Regeneron Pharmaceuticals (REGN)
Market Price (12/25/2025): $780.0 | Market Cap: $80.8 BilSector: Health Care | Industry: Biotechnology
Regeneron Pharmaceuticals (REGN)
Market Price (12/25/2025): $780.0Market Cap: $80.8 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0% | Trading close to highsDist 52W High is -0.5% | Key risksREGN key risks include [1] the erosion of flagship Eylea revenue from imminent biosimilar competition following patent expirations, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% | Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -72% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 5.1 Bil, FCF LTM is 3.9 Bil | ||
| Low stock price volatilityVol 12M is 41% | ||
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 5.1 Bil, FCF LTM is 3.9 Bil |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Trading close to highsDist 52W High is -0.5% |
| Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -72% |
| Key risksREGN key risks include [1] the erosion of flagship Eylea revenue from imminent biosimilar competition following patent expirations, Show more. |
Why The Stock Moved
Qualitative Assessment
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The stock of Regeneron Pharmaceuticals (REGN) experienced significant movement between August 31, 2025, and December 25, 2025, with several key factors contributing to its performance.1. Strong Q3 2025 Financial Results and Analyst Upgrades: Regeneron Pharmaceuticals reported better-than-expected Q3 2025 earnings, with $11.83 earnings per share (EPS) against an estimated $9.73, and revenues of $3.75 billion compared to expectations of $3.57 billion. This strong performance, combined with a revenue increase of 0.9% year-over-year, led to several analyst price target increases and "buy" or "outperform" ratings. For instance, BMO Capital Markets raised its target price from $725.00 to $850.00 in early December 2025. Cantor Fitzgerald also increased its price objective from $678.00 to $740.00 in late October 2025.
2. Dupixent's Continued Growth and New Approvals: Dupixent remained a shining growth story for Regeneron in 2025, with sales increasing by 26%. This growth was driven by its expansion into two new indications: chronic spontaneous urticaria (CSU) and bullous pemphigoid (BP), adding to its existing eight global indications. Regulatory applications for Dupixent in CSU for children aged 2 to 11 years were also submitted to the FDA and in the EU in 2025.
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Stock Movement Drivers
Fundamental Drivers
The 36.0% change in REGN stock from 9/24/2025 to 12/24/2025 was primarily driven by a 30.6% change in the company's P/E Multiple.| 9242025 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 576.26 | 783.71 | 36.00% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 14214.20 | 14247.80 | 0.24% |
| Net Income Margin (%) | 31.37% | 32.13% | 2.44% |
| P/E Multiple | 13.58 | 17.74 | 30.56% |
| Shares Outstanding (Mil) | 105.10 | 103.60 | 1.43% |
| Cumulative Contribution | 35.97% |
Market Drivers
9/24/2025 to 12/24/2025| Return | Correlation | |
|---|---|---|
| REGN | 36.0% | |
| Market (SPY) | 4.4% | 5.1% |
| Sector (XLV) | 14.2% | 43.3% |
Fundamental Drivers
The 51.0% change in REGN stock from 6/25/2025 to 12/24/2025 was primarily driven by a 44.1% change in the company's P/E Multiple.| 6252025 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 518.85 | 783.71 | 51.05% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 14085.70 | 14247.80 | 1.15% |
| Net Income Margin (%) | 31.94% | 32.13% | 0.59% |
| P/E Multiple | 12.30 | 17.74 | 44.14% |
| Shares Outstanding (Mil) | 106.70 | 103.60 | 2.91% |
| Cumulative Contribution | 50.92% |
Market Drivers
6/25/2025 to 12/24/2025| Return | Correlation | |
|---|---|---|
| REGN | 51.0% | |
| Market (SPY) | 14.0% | 7.8% |
| Sector (XLV) | 16.9% | 46.1% |
Fundamental Drivers
The 10.3% change in REGN stock from 12/24/2024 to 12/24/2025 was primarily driven by a 7.5% change in the company's P/E Multiple.| 12242024 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 710.53 | 783.71 | 10.30% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 13847.10 | 14247.80 | 2.89% |
| Net Income Margin (%) | 33.61% | 32.13% | -4.41% |
| P/E Multiple | 16.50 | 17.74 | 7.47% |
| Shares Outstanding (Mil) | 108.10 | 103.60 | 4.16% |
| Cumulative Contribution | 10.11% |
Market Drivers
12/24/2024 to 12/24/2025| Return | Correlation | |
|---|---|---|
| REGN | 10.3% | |
| Market (SPY) | 15.8% | 27.2% |
| Sector (XLV) | 13.3% | 48.1% |
Fundamental Drivers
The 8.4% change in REGN stock from 12/25/2022 to 12/24/2025 was primarily driven by a 23.3% change in the company's P/E Multiple.| 12252022 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 722.73 | 783.71 | 8.44% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 13710.20 | 14247.80 | 3.92% |
| Net Income Margin (%) | 39.17% | 32.13% | -17.97% |
| P/E Multiple | 14.39 | 17.74 | 23.28% |
| Shares Outstanding (Mil) | 106.90 | 103.60 | 3.09% |
| Cumulative Contribution | 8.33% |
Market Drivers
12/25/2023 to 12/24/2025| Return | Correlation | |
|---|---|---|
| REGN | -6.9% | |
| Market (SPY) | 48.9% | 30.4% |
| Sector (XLV) | 18.8% | 49.2% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| REGN Return | 29% | 31% | 14% | 22% | -19% | 11% | 110% |
| Peers Return | 3% | 21% | 20% | -11% | 4% | 15% | 61% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| REGN Win Rate | 50% | 67% | 50% | 58% | 50% | 58% | |
| Peers Win Rate | 52% | 53% | 62% | 38% | 50% | 53% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| REGN Max Drawdown | -10% | -8% | -13% | -6% | -20% | -32% | |
| Peers Max Drawdown | -26% | -9% | -7% | -24% | -10% | -14% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: AMGN, MRK, BMY, ABBV, PFE. See REGN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)
How Low Can It Go
| Event | REGN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -25.8% | -25.4% |
| % Gain to Breakeven | 34.7% | 34.1% |
| Time to Breakeven | 112 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -27.3% | -33.9% |
| % Gain to Breakeven | 37.6% | 51.3% |
| Time to Breakeven | 233 days | 148 days |
| 2018 Correction | ||
| % Loss | -48.1% | -19.8% |
| % Gain to Breakeven | 92.5% | 24.7% |
| Time to Breakeven | 202 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -57.9% | -56.8% |
| % Gain to Breakeven | 137.3% | 131.3% |
| Time to Breakeven | 329 days | 1,480 days |
Compare to AMGN, GILD, BIIB, JAZZ, BMRN
In The Past
Regeneron Pharmaceuticals's stock fell -25.8% during the 2022 Inflation Shock from a high on 4/8/2022. A -25.8% loss requires a 34.7% gain to breakeven.
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Regeneron Pharmaceuticals, Inc. discovers, invents, develops, manufactures, and commercializes medicines for treating various diseases worldwide. The company's products include EYLEA injection to treat wet age-related macular degeneration and diabetic macular edema; myopic choroidal neovascularization; and diabetic retinopathy, as well as macular edema following retinal vein occlusion, including macular edema following central retinal vein occlusion and macular edema following branch retinal vein occlusion. It also provides Dupixent injection to treat atopic dermatitis and asthma in adults and pediatrics; Libtayo injection to treat metastatic or locally advanced cutaneous squamous cell carcinoma;Praluent injection for heterozygous familial hypercholesterolemia or clinical atherosclerotic cardiovascular disease in adults; REGEN-COV for covid-19; and Kevzara solution for treating rheumatoid arthritis in adults. In addition, the company offers Inmazeb injection for infection caused by Zaire ebolavirus; ARCALYST injection for cryopyrin-associated periodic syndromes, including familial cold auto-inflammatory syndrome and muckle-wells syndrome; and ZALTRAP injection for intravenous infusion to treat metastatic colorectal cancer; and develops product candidates for treating patients with eye, allergic and inflammatory, cardiovascular and metabolic, infectious, and rare diseases; and cancer, pain, and hematologic conditions. It has collaboration and license agreements with Sanofi; Bayer; Teva Pharmaceutical Industries Ltd.; Mitsubishi Tanabe Pharma Corporation; Alnylam Pharmaceuticals, Inc.; Roche Pharmaceuticals; and Kiniksa Pharmaceuticals, Ltd., as well as has an agreement with the U.S. Department of Health and Human Services, as well as with Zai Lab Limited; Intellia Therapeutics, Inc.; Biomedical Advanced Research Development Authority; and AstraZeneca PLC. The company was incorporated in 1988 and is headquartered in Tarrytown, New York.
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- Amgen for antibody-driven blockbusters.
- Genentech for next-gen antibody therapies.
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- Eylea (aflibercept): A treatment for various retinal diseases including wet age-related macular degeneration and diabetic macular edema.
- Dupixent (dupilumab): A biologic medicine used to treat inflammatory conditions such as atopic dermatitis, asthma, and chronic rhinosinusitis with nasal polyps.
- Libtayo (cemiplimab): An immunotherapy used to treat certain advanced skin cancers and non-small cell lung cancer.
- Praluent (alirocumab): A medication used to lower LDL cholesterol in adults with cardiovascular disease or familial hypercholesterolemia.
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Regeneron Pharmaceuticals (REGN) primarily sells its prescription products to a limited number of large pharmaceutical wholesalers and specialty distributors. These distributors then supply pharmacies, hospitals, and other healthcare providers. Regeneron's sales are highly concentrated among these major corporate customers. Based on Regeneron's 2023 annual report (10-K filing), the major customers that account for a significant portion of its net product sales are:- Cardinal Health, Inc. (symbol: CAH)
- McKesson Corporation (symbol: MCK)
- AmerisourceBergen Corporation (now Cencora, symbol: COR)
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Leonard S. Schleifer, MD, PhD, Co-Chairman of the Board, President and Chief Executive Officer
Dr. Schleifer co-founded Regeneron in 1988 and has served as its President and Chief Executive Officer since its inception, making him the longest-serving CEO of a major U.S. biotechnology company. Under his leadership, Regeneron grew from a startup to a significant biotechnology company with multiple FDA-approved drugs. Prior to founding Regeneron, he was an Assistant Professor at Cornell University Medical College in the Departments of Neurology and Neurobiology.
Christopher R. Fenimore, Executive Vice President, Finance and Chief Financial Officer
Mr. Fenimore joined Regeneron in 2003 and has held various finance roles within the company, including Senior Vice President, Head of Accounting and Controller, and Vice President, Financial Planning and Analysis. Before joining Regeneron, he was Vice President of Finance at Mojave Therapeutics, Inc., a biotechnology startup. He also has prior experience in healthcare industry-focused venture capital and investment banking roles, and began his career as an audit senior at KPMG.
George D. Yancopoulos, MD, PhD, Co-founder, President and Chief Scientific Officer
Dr. Yancopoulos co-founded Regeneron with Dr. Schleifer in 1989 and serves as its President and Chief Scientific Officer. He is a principal inventor and developer of many of Regeneron's FDA-approved treatments and foundational technologies. He left academia in 1989 to co-found Regeneron, having previously conducted seminal work in molecular immunology at Columbia University.
Marion McCourt, Executive Vice President, Head of Commercial
Ms. McCourt joined Regeneron in 2018 and leads the company's commercial organization. Her extensive background includes serving as President and Chief Operating Officer at Axovant, and Chief Operating Officer of Medivation until its acquisition by Pfizer Inc. in 2016. She also held commercial leadership roles at Amgen and spent 12 years at AstraZeneca, where she became Chief Operating Officer for AstraZeneca U.S.
Daniel P. Van Plew, Executive Vice President and General Manager, Industrial Operations and Product Supply
Mr. Van Plew joined Regeneron in 2007 and has served as Executive Vice President and General Manager, Industrial Operations and Product Supply since January 2016. Prior to Regeneron, he was Executive Vice President, R&D and Technical Operations of Crucell Holland B.V. from 2006 to 2007. He also held positions at Chiron Biopharmaceuticals, including Senior Director, Vacaville Operations, and various managerial roles in the health and life sciences practice at Accenture.
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Regeneron Pharmaceuticals (REGN) faces several key risks to its business, primarily centered around its top-selling drug, Eylea, and the necessity for a robust pipeline to drive future growth.- Patent Expiration and Biosimilar Competition for Eylea: Regeneron's flagship eye drug, Eylea, which has historically accounted for a significant portion of the company's total revenue, faces substantial risk due to patent expirations. Primary U.S. patents for Eylea expired around 2023-2024, and European protection is set to end around 2025, paving the way for biosimilar competition. Although Regeneron has launched Eylea HD, a high-dose formulation, and is actively engaged in patent litigation to extend exclusivity, the entry of biosimilars from companies like Samsung Bioepis, Amgen, and Viatris is anticipated and is expected to erode Eylea's market share and impact revenue projections.
- Pipeline Dependence and Clinical Trial Risks: To offset the anticipated decline in Eylea revenue, Regeneron is highly dependent on the successful development and commercialization of new product candidates from its pipeline. The process of drug development is inherently uncertain, and clinical trials may not consistently demonstrate the statistically sufficient effectiveness and safety required for regulatory approvals. Setbacks in clinical trials, such as the mixed data observed for the chronic obstructive pulmonary disease drug itepekimab, can significantly impact investor confidence and the company's future growth prospects.
- Intensified Competition in Key Markets: Beyond biosimilar threats to Eylea, Regeneron faces growing competition from existing and emerging therapies across its key therapeutic areas. In the retinal disorder market, Eylea already competes with products like Roche's Vabysmo, which has intensified competition and contributed to Eylea's sales decline. The broader biopharmaceutical landscape also presents competitive challenges from other innovative treatments, including gene therapies and new drugs in areas like obesity, which could impact Regeneron's market position and profitability.
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The most significant clear emerging threat to Regeneron Pharmaceuticals is the impending market entry of biosimilar versions of its leading drug, Eylea (aflibercept). Biosimilars for Eylea are anticipated to launch in the U.S. market starting in mid-2024. This will introduce significant price competition and is expected to erode market share for standard-dose Eylea, which has historically been a primary revenue driver for the company.
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Regeneron Pharmaceuticals (symbol: REGN) offers a range of products addressing various medical conditions. The addressable markets for their main products or services are detailed below:Eylea (aflibercept injection) and Eylea HD (aflibercept injection 8 mg)
Eylea and Eylea HD are used for eye diseases such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy.- The global Eylea market was valued at USD 7.8 billion in 2024 and is anticipated to reach approximately USD 12 billion by 2033. Another estimate places the global Eylea market at USD 10.14 billion in 2025, projected to grow to US$ 16.71 billion by 2032.
- The overall global ophthalmology market, which encompasses Eylea's indications, was USD 77.10 billion in 2024, estimated at USD 81.72 billion in 2025, and is anticipated to reach around USD 144.04 billion by 2034.
- North America holds the largest share of the Eylea market, approximately 45% of the global share. The North American ophthalmology market size accounted for USD 34.82 billion in 2024.
- Eylea HD sales are forecasted to reach $1.4 billion in 2024 and climb to $5.5 billion in 2030. Combined, Eylea products held 45% of the market.
Dupixent (dupilumab)
Dupixent is indicated for allergic and inflammatory diseases, including atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyps, eosinophilic esophagitis, and prurigo nodularis.- The global Dupixent market size was estimated at USD 14.15 billion in 2024 and is projected to reach USD 27.58 billion by 2033. Another source estimates the Dupixent market size at USD 14.18 billion in 2024, expected to reach USD 25.70 billion by 2032.
- The U.S. Dupixent market size was estimated at USD 10.39 billion in 2024 and is projected to reach USD 16.82 billion by 2033. North America led the Dupixent market with a 76.15% share in 2024. The U.S. Dupixent market size was valued at USD 8.16 billion in 2024 and is expected to reach USD 14.11 billion by 2032.
- The global atopic dermatitis (AD) market in the seven major markets (US, UK, France, Germany, Italy, Spain, and Japan) is estimated to grow from $8.5 billion in 2023 to $22.4 billion by 2033. The global atopic dermatitis drugs market size was estimated at USD 17.64 billion in 2024 and is projected to reach USD 29.88 billion by 2030. The global atopic dermatitis treatment market size was valued at USD 17.05 billion in 2024 and is expected to reach USD 32.04 billion by 2032.
- The global asthma treatment market size was valued at USD 28.28 billion in 2024 and is anticipated to reach around USD 35.93 billion by 2034.
Libtayo (cemiplimab)
Libtayo is an oncology product.- The global oncology/cancer drugs market size was valued at $167.0 billion in 2023 and is projected to reach $335.2 billion by 2033. Another source indicates the global oncology drugs market size was valued at USD 190.10 billion in 2023 and is anticipated to exceed USD 564.50 billion by 2033.
- North America is the largest regional market for oncology-cancer drugs. In 2022, North America held a dominant market position, capturing over 40.5% share, with a market value of US$ 84.2 billion.
Arcalyst (rilonacept)
Arcalyst is used for specific, rare autoinflammatory conditions.- The global rare disease treatment market size was valued at USD 7.02 billion in 2024 and is projected to reach USD 15.11 billion by 2032. Other estimates for the global rare disease treatment market size range from USD 182.28 billion in 2024 to USD 587.08 billion by 2034.
- North America's rare disease treatment market dominated the global market, accounting for 62.9% of the revenue share in 2024.
Veopoz (pozelimab)
Veopoz treats CHAPLE disease, an ultra-rare immune disorder.- CHAPLE disease affects fewer than 100 patients worldwide.
- The global CHAPLE disease therapeutics market size is expected to reach US$ 160.2 million by 2032, increasing from US$ 145.3 million in 2025.
- North America holds a 39.8% share of the CHAPLE Syndrome Market.
Praluent (alirocumab)
Praluent is used for cardiovascular disease, specifically for LDL cholesterol lowering.- No specific addressable market size for Praluent or PCSK9 inhibitors was found in the provided search results.
Inmazeb (atoltivimab, maftivimab, and odesivimab-ebgn)
Inmazeb is for Zaire ebolavirus infection.- No specific addressable market size for Inmazeb or Zaire ebolavirus infection treatment was found in the provided search results.
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Regeneron Pharmaceuticals (REGN) is expected to drive future revenue growth over the next two to three years through several key factors:
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Continued Expansion and Growth of Dupixent
Dupixent remains a primary growth engine for Regeneron, with analysts anticipating its continued strong performance. Global sales of Dupixent increased significantly year-over-year in Q2 2025, with growth across all approved indications, age groups, and geographic regions. Recent approvals for new indications, such as Chronic Obstructive Pulmonary Disease (COPD), Chronic Spontaneous Urticaria (CSU), and Bullous Pemphigoid (BP), are expected to further drive revenue growth. The expansion into COPD is particularly highlighted as a potential next phase of revenue growth for the drug.
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Growth of Libtayo
Libtayo is another significant contributor to Regeneron's revenue growth. The drug demonstrated a notable increase in global net sales in Q2 2025. Additionally, Libtayo received a recommendation for EU approval for the adjuvant treatment of Cutaneous Squamous Cell Carcinoma (CSCC) with a high risk of recurrence after surgery and radiation, which could contribute to further expansion and revenue.
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Advancements and Launches from a Robust Clinical Pipeline
Regeneron's innovative pipeline, particularly in oncology, immunology, and rare diseases, is a crucial long-term driver of revenue. The company is continuously investing in research and development to support future growth and has ongoing advancements in its clinical pipeline, including efforts in obesity, hematology, and thrombosis. The company's proprietary technologies, such as VelociSuite, are used to produce optimized fully human antibodies and new classes of bispecific antibodies, which are key to developing new therapies. Successful progression and launch of these product candidates are expected to fuel future revenue growth.
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Strategic Collaborations and Partnerships
Strategic collaborations and partnerships, such as the one with Sanofi for Dupixent, are integral to Regeneron's revenue model. These collaborations contribute to higher collaboration revenue, as observed in Q2 2025, primarily driven by Dupixent. These partnerships help in expanding market reach and sharing development costs and expertise for new therapeutic technologies.
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Share Repurchases
- In May 2020, Regeneron announced a share repurchase of approximately 19.2 million of its shares for around $5 billion from Sanofi.
- In 2024, the company repurchased $2.6 billion of common stock.
- In February 2025, the Board of Directors authorized an additional $3 billion share repurchase program, increasing the total current capacity to approximately $4.5 billion. As of March 31, 2025, the total repurchase flexibility, including prior programs, reached $6.874 billion.
Share Issuance
- Regeneron received proceeds from the issuance of Common Stock in connection with exercises of employee stock options totaling $1.465 billion in 2024, $1.146 billion in 2023, and $1.520 billion in 2022.
- No new Class A stock has been issued since the company's IPO.
Inbound Investments
- In July 2020, Regeneron was awarded a $450 million government contract under Operation Warp Speed for the manufacturing and supply of its experimental COVID-19 treatment, REGN-COV2.
Outbound Investments
- The company acquired Checkmate Pharmaceuticals for approximately $250 million in April 2022, enhancing its immuno-oncology drug pipeline.
- Regeneron announced the acquisition of Decibel Therapeutics in August 2023, and acquired 2seventy Bio in April 2024.
- In April 2024, Regeneron launched Regeneron Ventures, committing up to $500 million over the next five years to invest in biotechnology, devices, tools, and enabling technologies.
Capital Expenditures
- In 2024, Regeneron invested $756 million in capital expenditures, primarily to expand its Tarrytown, New York R&D headquarters.
- Regeneron plans to invest over $7 billion in infrastructure and manufacturing facilities in New York and North Carolina over the coming years.
- The company is constructing a fill/finish facility in Rensselaer, New York, which is currently undergoing process validation. The company's capital expenditure guidance indicates an outlook of USD 850-890 million for the fiscal year.
Latest Trefis Analyses
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Trade Ideas
Select ideas related to REGN. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 21.1% | 21.1% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -6.7% | -6.7% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 16.7% | 16.7% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 11.8% | 11.8% | -5.1% |
| 10032025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 30.8% | 30.8% | -7.0% |
| 03312025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -11.3% | 24.1% | -23.7% |
| 05312019 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 22.3% | 103.1% | -9.4% |
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Peer Comparisons for Regeneron Pharmaceuticals
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 168.17 |
| Mkt Cap | 161.0 |
| Rev LTM | 53,839 |
| Op Inc LTM | 12,893 |
| FCF LTM | 12,294 |
| FCF 3Y Avg | 11,332 |
| CFO LTM | 14,874 |
| CFO 3Y Avg | 13,487 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.4% |
| Rev Chg 3Y Avg | 1.3% |
| Rev Chg Q | 3.2% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Mgn LTM | 24.3% |
| Op Mgn 3Y Avg | 24.5% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 34.8% |
| CFO/Rev 3Y Avg | 32.2% |
| FCF/Rev LTM | 29.5% |
| FCF/Rev 3Y Avg | 28.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 161.0 |
| P/S | 4.6 |
| P/EBIT | 13.8 |
| P/E | 18.1 |
| P/CFO | 14.6 |
| Total Yield | 8.3% |
| Dividend Yield | 2.9% |
| FCF Yield 3Y Avg | 5.7% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.5% |
| 3M Rtn | 23.0% |
| 6M Rtn | 23.5% |
| 12M Rtn | 10.7% |
| 3Y Rtn | 6.4% |
| 1M Excs Rtn | -1.8% |
| 3M Excs Rtn | 20.9% |
| 6M Excs Rtn | 10.4% |
| 12M Excs Rtn | -4.4% |
| 3Y Excs Rtn | -73.6% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| BLA761355 | EYLEA HD | aflibercept | injectable | 8182023 | -1.2% | 16.7% | 45.2% | -28.4% | -2.8% |
| BLA761339 | VEOPOZ | pozelimab-bbfg | injectable | 8182023 | -1.2% | 16.7% | 45.2% | -28.4% | -2.8% |
| BLA761181 | EVKEEZA | evinacumab-dgnb | solution | 2112021 | 5.4% | 23.9% | 30.1% | 54.4% | 61.0% |
| BLA761169 | INMAZEB | atoltivimab | solution | 10142020 | -14.8% | -19.9% | -7.5% | 22.5% | 31.4% |
| BLA761097 | LIBTAYO | cemiplimab-rwlc | injectable | 9282018 | -10.3% | 1.6% | -32.3% | 42.1% | 95.4% |
| BLA761055 | DUPIXENT | dupilumab | injectable | 3282017 | 31.3% | 13.7% | -11.5% | 5.8% | 106.4% |
| BLA125559 | PRALUENT | alirocumab | injectable | 7242015 | -1.0% | -10.9% | -27.8% | -4.8% | 45.7% |
| BLA125387 | EYLEA | aflibercept | injectable | 11182011 | 107.3% | 141.4% | 216.6% | 462.1% | 1,485.1% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| EYLEA ® | 5,720 | 6,265 | 5,792 | 4,947 | 4,644 |
| Collaboration revenue | 5,503 | 4,914 | |||
| Libtayo ® | 539 | 374 | 306 | 271 | 176 |
| Other revenue | 536 | 365 | 281 | 557 | 174 |
| Libtayo | 324 | 73 | |||
| Praluent ® | 182 | 130 | 170 | 151 | |
| EYLEA HD ® | 166 | 0 | |||
| Evkeeza ® | 77 | 49 | 18 | ||
| Inmazeb ® | 70 | 3 | |||
| ARCALYST ® | 0 | 2 | 13 | 14 | |
| REGEN-COV ® | 0 | 5,828 | 186 | ||
| Bayer | 1,409 | 1,186 | 1,146 | ||
| Roche | 362 | ||||
| Sanofi | 1,902 | 1,186 | 404 | ||
| Total | 13,117 | 12,173 | 16,072 | 8,497 | 6,558 |
Price Behavior
Price Behavior
| Market Price | $783.71 | |
| Market Cap ($ Bil) | 81.2 | |
| First Trading Date | 04/02/1991 | |
| Distance from 52W High | -0.5% | |
| 50 Days | 200 Days | |
| DMA Price | $690.77 | $600.50 |
| DMA Trend | up | up |
| Distance from DMA | 13.5% | 30.5% |
| 3M | 1YR | |
| Volatility | 39.6% | 41.5% |
| Downside Capture | -5.55 | 83.95 |
| Upside Capture | 139.64 | 81.35 |
| Correlation (SPY) | 5.4% | 27.1% |
REGN Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.39 | -0.11 | 0.06 | 0.19 | 0.57 | 0.58 |
| Up Beta | 0.16 | -0.98 | -0.33 | -0.28 | 0.47 | 0.50 |
| Down Beta | -1.64 | -0.07 | -0.25 | -0.38 | 0.43 | 0.52 |
| Up Capture | 126% | 147% | 116% | 117% | 66% | 29% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 12 | 24 | 35 | 69 | 128 | 390 |
| Down Capture | -138% | -103% | -45% | -4% | 87% | 90% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 7 | 16 | 26 | 54 | 118 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of REGN With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| REGN | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 11.3% | 16.4% | 19.2% | 71.9% | 8.9% | 6.0% | -10.4% |
| Annualized Volatility | 41.3% | 17.3% | 19.5% | 19.3% | 15.3% | 17.1% | 35.0% |
| Sharpe Ratio | 0.37 | 0.72 | 0.78 | 2.69 | 0.36 | 0.18 | -0.12 |
| Correlation With Other Assets | 47.9% | 27.0% | -6.5% | 1.3% | 29.4% | 6.5% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of REGN With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| REGN | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 10.1% | 8.6% | 14.9% | 18.7% | 11.7% | 4.8% | 32.6% |
| Annualized Volatility | 30.2% | 14.5% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 0.36 | 0.41 | 0.70 | 0.97 | 0.51 | 0.17 | 0.59 |
| Correlation With Other Assets | 50.7% | 34.1% | 2.0% | 1.9% | 28.5% | 9.0% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of REGN With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| REGN | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 3.5% | 9.8% | 14.7% | 14.9% | 6.9% | 5.2% | 69.2% |
| Annualized Volatility | 32.8% | 16.6% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.19 | 0.48 | 0.70 | 0.83 | 0.31 | 0.22 | 0.90 |
| Correlation With Other Assets | 52.8% | 38.5% | -0.2% | 7.9% | 26.0% | 9.5% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2025 | 11.8% | 9.7% | 34.7% |
| 8/1/2025 | 2.5% | 2.6% | 6.6% |
| 4/29/2025 | -6.9% | -1.2% | -3.0% |
| 1/13/2025 | 2.9% | -2.2% | -4.5% |
| 10/31/2024 | -9.2% | -11.5% | -18.7% |
| 8/1/2024 | 1.3% | -1.1% | 9.2% |
| 5/2/2024 | 3.8% | 5.8% | 8.5% |
| 2/2/2024 | -1.3% | -1.2% | 1.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 18 | 12 | 15 |
| # Negative | 7 | 13 | 10 |
| Median Positive | 3.6% | 5.9% | 8.5% |
| Median Negative | -3.7% | -2.2% | -5.2% |
| Max Positive | 11.8% | 10.7% | 34.7% |
| Max Negative | -9.2% | -11.5% | -18.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10282025 | 10-Q 9/30/2025 |
| 6302025 | 8012025 | 10-Q 6/30/2025 |
| 3312025 | 4292025 | 10-Q 3/31/2025 |
| 12312024 | 2052025 | 10-K 12/31/2024 |
| 9302024 | 10312024 | 10-Q 9/30/2024 |
| 6302024 | 8012024 | 10-Q 6/30/2024 |
| 3312024 | 5022024 | 10-Q 3/31/2024 |
| 12312023 | 2052024 | 10-K 12/31/2023 |
| 9302023 | 11022023 | 10-Q 9/30/2023 |
| 6302023 | 8032023 | 10-Q 6/30/2023 |
| 3312023 | 5042023 | 10-Q 3/31/2023 |
| 12312022 | 2062023 | 10-K 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 8032022 | 10-Q 6/30/2022 |
| 3312022 | 5042022 | 10-Q 3/31/2022 |
| 12312021 | 2072022 | 10-K 12/31/2021 |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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