Regeneron Pharmaceuticals (REGN) 10-Q 2005 Q3 Quarterly report

Exhibit 12.1

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

															Nine months
															ended
	Years ended December 31,														September 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	($	65,781	)
Fixed charges		1,309			3,888			13,685			14,108			14,060		10,260
Amortization of capitalized interest		—			—			—			33			78		58
Interest capitalized		—			—			(222	)		(276	)		—		—
Adjusted earnings	($	15,768	)	($	71,290	)	($	110,887	)	($	93,530	)	$	55,703	($	55,463	)
Fixed charges:
Interest expense	$	281		$	2,657		$	11,859		$	11,932		$	12,175	$	9,035
Interest capitalized		—			—			222			276			—		—
Assumed interest component of rental charges		1,028			1,231			1,604			1,900			1,885		1,225
Total fixed charges	$	1,309		$	3,888		$	13,685		$	14,108		$	14,060	$	10,260
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 nine months ended September 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.

											Nine months
											ended
	Years ended December 31,										September 30,
	2000		2001		2002		2003		2004		2005
Coverage deficiency	$	17,077	$	75,178	$	124,572	$	107,638		—	$	65,723