Regeneron Pharmaceuticals, Inc. (REGN)
NEUTRAL基本面
70
价格
$833.13
市值
$85.30B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
专利与许可 · 狭窄Regeneron'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.
需求驱动因素
防御型Demand 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.
主要风险
- 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.
看多理由
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.
看空理由
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 2026年8月18日
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资产负债表与流动性
营收
$15.53B
最近12个月（截至2026/6/30）
净利润
$4.33B
最近12个月（截至2026/6/30）
自由现金流
$4.08B
股东权益合计
$31.26B
负债合计
$9.30B
流动比率
3.34
利息覆盖率
69.37
债务/EBITDA
0.66
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$917.83
当前价格
$833.13
安全边际
+9.2%
公允价值区间
$596.59 - $1239.07
估算方法
估值指标
市盈率（P/E）
20.52
ROE
14.4%
市净率（P/B）
2.47
P/FCF
20.80
毛利率
-
ROIC
8.4%
盈利能力雷达图
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.
基本面分析标准
通过（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%
未通过（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
不可用（2）
- Gross Margin NaN%
- Dividend Payout NaN%
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
9
董事会风险
10
薪酬风险
9
股东权利风险
10
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
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