuticals Beneish M-Score Chart
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Regeneron Pharmaceuticals Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.34 |
-2.15 |
-1.52 |
-2.66 |
-2.51 |
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Regeneron Pharmaceuticals Quarterly Data
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Sep19 |
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Jun24 |
| Beneish M-Score |
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-2.59 |
-2.68 |
-2.51 |
-2.51 |
-2.29 |
Competitive Comparison of Regeneron Pharmaceuticals's Beneish M-Score
For the Biotechnology subindustry, Regeneron Pharmaceuticals's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Regeneron Pharmaceuticals's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Regeneron Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Regeneron Pharmaceuticals's Beneish M-Score falls into.
Regeneron Pharmaceuticals Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Regeneron Pharmaceuticals for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0486 | + | 0.528 * 1.0031 | + | 0.404 * 1.0996 | + | 0.892 * 1.0646 | + | 0.115 * 0.9614 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0867 | + | 4.679 * 0.007931 | - | 0.327 * 0.9089 |
| = | -2.29 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $5,717 Mil.
Revenue was 3547.1 + 3145 + 3434.3 + 3362.7 = $13,489 Mil.
Gross Profit was 3066.9 + 2711.2 + 2917.3 + 2926.3 = $11,622 Mil.
Total Current Assets was $19,082 Mil.
Total Assets was $36,087 Mil.
Property, Plant and Equipment(Net PPE) was $4,306 Mil.
Depreciation, Depletion and Amortization(DDA) was $453 Mil.
Selling, General, & Admin. Expense(SGA) was $2,826 Mil.
Total Current Liabilities was $3,509 Mil.
Long-Term Debt & Capital Lease Obligation was $2,704 Mil.
Net Income was 1432.3 + 722 + 1159.6 + 1007.8 = $4,322 Mil.
Non Operating Income was 370 + -203.2 + 14.3 + -216.1 = $-35 Mil.
Cash Flow from Operations was 354 + 1512.5 + 1089.7 + 1114.3 = $4,071 Mil.
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Total Receivables was $5,121 Mil.
Revenue was 3158.1 + 3162.1 + 3414.4 + 2936.2 = $12,671 Mil.
Gross Profit was 2753.2 + 2704.6 + 2873.8 + 2618.4 = $10,950 Mil.
Total Current Assets was $16,923 Mil.
Total Assets was $30,658 Mil.
Property, Plant and Equipment(Net PPE) was $3,923 Mil.
Depreciation, Depletion and Amortization(DDA) was $395 Mil.
Selling, General, & Admin. Expense(SGA) was $2,443 Mil.
Total Current Liabilities was $3,104 Mil.
Long-Term Debt & Capital Lease Obligation was $2,702 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (5717.1 / 13489.1) | / | (5121.3 / 12670.8) |
| = | 0.423831 | / | 0.404181 |
| | = | 1.0486 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (10950 / 12670.8) | / | (11621.7 / 13489.1) |
| = | 0.864192 | / | 0.861562 |
| | = | 1.0031 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (19081.6 + 4305.9) / 36086.8) | / | (1 - (16923 + 3922.6) / 30657.5) |
| = | 0.35191 | / | 0.320049 |
| | = | 1.0996 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 13489.1 | / | 12670.8 |
| | = | 1.0646 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (395.3 / (395.3 + 3922.6)) | / | (453.2 / (453.2 + 4305.9)) |
| = | 0.091549 | / | 0.095228 |
| | = | 0.9614 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (2826 / 13489.1) | / | (2442.7 / 12670.8) |
| = | 0.209502 | / | 0.192782 |
| | = | 1.0867 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((2703.6 + 3508.6) / 36086.8) | / | ((2702.2 + 3104.4) / 30657.5) |
| = | 0.172146 | / | 0.189402 |
| | = | 0.9089 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (4321.7 - -35 | - | 4070.5) | / | 36086.8 |
| | = | 0.007931 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Regeneron Pharmaceuticals has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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