Regeneron Pharmaceuticals, Inc. (REGN)
NEUTRALFundamental
70
Price
$833.13
Market Cap
$85.30B
Part 1 · What the company is worth
Overview
Regeneron discovers and develops antibody-based medicines using its own proprietary research platform, and sells the ones it owns outright directly in the United States, while partners commercialize others abroad or share the economics of drugs invented together. Its two anchor products are EYLEA and EYLEA HD, injections that treat eye diseases causing blindness, and Dupixent, an anti-inflammatory antibody co-developed and marketed with Sanofi that has become one of the best-selling drugs in the world.
How it makes money
Revenue has three distinct sources: direct US sales of Regeneron's own products, collaboration revenue representing its contractual share of profits from products that Sanofi and Bayer sell worldwide (mostly Dupixent and ex-US Eylea), and smaller royalty and other revenue. The collaboration structure means a large part of the company's results depends on sales volumes and pricing decisions made by its partners abroad, rather than on choices Regeneron controls directly itself.
Revenue by segment
Regeneron's contractual share of profits from Dupixent and Kevzara sales worldwide, commercialized by Sanofi. Grew 30% in 2025 as Dupixent kept expanding.
Direct US sales of Regeneron's own eye-disease injections. Fell 27% in 2025 as EYLEA lost share to cheaper compounded alternatives and to its own successor, EYLEA HD.
Regeneron's own immuno-oncology antibody for certain skin, lung and cervical cancers, sold worldwide and growing.
Regeneron's contractual share of profits from EYLEA and EYLEA HD sales outside the United States, commercialized by Bayer.
Praluent, Evkeeza and Inmazeb US sales plus other collaboration and royalty revenue — individually small, together a meaningful cushion.
Competitive moat
Patents and licences · NarrowRegeneron's proprietary antibody-discovery platform and patent portfolio have produced a string of approved medicines that are genuinely hard to copy. But the moat is already showing cracks: EYLEA, once the company's flagship, lost more than a quarter of its US sales in 2025 to cheaper compounded drugs and to Regeneron's own newer EYLEA HD, showing that patent protection alone does not guarantee pricing power once substitutes exist.
What drives demand
DefensiveDemand for treatments of blinding eye disease and chronic inflammatory conditions does not track the economy — patients need the medicine whether or not markets are strong. What does move results is competitive and reimbursement pressure: biosimilar and compounded alternatives, insurer formulary decisions, and government drug-pricing policy all affect volumes and net price independent of any business cycle.
Key risks
- Revenue concentrated in two franchises — The EYLEA franchise and the Sanofi collaboration together account for the large majority of revenue. A setback in either — competitive, regulatory or clinical — would move the whole company's results.
- Erosion of the EYLEA franchise — US EYLEA and EYLEA HD sales together fell 27% in 2025 due to competitive pressure, loss of share to compounded bevacizumab, and lower net pricing — a trend the company says may continue.
- Dependence on a single collaboration partner — Over 40% of revenue depends on Regeneron's contractual profit share from Sanofi's commercialization of Dupixent, terms and performance that Regeneron does not fully control.
- Drug pricing policy and reimbursement — US and international drug-pricing reforms can reduce net prices on the company's medicines regardless of their clinical value, directly compressing revenue and margins.
The case for
Buyers argue that Dupixent keeps growing at a double-digit pace as a best-in-class immunology franchise with a broad and expanding label, that EYLEA HD is winning share within the eye-disease market even as older EYLEA erodes, and that the antibody-discovery platform keeps producing new approved medicines beyond the two anchor products.
The case against
Sellers fear that more than 70% of revenue still traces to Eylea and the Sanofi collaboration alone, that Eylea sales are already falling sharply to cheaper competition, and that a large share of profit depends on terms negotiated with a single partner rather than on markets Regeneron controls directly.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$15.53B
Trailing 12 months (through 6/30/2026)
Net Income
$4.33B
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$4.08B
Total Equity
$31.26B
Total Liabilities
$9.30B
Current Ratio
3.34
Interest Coverage
69.37
Debt/EBITDA
0.66
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$917.83
Current Price
$833.13
Margin of Safety
+9.2%
Fair Value Range
$596.59 - $1239.07
Estimation Methods
Valuation Metrics
P/E Ratio
20.52
ROE
14.4%
P/B Ratio
2.47
P/FCF
20.80
Gross Margin
-
ROIC
8.4%
Profitability Radar
Value Creation (Economic Moat)
ROIC
8.4%
WACC
7.8%
ROIC − WACC
+0.6 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (20)
- EPS shows upward trend
- Price CAGR 8.55%
- ROIC 8.4%
- P/FCF 20.80
- P/B Ratio 2.47
- Debt/Equity ratio
- Operating Margin 24.7%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 13.8%
- Revenue Growth 5Y 11.0%
- Analyst Consensus 70% Buy
- Earnings Surprise avg 16.8%
- Earnings Quality (OCF/NI) 1.08
- Share Dilution -5.6%
Failed (5)
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 3.00
- Net Margin Trend 27.9% vs 31.4%
- Piotroski F-Score 4/9
Unavailable (2)
- Gross Margin NaN%
- Dividend Payout NaN%
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Dr. Leonard S. Schleifer M.D., Ph.D. | Co-Founder, President, CEO & Co-Chairman | 72 |
| Dr. George D. Yancopoulos M.D., Ph.D. | Co-Founder, President, Chief Scientific Officer & Co-Chairman | 65 |
| Mr. Christopher R. Fenimore CPA | Executive VP of Finance & CFO | 54 |
| Mr. Joseph J. LaRosa J.D. | Executive VP, General Counsel & Secretary | 66 |
| Dr. Andrew J. Murphy Ph.D. | Executive VP of Research & Co-Chief Scientific Officer | 67 |
| Mr. Daniel P. Van Plew | Executive VP and GM of Industrial Operations & Product Supply | 52 |
| Mr. Rajesh Ahuja | Senior Vice President of Quality Assurance & Operations | - |
| Mr. Ryan Steinberger | Executive VP, Chief Digital & Technology Officer | - |
| Mr. Ryan Crowe | Senior Vice President of Investor Relations & Strategic Analysis | - |
| Ms. Melissa Lozner | Senior VP & Chief Compliance Officer | - |
Audit Risk
9
Board Risk
10
Compensation Risk
9
Shareholder Rights Risk
10
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for REGN, sourced from Markets Gazette.
- 5/20/2026POSITIVE$100 Invested In Regeneron Pharmaceuticals 20 Years Ago Would Be Worth This Much Today
An investment of $100 in Regeneron Pharmaceuticals Inc. 20 years ago would have grown significantly by today, highlighting the company's substantial long-term growth trajectory. While specific figures are not provided in the title, the implication of substantial wealth creation suggests strong performance in drug development, regulatory approvals, and market penetration over the past two decades. This historical performance underscores Regeneron's potential as a long-term investment, driven by innovation in biotechnology and successful commercialization of its therapies.
- 5/18/2026NEGATIVEWhy Is Regeneron Stock Sinking Monday?
Regeneron Pharmaceuticals Inc. (REGN) saw its stock price decline on Monday following the announcement that its melanoma combination therapy failed to meet its primary endpoint in a clinical trial when compared against Merck & Co.'s Keytruda. While the high-dose arm of Regeneron's treatment did show longer progression-free survival, the overall trial results were not sufficient to achieve statistical significance. This setback in a key oncology indication could impact future revenue projections and investor sentiment, raising concerns about the drug's competitive positioning.
- 3/12/2026POSITIVEIn 2036, Investors Will Regret Not Loading Up on This Multibagger in the Making
Regeneron Pharmaceuticals Inc. is positioned for significant future growth, driven by the success of its Dupixent drug and its robust scientific pipeline. The company's ability to expand its product portfolio suggests strong potential for future revenue streams and market expansion. Investors are advised that the current valuation may represent a compelling entry point for long-term gains, as the company's innovation and commercial success are expected to drive substantial returns by 2036.
- 3/4/2026NEUTRALP/E Ratio Insights for Regeneron Pharmaceuticals
This article analyzes the price-to-earnings (P/E) ratio of Regeneron Pharmaceuticals Inc. (REGN), offering a comparative and historical look at the multiple. While no specific financial figures or market forecasts are presented, the focus on valuation implies investors should consider the P/E as a key tool for assessing the stock's attractiveness. P/E analysis is crucial for understanding whether the market is correctly pricing the company's future growth prospects against its current earnings. Without further details, the signal remains neutral but highlights an area for fundamental analysis.
- 2/25/2026POSITIVE2 Reasons Regeneron Stock Could Crush the Market for the Next 10 Years
Regeneron Pharmaceuticals, a specialist in the pharmaceutical sector, is exhibiting strong momentum that could extend over the next decade. Analysis suggests the stock has the potential to significantly outperform the broader market for the next ten years, building on its robust performance over the past six months. This positive momentum indicates a solid market position and long-term growth prospects, making it an attractive opportunity for investors seeking exposure to the biopharmaceutical sector with an expanding and innovative company.
via Markets Gazette