Regeneron Pharmaceuticals, Inc. Liquidation Value

REGN presents a strongly positive liquidation recovery posture as of March 31, 2026, consistent with the MFFAIS operating liquidation value of approximately $4.7B. Total reported assets are $40.9B against total liabilities of $9.4B, yielding $31.4B in book equity. Under the liquidation lens, the dominant asset is the liquid securities portfolio: $3.0B in cash and cash equivalents (100% recovery) plus $15.5B in available-for-sale debt securities at amortized cost ($15.5B fair value; near-100% recovery given investment-grade composition) plus $5.8B current and $9.8B noncurrent marketable securities. These liquid financial assets alone — roughly $19.3B in AFS debt securities plus $3.0B cash — cover total liabilities of $9.4B by a wide margin before touching any operating assets. Accounts receivable of $5.7B at 90-95% recovery adds approximately $5.1-5.4B. Inventory of $3.1B at 60% yields approximately $1.9B. PP&E of $5.3B at 50-70% recovery yields $2.6-3.7B. Intangibles of $1.3B (primarily from Checkmate/Decibel acquisitions and licensed rights) and deferred tax assets of $4.2B both receive zero recovery under the liquidation lens, representing a combined $5.5B of face-value assets that vaporize on wind-down. Liability stack at face value: current liabilities of $5.1B (including $1.0B accounts payable, $2.7B accrued liabilities, $0.6B current deferred revenue, and $720M current finance lease liability) plus $4.3B noncurrent liabilities (including $2.0B long-term debt and $2.1B other noncurrent). The company-disclosed aggregate indebtedness is $2.706B comprising senior unsecured notes and lease financing facility. At the stated haircuts, estimated liquidation recovery to equity is materially positive, driven overwhelmingly by the $18.5B AFS debt securities portfolio and $3.0B cash position. The deferred tax asset ($4.2B) represents the largest single asset that zeroes out under liquidation accounting. No prior period filing was provided for QoQ comparison.