Regeneron Pharmaceuticals (REGN) 10-Q 2005 Q2 Quarterly report

Exhibit 12.1

Regeneron Pharmaceuticals, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
(Dollars in thousands)

															Six months
															ended
	Years ended December 31,														June 30,
	2000			2001			2002			2003			2004		2005
Earnings:
Income (loss) from continuing operations before income (loss) from equity investee		($17,077	)		($75,178	)		($124,350	)		($107,395	)	$	41,565		($31,125	)
Fixed charges		1,309			3,888			13,685			14,108			14,060		6,846
Amortization of capitalized interest		—			—			—			33			78		39
Interest capitalized		—			—			(222	)		(276	)		—		—
Adjusted earnings		($15,768	)		($71,290	)		($110,887	)		($93,530	)	$	55,703		($24,240	)
Fixed charges:
Interest expense	$	281		$	2,657		$	11,859		$	11,932		$	12,175	$	6,024
Interest capitalized		—			—			222			276			—		—
Assumed interest component of rental charges		1,028			1,231			1,604			1,900			1,885		822
Total fixed charges	$	1,309		$	3,888		$	13,685		$	14,108		$	14,060	$	6,846
Ratio of earnings to fixed charges		(A	)		(A	)		(A	)		(A	)		3.96		(A	)

(A) Due to the registrant’s losses for the years ended December 31, 2000, 2001, 2002, and 2003, and for the six months ended June 30, 2005, the ratio coverage was less than 1:1. To achieve a coverage ration of 1:1, the registrant must generate additional earnings of the amounts shown in the table below.

											Six months
											ended
	Years ended December 31,										June 30,
	2000		2001		2002		2003		2004		2005
Coverage deficiency	$	17,077	$	75,178	$	124,572	$	107,638		—	$	31,086