Regeneron Pharmaceuticals (REGN) 10-K2008 FY Annual report

Filed: 26 Feb 09, 12:00am

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Exhibit 12.1

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

	2004		2005			2006			2007			2008(B)
Earnings:
Income (loss) from continuing operations
before income (loss) from equity investee	$	41,565	$	(95,456	)	$	(103,150	)	$	(105,600	)	$	(82,710	)
Fixed charges		14,060		13,687			13,643			13,708		$	11,261
Amortization of capitalized interest		78		78			73			23			20
Interest capitalized		-		-			-			-			-

Adjusted earnings	$	55,703	$	(81,691	)	$	(89,434	)	$	(91,869	)	$	(71,429	)

Fixed charges:
Interest expense	$	12,175	$	12,046		$	12,043		$	12,043		$	7,752
Interest capitalized		-		-			-			-			-
Assumed interest component of rental charges		1,885		1,641			1,600			1,665			3,509

Total fixed charges	$	14,060	$	13,687		$	13,643		$	13,708		$	11,261

Ratio of earnings to fixed charges		3.96		(A)			(A)			(A)			(A)

(A)		Due to the registrant's losses for the years ended December 31, 2005, 2006, 2007, and 2008 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.

(B)		During the year ended December 31, 2008, the registrant repurchased $82.5 million and repaid the remaining $117.5 million of its convertible senior subordinate notes. As of December 31, 2008, the registrant therefore does not have any registered debt outstanding.

			2005		2006		2007		2008(B)
	Coverage deficiency		$95,378		$103,077		$105,577		$82,690