Regeneron Pharmaceuticals (REGN) 10-Q 2007 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,
	2002			2003			2004		2005			2006			2007
Earnings:
Income (loss) from continuing operations before income (loss) from equity investee	$	(124,350	)	$	(107,395	)	$	41,565	$	(95,456	)	$	(103,150	)	$	(92,529	)
Fixed charges		13,685			14,108			14,060		13,687			13,643			10,285
Amortization of capitalized interest		—			33			78		78			73			18
Interest capitalized		(222	)		(276	)		—		—			—			—
Adjusted earnings	$	(110,887	)	$	(93,530	)	$	55,703	$	(81,691	)	$	(89,434	)	$	(82,226	)
Fixed charges:
Interest expense	$	11,859		$	11,932		$	12,175	$	12,046		$	12,043		$	9,033
Interest capitalized		222			276			—		—			—			—
Assumed interest component of rental charges		1,604			1,900			1,885		1,641			1,600			1,252
Total fixed charges	$	13,685		$	14,108		$	14,060	$	13,687		$	13,643		$	10,285
Ratio of earnings to fixed charges		(A	)		(A	)		3.96		(A	)		(A	)		(A	)

(A) Due to the registrant’s losses for the years ended December 31, 2002, 2003, 2005, and 2006, and for the nine months ended September 30, 2007, the ratio coverage was less than 1:1. To achieve a coverage ratio 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,
	2002		2003		2005		2006		2007
Coverage deficiency	$	124,572	$	107,638	$	95,378	$	103,077	$	92,511