What does acquired in-process research and development mean?

Costs associated with buying R&D projects from other companies that are not yet finished products.

How do you interpret acquired in-process research and development?

High values indicate an active M&A strategy to acquire new technology, while low values suggest a focus on internal development.

How does acquired in-process research and development compare across companies?

Specific to companies pursuing growth through acquisitions; varies significantly based on M&A activity cycles.

Penumbra PEN Acquired in-process research and development

Discontinued — last reported Q4 '25

Acquired in-process research and development at other companies

Regeneron PharmaceuticalsREGN

$101.9M+728%

Summit TherapeuticsSMMT

$0—

Roivant SciencesROIV

$0—

Roivant SciencesROIV

$0—

Johnson & JohnsonJNJ

$36M—

Neurocrine BiosciencesNBIX

——

Other financials

Income statement

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Revenue$374.8M+15.6%

Gross profit$253.4M+17.4%

Operating income$38.2M-5.2%

Net income$32.6M-16.9%

EPS (diluted)$0.82-18.0%

Balance sheet

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Cash & equivalents$241.3M-35.8%

Total debt$216.2M-2.0%

Total equity$1.5B+21.5%

Total assets$1.9B+19.2%

Cash flow

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Operating cash flow$87.0M+77.6%

CapEx$13.7M+1.5%

Free cash flow$73.3M+106%

Valuation

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Market cap$12.48B+25.1%

Enterprise value$12.45B+26.8%

P/E72.9×-163×

P/S8.6×+0.5×

Profitability

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Gross margin67.4%+3.7pp

Operating margin12.9%+9.8pp

Net margin11.8%+8.4pp

FCF margin14.6%+2.5pp

Returns & leverage

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Return on equity12.7%+9.2pp

Debt / equity0.1×0.0×

Current ratio6×-0.3×

Where this comes from

Reported directly by Penumbra in its filing.

Tagged under the XBRL concept pen:ResearchAndDevelopmentAcquiredInProcess.

The official record: Penumbra’s 10-K, filed February 25, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Penumbra's acquired in-process research and development?: Penumbra (PEN) reported acquired in-process research and development of $0 in Q4 2025.
What does acquired in-process research and development mean?: Costs associated with buying R&D projects from other companies that are not yet finished products.
How do you interpret acquired in-process research and development?: High values indicate an active M&A strategy to acquire new technology, while low values suggest a focus on internal development.
How does acquired in-process research and development compare across companies?: Specific to companies pursuing growth through acquisitions; varies significantly based on M&A activity cycles.