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Regeneron Pharmaceuticals, Inc.

REGN Healthcare Biotechnology

Regeneron Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.3 billion, up 0.99% from fiscal 2024.

Revenue
+36.3%
EPS
+36.0%
Free cash flow
+3.85%
Total debt
−26.6%

Quarter to September 2026, against a year earlier

906.69 3.79 +0.42%
Market cap
$93.4B
P/E
19.2×
Fwd P/E
19.2×
Dividend yield
0.41%
F-score
5/9
Altman Z
7.49
Beneish M
−2.53
Dividend safety
77/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2020

  • Net product sales
  • Sanofi Collaboration Revenue
  • Collaboration revenue
  • Other revenue

Every year since 2020 →

Insider Decisions last twelve months

Sold, $m 53.53
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 3 1 1 1 — 1 2 2 4 4
Insider Ownership 2.11%

Capital & Financial Ratios $m

Size
Market Cap 93,390.00
Revenue ttm 16,896.20
Net income ttm 4,817.40
Free cash flow ttm 3,628.10
Net debt Q (7,314.10)
Valuation
P/E 19.22
Forward P/E 19.20
Price / sales 5.44
Forward P/S Powerpack
Price / FCF 25.31
Price / book 2.74
Financial health
Current ratio Q 3.35 (at or above 1.5: strong)
Debt / equity Q 0.06 (at or below 0.5: strong)
Interest coverage Q 193.23
Growth
Revenue growth Q +36.27% (above 0%: growing)
Operating income growth Q +99.47% (above 0%: growing)
EPS, this year +52.45% (at or above 15%: strong)
EPS, next year A +4.10%
Revenue, next year A +22.74% (at or above 10%: strong)
EPS, past 5 yrs +6.33%
EPS, next 5 yrs A +20.71% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.1×, against a ten-year median of 6.2×; over the ten years it ranged from 3.4× in 2025 to 10.4× in 2016.
P/E against its own 10 years 50.79%
10-year low 10-year high
P/S against its own 10 years 25.23%
10-year low 10-year high
P/B against its own 10 years 17.35%
10-year low 10-year high
EV/Sales against its own 10 years 23.69%
10-year low 10-year high
EV/FCF against its own 10 years 46.86%
10-year low 10-year high

Dividends

Yield
0.41%
Annual rate
3.70
Payout ratio
8.17%
  1. 3.52 ’25
  2. 3.95 ’26e +12
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 10,845 9,013 8,605 9,301
Receivables 5,667 6,212 5,741 7,579
Inventory 2,581 3,087 3,201 2,895
Other — — — —
19,479 18,661 18,022 20,795
2023 2024 2025 Q'26
Payables 607 790 939 1,140
ST’ Debt — — — —
Other 2,358 2,527 2,876 3,592
3,423 3,944 4,368 6,202

Compound Annual Growth %

10y 5y 3y
Sales 13.33% 11.04% 5.62%
Cash Flow 14.10% 13.72% (0.24%)
Earnings 21.62% 5.10% 1.26%
Book Value 23.94% 23.17% 11.31%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 16.08 Actual 20.07

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 10.56 11.44 Beat by 0.88
Q1 FY26 8.52 9.47 Beat by 0.95
Q2 FY26 10.00 14.29 Beat by 4.29
Q3 FY26 16.08 20.07 Beat by 3.99
Q4 FY26 19.99 — Reports 29 January 2027

EPS $

Mar Jun Sep Dec Year
’26 6.75 12.23 18.45 — —
’25 7.27 12.81 13.62 7.86 41.48
’24 6.27 12.41 11.54 8.06 38.34
’23 7.17 8.50 8.89 10.19 34.77
’22 8.61 7.47 11.66 10.50 38.22
’21 10.09 27.97 14.33 19.69 71.97
’20 5.43 7.61 7.39 10.24 30.52
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,605 4,291 5,116 — —
’25 3,029 3,676 3,754 3,884 14,343
’24 3,145 3,547 3,721 3,789 14,202
’23 3,162 3,158 3,363 3,434 13,117
’22 2,965 2,857 2,936 3,414 12,173
’21 2,529 5,139 3,453 4,952 16,072
’20 1,828 1,952 2,294 2,423 8,497
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,079 813 1,783 — —
’25 1,045 1,144 1,619 1,171 4,979
’24 1,513 354 1,291 1,263 4,421
’23 1,368 1,022 1,114 1,090 4,594
’22 2,102 564 629 1,720 5,015
’21 669 627 3,414 2,373 7,081
’20 698 943 (254) 1,231 2,618
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 799 522 1,427 — —
’25 774 738 1,374 880 3,765
’24 1,351 163 1,049 996 3,559
’23 1,089 889 914 776 3,668
’22 1,960 411 (440) 1,468 3,398
’21 553 478 3,280 2,218 6,529
’20 528 814 (407) 1,070 2,004
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.7% a year for ten years. It grew 27.3% a year over the last ten.

Implied
12.7%
10 years, reported
27.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,860 5,872 5,146 6,558 8,497 16,072 12,173 13,117 14,202 14,343 16,896 +12.8% 17,604 18,587 19,981 +11.7%
Gross margin, % 93.83 93.24 91.89 88.33 86.82 84.83 87.18 86.16 86.13 85.35 85.77 (8.5) pt
EBT 1,330 2,079 2,554 2,429 3,810 9,326 4,859 4,199 4,780 5,231 5,687 +16.4%
EBT margin, % 27.36 35.40 49.62 37.04 44.84 58.03 39.91 32.01 33.66 36.47 33.66 +9.1 pt
Net income 896 1,199 2,444 2,116 3,513 8,075 4,338 3,954 4,413 4,505 4,817 +19.7%
Per share, $
Per share, $ Revenue 46.42 55.24 47.69 60.05 78.97 152.05 113.66 122.94 131.62 137.12 166.14 +12.8%
Earnings 8.55 11.27 22.65 19.38 32.65 76.40 40.51 37.05 40.90 43.07 46.98 +19.7%
Cash flow 14.19 12.30 20.34 22.25 24.33 66.99 46.82 43.06 40.97 47.60 47.65 +14.4%
Capex (4.89) (2.56) (3.55) (3.93) (5.71) (5.22) (15.10) (8.68) (7.98) (11.60) (11.98) +10.1%
Free cash flow 9.30 9.73 16.79 18.32 18.62 61.77 31.73 34.37 32.98 36.00 35.67 +16.2%
Book value 42.50 57.80 81.16 101.55 102.47 177.57 211.62 243.42 272.04 298.82 329.39 +24.2%
Shares, m 105 106 108 109 108 106 107 107 108 105 103 0.0%
Valuation, ×
Valuation, × P/E 45.15 33.92 16.50 19.38 14.75 8.26 17.78 24.43 17.42 17.90 19.22 21.5
P/S 8.18 6.93 7.83 6.25 6.12 4.15 6.34 7.36 5.41 5.63 5.44 6.4
P/B 8.94 6.62 4.60 3.70 4.71 3.56 3.40 3.72 2.62 2.58 2.74 4.4
EV/Sales 8.04 6.81 7.42 5.87 6.19 4.02 6.05 6.86 5.07 5.32 5.09 6.2
EV/FCF 40.11 38.63 21.08 19.25 26.25 9.88 21.67 24.52 20.25 20.27 23.71 24.2
Cash, $m
Cash, $m Operating cash flow 1,486 1,307 2,195 2,430 2,618 7,081 5,015 4,594 4,421 4,979 4,846 +14.4%
Capex (512) (273) (383) (430) (615) (552) (1,617) (926) (861) (1,214) (1,218) +10.1%
Free cash flow 974 1,035 1,812 2,000 2,004 6,529 3,398 3,668 3,559 3,765 3,628 +16.2%
Balance, $m
Balance, $m Working capital 1,939 3,200 5,005 5,593 7,082 10,082 12,743 16,056 14,717 13,654 14,593 +24.2%
Net debt (687) (706) (2,101) (2,500) (891) (3,715) (5,041) (8,142) (6,308) (5,899) (7,314) +27.0%
Shareholders’ equity 4,449 6,144 8,757 11,090 11,025 18,769 22,664 25,973 29,354 31,257 33,499 +24.2%
Returns, %
Returns, % ROA 14.23 15.23 23.85 15.94 21.98 37.91 15.88 12.69 12.46 11.50 11.39 (2.7) pt
ROIC 22.11 23.90 23.80 16.08 22.06 37.14 16.81 14.19 10.82 8.82 11.61 (13.3) pt
ROE 22.10 22.63 32.81 21.32 31.77 54.21 20.94 16.26 15.95 14.87 14.95 (7.2) pt
People
People Employees 5,400 6,200 7,400 8,100 9,123 10,368 11,851 13,450 15,106 15,410 — +12.4%
Revenue/emp, $m 0.90 0.95 0.70 0.81 0.93 1.55 1.03 0.98 0.94 0.93 — +0.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Regeneron Pharmaceuticals is a fully integrated biotechnology company that invents, develops, manufactures, and commercializes medicines for people with serious diseases. Founded in 1988 and headquartered in Eastview, it is led by Chair, President and Chief Executive Officer Leonard S. Schleifer, M.D., Ph.D.

The company’s approved medicines address eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, blood conditions, infectious diseases, and rare diseases. Its eye medicines EYLEA HD and EYLEA treat retinal diseases including wet age-related macular degeneration, diabetic macular edema, diabetic retinopathy, and retinal vein occlusion. Dupixent is used across allergic and inflammatory conditions including atopic dermatitis, asthma, chronic obstructive pulmonary disease, and eosinophilic esophagitis.

Where the money comes from and where it goes Fiscal 2020

Fiscal 2020: revenue by products and services, and margins
Net product sales 5,568 65.52%
Sanofi Collaboration Revenue 1,186 13.96%
Collaboration revenue 1,186 13.96%
Other revenue 557 6.56%
Gross margin 86.82%
Operating margin 42.09%
Pre-tax margin 44.84%

Revenue by segment since 2020

Regeneron Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VRTX Vertex Pharmaceuticals Incorporated $137.5B 34.6× 33.2× +11.85% (above 0%: growing) −39.19% (below 0%: shrinking) −52.11% (below 0%: shrinking) 84.71% 20.72% Compare
MRNA Moderna, Inc. $96.4B — (loss-making) — (loss-making) +2.11% (above 0%: growing) n/m +38.94% (above 0%: growing) 35.86% (562.07%) Compare
REGN Regeneron Pharmaceuticals, Inc. $93.4B 19.2× 19.2× +36.27% (above 0%: growing) +35.98% (above 0%: growing) +3.85% (above 0%: growing) 88.79% 40.04%
ARGX argenex SE $56.3B 29.8× 30.1× +52.13% (above 0%: growing) +43.85% (above 0%: growing) +537.51% (above 0%: growing) 90.58% 27.70% Compare
ONC BeOne Medicines Ltd. - Sponsored ADR $40.4B 65.9× 48.8× +33.81% (above 0%: growing) +143.68% (above 0%: growing) +33.59% (above 0%: growing) 88.52% 22.15% Compare
RPRX Royalty Pharma PLC $39.0B 44.8× 27.3× +13.26% (above 0%: growing) −51.52% (below 0%: shrinking) +364.63% (above 0%: growing) 100.00% 59.53% Compare
RVMD Revolution Medicines, Inc. $38.1B — (loss-making) — (loss-making) +1,188.71% (above 0%: growing) n/m −99.06% (below 0%: shrinking) 100.00% (188.88%) Compare
GMAB Genmab A/S Sponsored ADR $31.5B 41.7× 47.3× +24.86% (above 0%: growing) −9.26% (below 0%: shrinking) −7.69% (below 0%: shrinking) 92.73% 32.47% Compare
ROIV Roivant Sciences Ltd. $26.5B — (loss-making) — (loss-making) −33.55% (below 0%: shrinking) n/m −29.99% (below 0%: shrinking) 80.31% (25,380.93%) Compare
Median of peers $39.7B 41.7× 33.2× +19.06% −9.26% +12.95% 89.55% 21.43%

All 621 Biotechnology stocks →

From the latest earnings call

Updated

  • Marion McCourt said EYLEA HD physician demand rose from the prior quarter, while the original EYLEA faced declining demand and biosimilar competition.
  • Christopher Fenimore said Regeneron recorded its full share of Sanofi collaboration profits after repayment of the development balance and expects upfront revenue from the amended alliance.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Leerink Partners Oct 31, 2026 Reiterated Hold —
Bank of America Oct 12, 2026 Target raised Buy 891.00 → 908.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.28%
Held by the ten largest 45.52%
Holder Shares Stake Change
Vanguard 10.86m 10.55% +1.44m
BlackRock 9.11m 8.85% +165.77k
Dodge & Cox 4.87m 4.73% +412.90k
State Street 4.83m 4.70% +170.21k
Invesco 3.94m 3.83% +35.56k
JPMorgan Chase 3.77m 3.67% −537.61k
Franklin Templeton 2.84m 2.75% +39.61k
Geode Capital Management 2.63m 2.55% +18.08k
Nuveen (TIAA) 2.02m 1.96% −44.85k
Natixis Investment Managers 2.00m 1.94% −98.28k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.28m 38.95m 159.77
2024 6.82m (37.70m) 147.45
2023 8.18m 141.07m 181.80
2022 7.00m 98.79m 149.34
2021 6.47m 123.74m 130.72

Ownership

Directors and executive officers, together 5.20%
The Vanguard Group, Inc.3100 Vanguard Blvd.Malvern, PA 8.60%
BlackRock, Inc.455 East 8.40%
Capital World Investors5333 South Hope Street Los Angeles, California 5.00%
Leonard S. Schleifer, M.D., Ph.D. 2.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Regeneron Pharmaceuticals, Inc. (REGN) Latest News

5 Nov

Impact 3 · · Trefis

4 Nov

Impact 3 · · Trefis

2 Nov

Impact 3 · · StockStory
Impact 3 · · StockStory

31 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · The Motley Fool
Impact 3 · · Barchart
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

30 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Moby
Impact 3 · · MarketBeat
Impact 3 · · 24/7 Wall St.
Impact 3 · · TIKR
Impact 3 · · Stocktwits
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · Associated Press

29 Oct

Impact 3 · · StockStory

28 Oct

Impact 3 · · Trefis

27 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Trefis
Impact 4 · · pharmaceutical-technology.com
Impact 4 · · Simply Wall St.

26 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks

REGN metrics, ten years each

stockrow.com/REGN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com