Exhibit 12.1

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

															Three months
															ended
	Years ended December 31,														March 31,
	2000			2001			2002			2003			2004		2005
Earnings:
Income (loss) from continuing operations before income (loss) from equity investee	$	(17,077	)	$	(75,178	)	$	(124,350	)	$	(107,395	)	$	41,565	$	(4,124	)
Fixed charges		1,309			3,888			13,685			14,108			14,060		3,431
Amortization of capitalized interest		—			—			—			33			78		19
Interest capitalized		—			—			(222	)		(276	)		—		—
Adjusted earnings	$	(15,768	)	$	(71,290	)	$	(110,887	)	$	(93,530	)	$	55,703	$	(674	)
Fixed charges:
Interest expense	$	281		$	2,657		$	11,859		$	11,932		$	12,175	$	3,013
Interest capitalized		—			—			222			276			—		—
Assumed interest component of rental charges		1,028			1,231			1,604			1,900			1,885		418
Total fixed charges	$	1,309		$	3,888		$	13,685		$	14,108		$	14,060	$	3,431
Ratio of earnings to fixed charges		(A	)		(A	)		(A	)		(A	)		3.96		(A	)

 

(A) Due to the registrant’s losses for the years ended December 31, 2000, 2001, 2002, and 2003 and for the three months ended March 31, 2005, the ratio coverage was less than 1:1. To achieve a coverage ration of 1:1, the registrant must generate additional earning of the amounts shown in the table below.

											Three months
											ended
	Years ended December 31,										March 31,
	2000		2001		2002		2003		2004		2005
Coverage deficiency	$	17,077	$	75,178	$	124,572	$	107,638		—	$	4,105