EXHIBIT 12.1
REGENERON PHARMACEUTICALS, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(Dollars in thousands)
Years ended December 31,
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2000 2001 2002 2003 2004
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Earnings:
Income (loss) from continuing operations
before income (loss) from equity investee ($ 17,077) ($ 75,178) ($124,350) ($107,395) $ 41,565
Fixed charges 1,309 3,888 13,685 14,108 14,060
Amortization of capitalized interest -- -- -- 33 78
Interest capitalized -- -- (222) (276) --
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Adjusted earnings ($ 15,768) ($ 71,290) ($110,887) ($ 93,530) $ 55,703
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Fixed charges:
Interest expense $ 281 $ 2,657 $ 11,859 $ 11,932 $ 12,175
Interest capitalized -- -- 222 276 --
Assumed interest component of rental charges 1,028 1,231 1,604 1,900 1,885
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Total fixed charges $ 1,309 $ 3,888 $ 13,685 $ 14,108 $ 14,060
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Ratio of earnings to fixed charges (A) (A) (A) (A) 3.96
(A) Due to the registrant's losses for the years ended December 31, 2000,
2001, 2002, and 2003, 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.
Years ended December 31,
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2000 2001 2002 2003
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Coverage deficiency $ 17,077 $ 75,178 $ 124,572 $ 107,638