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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2002 2003 2004 2005 2006
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Earnings:
Income (loss) from continuing operations
before income (loss) from equity investee ($124,350) ($107,395) $ 41,565 ($ 95,456) (103,150)
Fixed charges 13,685 14,108 14,060 13,687 13,643
Amortization of capitalized interest -- 33 78 78 73
Interest capitalized (222) (276) -- -- --
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Adjusted earnings ($110,887) ($ 93,530) $ 55,703 ($ 81,691) ($ 89,434)
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Fixed charges:
Interest expense $ 11,859 $ 11,932 $ 12,175 $ 12,046 $ 12,043
Interest capitalized 222 276 -- -- --
Assumed interest component of rental charges 1,604 1,900 1,885 1,641 1,600
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Total fixed charges $ 13,685 $ 14,108 $ 14,060 $ 13,687 $ 13,643
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Ratio of earnings to fixed charges (A) (A) 3.96 (A) (A)
(A) Due to the registrant's losses for the years ended December 31, 2002,
2003, 2005, and 2006, 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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2002 2003 2005 2006
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Coverage deficiency $124,572 $107,638 $95,378 $103,077