Exhibit 12.1
Regeneron Pharmaceuticals, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
(Dollars in thousands)
Computation of Ratio of Earnings to Combined Fixed Charges
(Dollars in thousands)
2003 | 2004 | 2005 | 2006 | 2007 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income (loss) from equity investee | $ | (107,395 | ) | $ | 41,565 | $ | (95,456 | ) | $ | (103,150 | ) | $ | (105,600 | ) | ||||||||||
Fixed charges | 14,108 | 14,060 | 13,687 | 13,643 | 13,708 | |||||||||||||||||||
Amortization of capitalized interest | 33 | 78 | 78 | 73 | 23 | |||||||||||||||||||
Interest capitalized | (276 | ) | — | — | — | — | ||||||||||||||||||
Adjusted earnings | $ | (93,530 | ) | $ | 55,703 | $ | (81,691 | ) | $ | (89,434 | ) | $ | (91,869 | ) | ||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 11,932 | $ | 12,175 | $ | 12,046 | $ | 12,043 | $ | 12,043 | ||||||||||||||
Interest capitalized | 276 | — | — | — | — | |||||||||||||||||||
Assumed interest component of rental charges | 1,900 | 1,885 | 1,641 | 1,600 | 1,665 | |||||||||||||||||||
Total fixed charges | $ | 14,108 | $ | 14,060 | $ | 13,687 | $ | 13,643 | $ | 13,708 | ||||||||||||||
Ratio of earnings to fixed charges | (A | ) | 3.96 | (A | ) | (A | ) | (A | ) |
(A) | Due to the registrant’s losses for the years ended December 31, 2003, 2005, 2006, and 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. |
2003 | 2005 | 2006 | 2007 | |||||||||||||||||
Coverage deficiency | $ | 107,638 | $ | 95,378 | $ | 103,077 | $ | 105,577 |