Regeneron Pharmaceuticals (REGN)
Market Price (5/6/2026): $702.21 | Market Cap: $73.0 BilSector: Health Care | Industry: Biotechnology
Regeneron Pharmaceuticals (REGN)
Market Price (5/6/2026): $702.21Market Cap: $73.0 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 6.6%, FCF Yield is 5.2% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 5.0 Bil, FCF LTM is 3.8 Bil Stock buyback supportStock Buyback 3Y Total is 11 Bil Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -86% | Key risksREGN key risks include [1] the erosion of flagship Eylea revenue from imminent biosimilar competition following patent expirations, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, FCF Yield is 5.2% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 5.0 Bil, FCF LTM is 3.8 Bil |
| Stock buyback supportStock Buyback 3Y Total is 11 Bil |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -86% |
| Key risksREGN key risks include [1] the erosion of flagship Eylea revenue from imminent biosimilar competition following patent expirations, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Overall U.S. EYLEA Sales Decline: Regeneron experienced a 10% decrease in total U.S. net sales for EYLEA and EYLEA HD, reaching $941 million in Q1 2026. This decline was primarily driven by a 36% drop in sales of the legacy EYLEA product, despite EYLEA HD U.S. net sales increasing by 52% to $468 million.
2. Negative Impact of Manufacturing Interruption on Gross Margin: The company's GAAP gross margin was negatively impacted by a temporary interruption in bulk manufacturing at its Limerick, Ireland site, resulting in a Q1 2026 GAAP gross margin of 76%. Regeneron also updated its full-year 2026 GAAP gross margin guidance to a lower range of 77% to 78% due to associated costs, signaling a potential drag on future profitability.
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Stock Movement Drivers
Fundamental Drivers
The -5.2% change in REGN stock from 1/31/2026 to 5/5/2026 was primarily driven by a -7.7% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 740.56 | 702.27 | -5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,248 | 14,920 | 4.7% |
| Net Income Margin (%) | 32.1% | 29.6% | -7.7% |
| P/E Multiple | 16.8 | 16.5 | -1.5% |
| Shares Outstanding (Mil) | 104 | 104 | -0.4% |
| Cumulative Contribution | -5.2% |
Market Drivers
1/31/2026 to 5/5/2026| Return | Correlation | |
|---|---|---|
| REGN | -5.2% | |
| Market (SPY) | 3.6% | 42.5% |
| Sector (XLV) | -5.7% | 70.8% |
Fundamental Drivers
The 8.0% change in REGN stock from 10/31/2025 to 5/5/2026 was primarily driven by a 12.2% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 650.20 | 702.27 | 8.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,248 | 14,920 | 4.7% |
| Net Income Margin (%) | 32.1% | 29.6% | -7.7% |
| P/E Multiple | 14.7 | 16.5 | 12.2% |
| Shares Outstanding (Mil) | 104 | 104 | -0.4% |
| Cumulative Contribution | 8.0% |
Market Drivers
10/31/2025 to 5/5/2026| Return | Correlation | |
|---|---|---|
| REGN | 8.0% | |
| Market (SPY) | 5.5% | 24.3% |
| Sector (XLV) | 1.6% | 64.5% |
Fundamental Drivers
The 17.9% change in REGN stock from 4/30/2025 to 5/5/2026 was primarily driven by a 16.9% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 595.51 | 702.27 | 17.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,086 | 14,920 | 5.9% |
| Net Income Margin (%) | 31.9% | 29.6% | -7.2% |
| P/E Multiple | 14.1 | 16.5 | 16.9% |
| Shares Outstanding (Mil) | 107 | 104 | 2.6% |
| Cumulative Contribution | 17.9% |
Market Drivers
4/30/2025 to 5/5/2026| Return | Correlation | |
|---|---|---|
| REGN | 17.9% | |
| Market (SPY) | 30.4% | 25.1% |
| Sector (XLV) | 5.3% | 49.4% |
Fundamental Drivers
The -11.8% change in REGN stock from 4/30/2023 to 5/5/2026 was primarily driven by a -16.8% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 796.41 | 702.27 | -11.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,173 | 14,920 | 22.6% |
| Net Income Margin (%) | 35.6% | 29.6% | -16.8% |
| P/E Multiple | 19.6 | 16.5 | -15.8% |
| Shares Outstanding (Mil) | 107 | 104 | 2.7% |
| Cumulative Contribution | -11.8% |
Market Drivers
4/30/2023 to 5/5/2026| Return | Correlation | |
|---|---|---|
| REGN | -11.8% | |
| Market (SPY) | 78.7% | 30.4% |
| Sector (XLV) | 14.4% | 50.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| REGN Return | 31% | 14% | 22% | -19% | 9% | -8% | 48% |
| Peers Return | 21% | 20% | -11% | 4% | 15% | 3% | 60% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| REGN Win Rate | 67% | 50% | 58% | 50% | 50% | 40% | |
| Peers Win Rate | 53% | 62% | 38% | 50% | 53% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| REGN Max Drawdown | -8% | -13% | -6% | -20% | -32% | -11% | |
| Peers Max Drawdown | -9% | -7% | -24% | -10% | -14% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 5/5/2026 (YTD)
How Low Can It Go
| Event | REGN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.4% | -18.8% |
| % Gain to Breakeven | 41.5% | 23.1% |
| Time to Breakeven | 161 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -12.6% | -24.5% |
| % Gain to Breakeven | 14.4% | 32.4% |
| Time to Breakeven | 55 days | 427 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.7% | -19.2% |
| % Gain to Breakeven | 20.0% | 23.7% |
| Time to Breakeven | 76 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -19.8% | -3.7% |
| % Gain to Breakeven | 24.7% | 3.9% |
| Time to Breakeven | 7 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.8% | -12.2% |
| % Gain to Breakeven | 58.2% | 13.9% |
| Time to Breakeven | 1517 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.8% | -17.9% |
| % Gain to Breakeven | 27.8% | 21.8% |
| Time to Breakeven | 7 days | 123 days |
In The Past
Regeneron Pharmaceuticals's stock fell -29.4% during the 2025 US Tariff Shock. Such a loss loss requires a 41.5% gain to breakeven.
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| Event | REGN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.4% | -18.8% |
| % Gain to Breakeven | 41.5% | 23.1% |
| Time to Breakeven | 161 days | 79 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.8% | -12.2% |
| % Gain to Breakeven | 58.2% | 13.9% |
| Time to Breakeven | 1517 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.8% | -17.9% |
| % Gain to Breakeven | 27.8% | 21.8% |
| Time to Breakeven | 7 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.1% | -53.4% |
| % Gain to Breakeven | 104.6% | 114.4% |
| Time to Breakeven | 294 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -24.7% | -8.6% |
| % Gain to Breakeven | 32.9% | 9.5% |
| Time to Breakeven | 6 days | 47 days |
In The Past
Regeneron Pharmaceuticals's stock fell -29.4% during the 2025 US Tariff Shock. Such a loss loss requires a 41.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Regeneron Pharmaceuticals (REGN)
AI Analysis | Feedback
Think of them as a major pharmaceutical company like **Merck** or **Novartis**, but with a particularly strong track record for discovering and developing innovative blockbuster drugs in areas like eye disease and immunology.
They are like a leading biotech innovator such as **Amgen**, but with a more diverse portfolio of widely-used treatments, including drugs for conditions like macular degeneration, asthma, and certain cancers.
AI Analysis | Feedback
- EYLEA injection: A treatment for various eye conditions including wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy.
- Dupixent injection: Used to treat atopic dermatitis and asthma in both adults and pediatric patients.
- Libtayo injection: Prescribed for metastatic or locally advanced cutaneous squamous cell carcinoma.
- Praluent injection: An adult treatment for heterozygous familial hypercholesterolemia or clinical atherosclerotic cardiovascular disease.
- REGEN-COV: Developed for the treatment of COVID-19.
- Kevzara solution: A treatment for rheumatoid arthritis in adults.
- Inmazeb injection: Used for infections caused by the Zaire ebolavirus.
- ARCALYST injection: Administered for cryopyrin-associated periodic syndromes.
- ZALTRAP injection: An intravenous infusion to treat metastatic colorectal cancer.
AI Analysis | Feedback
Regeneron Pharmaceuticals (REGN) sells its products primarily to other companies and governmental entities within the healthcare supply chain, rather than directly to individual consumers.
The major customers for Regeneron's pharmaceutical products are typically large pharmaceutical wholesalers and distributors who then supply pharmacies, hospitals, and other healthcare providers. Additionally, government agencies can be significant direct purchasers for certain products, as indicated by the company's agreement with the U.S. Department of Health and Human Services for REGEN-COV.
The major customer companies (pharmaceutical wholesalers) include:
- McKesson Corporation (MCK)
- AmerisourceBergen Corporation (ABC)
- Cardinal Health, Inc. (CAH)
In addition to these wholesalers, the U.S. Department of Health and Human Services is identified as a direct customer for specific products like REGEN-COV.
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Leonard S. Schleifer, MD, PhD
Co-Chairman of the Board, President and Chief Executive Officer
Dr. Leonard S. Schleifer co-founded Regeneron Pharmaceuticals in 1988 with the vision of building a science-driven company focused on helping patients. He has served as President and Chief Executive Officer since the company's inception and became Co-Chairman of the Board in June 2023. Prior to founding Regeneron, Dr. Schleifer earned his M.D. and Ph.D. in pharmacology from the University of Virginia, and was a practicing neurologist and professor at Cornell Medical School. He was motivated to start the company due to the lack of effective treatments for serious neurodegenerative diseases.
Christopher Fenimore
Executive Vice President, Finance and Chief Financial Officer
Christopher Fenimore was appointed Executive Vice President, Finance and Chief Financial Officer of Regeneron in January 2025, having initially become CFO in February 2024. He joined Regeneron in 2003 and has held various finance leadership roles within the company, including Senior Vice President, Controller; Vice President, Controller; and Vice President, Financial Planning and Analysis. Before joining Regeneron, Mr. Fenimore served as Vice President of Finance for a biotechnology start-up and held roles in healthcare industry-focused venture capital and investment banking. He began his career as an auditor at KPMG and is a Certified Public Accountant in New York.
George D. Yancopoulos, MD, PhD
Co-Chairman of the Board, President and Chief Scientific Officer
Dr. George D. Yancopoulos is the co-founder, Co-Chairman of the Board, President, and Chief Scientific Officer of Regeneron, which he joined in 1989. He is recognized as a highly successful scientist and drug discoverer, and is a principal inventor and developer of Regeneron's foundational technologies and numerous FDA-approved treatments. Dr. Yancopoulos graduated as valedictorian of the Bronx High School of Science and Columbia College, and earned his M.D. and Ph.D. in Biochemistry and Molecular Biophysics from Columbia University. He left an academic career to co-found Regeneron alongside Dr. Leonard Schleifer.
Joseph J. LaRosa
Executive Vice President, General Counsel and Secretary
Joseph J. LaRosa joined Regeneron in 2011 and currently serves as Executive Vice President, General Counsel and Secretary. Prior to Regeneron, Mr. LaRosa was Senior Vice President, General Counsel and Secretary at Nycomed U.S., Inc. His previous experience also includes serving as Vice President, Global Compliance and Legal Affairs at Avon Products, Inc., and holding several senior legal positions at Schering-Plough Corporation, where he was a corporate officer and Vice President, Legal Affairs. Mr. LaRosa received his J.D. degree from New York University School of Law.
Daniel Van Plew
Executive Vice President & General Manager, Industrial Operations and Product Supply
Daniel Van Plew joined Regeneron in 2007 and has served as Executive Vice President and General Manager, Industrial Operations and Product Supply since January 2016. Before joining Regeneron, he was Executive Vice President, R&D and Technical Operations for Crucell Holland B.V., a global biopharmaceutical company, from 2006 to 2007. He also held positions of increasing responsibility at Chiron Biopharmaceuticals, including Senior Director, Vacaville Operations, and worked in various managerial roles in the health and life sciences practice at Accenture. Mr. Van Plew holds an M.S. in Chemistry from Pennsylvania State University and an M.B.A. from Michigan State University.
AI Analysis | Feedback
Regeneron Pharmaceuticals (REGN) faces several key risks to its business, primarily centered around its blockbuster products and the highly competitive pharmaceutical landscape.
- Erosion of Eylea Revenue due to Patent Expiration and Biosimilar Competition: Regeneron's flagship eye drug, Eylea, is experiencing significant revenue erosion due to the expiration of key patents and the subsequent entry of biosimilar competitors, such as Amgen's Pavblu and Samsung Bioepis' Opuviz. This patent cliff, combined with competition from innovative rival drugs like Roche's Vabysmo, has already led to a decline in Eylea's U.S. net sales. While Regeneron has launched Eylea HD to mitigate these effects, its success is crucial in offsetting the decline, and the company has already faced regulatory setbacks, including an FDA rejection for a prefilled syringe version of Eylea HD due to a manufacturing issue.
- Heavy Reliance on Key Blockbuster Products and the Imperative for Successful Pipeline Development: Regeneron is significantly dependent on the commercial success of a limited number of key products, primarily Eylea and Dupixent, for a substantial portion of its revenue. While Dupixent's patent exclusivity is anticipated to last until 2030/2031, the challenges faced by Eylea underscore the vulnerability of relying heavily on a few top-selling drugs. Therefore, the successful development and commercialization of new product candidates from its clinical pipeline are critically important to offset revenue declines from mature products and drive future growth. Failures in clinical trials, such as the recent Phase III setback for itepekimab, a Dupixent follow-up drug, pose a significant risk to the company's growth prospects.
- Intensified Market Competition and Regulatory/Manufacturing Hurdles: The biopharmaceutical industry is characterized by intense competition from both established pharmaceutical companies and emerging biotech firms across all therapeutic areas. Products like Dupixent, while currently successful, are facing increasing competitive pressures from new rivals entering the market or in advanced stages of development. Furthermore, Regeneron operates in a heavily regulated environment, and challenges in navigating complex regulatory approval processes, including unexpected actions or delays from authorities like the FDA, can significantly impact the availability and commercial potential of its products. Manufacturing and supply chain disruptions or quality control issues also represent ongoing operational risks that can delay product launches and affect financial results.
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AI Analysis | Feedback
Regeneron Pharmaceuticals (REGN) operates in various therapeutic areas with several key products. The addressable markets for its main products are significant across different regions, primarily globally.EYLEA (Aflibercept)
EYLEA targets multiple ophthalmic conditions, each representing a substantial market:
- Wet Age-Related Macular Degeneration (wAMD): The global market size for wet age-related macular degeneration was estimated at USD 10.1 billion in 2024 and is projected to reach USD 20 billion by 2034. In the 7 major markets (US, EU4, UK, and Japan), the wet AMD market reached USD 9,528.8 million in 2024 and is expected to grow to USD 18,317.5 million by 2035.
- Diabetic Macular Edema (DME): The global diabetic macular edema market size was valued at USD 3.33 billion in 2024 and is projected to reach USD 4.34 billion by 2032. Another estimate indicates the global DME market is expected to grow from USD 5.50 billion in 2024 to USD 8.64 billion by 2035.
- Diabetic Retinopathy (DR): The global diabetic retinopathy market size was estimated at USD 9.48 billion in 2024 and is expected to grow to USD 13.77 billion by 2030. Other projections place the global diabetic retinopathy market at USD 10.23 billion in 2025, reaching USD 18.93 billion by 2035.
- Macular Edema following Retinal Vein Occlusion (RVO): The global retinal vein occlusion market size was calculated at USD 2.82 billion in 2024 and is predicted to reach approximately USD 5.45 billion by 2034.
Dupixent (Dupilumab)
Dupixent is a significant product for allergic and inflammatory conditions:
- Overall Dupixent Market: 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.
- Atopic Dermatitis: 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. Other analyses suggest the global atopic dermatitis drug market size, calculated at USD 15.92 billion in 2025, is predicted to increase to approximately USD 33.42 billion by 2035.
Libtayo (Cemiplimab)
Libtayo addresses certain cancers:
- Cutaneous Squamous Cell Carcinoma (CSCC) Treatment: The global cutaneous squamous cell carcinoma treatment market size is estimated at USD 13.69 billion in 2024 and is projected to reach approximately USD 27.54 billion by 2034.
Praluent (Alirocumab)
Praluent targets cholesterol management:
- Heterozygous Familial Hypercholesterolemia (HeFH) Management: The global heterozygous familial hypercholesterolemia management market size is expected to grow from USD 12.04 billion in 2025 to USD 20.12 billion by 2030.
Kevzara (Sarilumab)
Kevzara is used for autoimmune diseases:
- Rheumatoid Arthritis (RA) Therapeutics: The global rheumatoid arthritis therapeutics market size was estimated at USD 25.76 billion in 2024 and is projected to reach USD 41.42 billion by 2033. Another report valued the global market for rheumatoid arthritis therapies at USD 28.5 billion in 2024, estimated to increase to USD 41.1 billion by 2030.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Regeneron Pharmaceuticals (REGN) over the next 2-3 years: * **Continued Expansion of Dupixent (dupilumab)**: Dupixent remains a significant growth engine for Regeneron, driven by its broad adoption across existing approved indications such as atopic dermatitis and asthma. Future growth is expected from further label expansions into new disease areas like chronic spontaneous urticaria (CSU), pediatric asthma, eosinophilic esophagitis, chronic obstructive pulmonary disease (COPD), and allergic fungal rhinosinusitis. The drug's patent exclusivity is projected to last until 2030/2031, providing a solid runway for continued revenue generation. Regeneron's share of profits from the commercialization of Dupixent is also increasing. * **Increased Adoption and New Indications for EYLEA HD (aflibercept high-dose)**: While the original EYLEA faces competitive pressure from biosimilars, EYLEA HD is positioned as a key revenue driver. Recent FDA approvals for macular edema following retinal vein occlusion (RVO) and a flexible monthly dosing option across all approved indications are expected to boost its market share. The anticipated approval of a pre-filled syringe formulation for EYLEA HD in the second quarter of 2026 is also expected to enhance convenience and contribute to its growth. * **Advancement and Commercialization of Late-Stage Pipeline Products**: Regeneron boasts a robust and diversified late-stage pipeline with approximately 45 product candidates across various therapeutic areas, including hematology, immunology, oncology, rare genetic disorders, and weight management. Several upcoming regulatory decisions and potential new product launches in 2026 are anticipated to fuel revenue growth. Key examples include the FDA's target action date in August 2026 for garetosmab for fibrodysplasia ossificans progressiva (FOP), expected data for fianlimab/Libtayo LAG-3 in melanoma in the first half of 2026, and an NDA submission for cemdisiran in generalized myasthenia gravis in the first quarter of 2026. Additionally, promising results from the GLP-1 diabetes and weight loss drug olatorepatide suggest significant future revenue potential upon approval. * **Growth of Libtayo (cemiplimab) in Oncology**: Libtayo continues to be a growth contributor for Regeneron, particularly within the oncology segment. It has achieved increased sales and secured new approvals, such as for adjuvant cutaneous squamous cell carcinoma (CSCC), and is recognized as a leading immunotherapy for non-melanoma skin cancers. While its most significant revenue impact is projected beyond 2026, its ongoing performance and label expansions contribute to the company's near-term growth.AI Analysis | Feedback
Share Repurchases
- Regeneron Pharmaceuticals authorized a $3 billion share repurchase program in November 2021, with an additional $1.8 million remaining from a previous $1.5 billion program.
- The company repurchased $2.235 billion in 2023, $2.603 billion in 2024, and $3.439 billion in 2025.
- As of February 2026, approximately $1.486 billion remained available for future share repurchases under authorized programs.
Outbound Investments
- Regeneron made a Series C investment in Truveta on January 13, 2025.
- The company invested in Enlaza (Series A, April 30, 2024) and Vyriad (Series B, May 17, 2022).
- In Q2 2025, Regeneron in-licensed rights to a late-stage dual GLP-1/GIP receptor agonist, and in Q3 2025, made an $80 million upfront payment for a license agreement with Hansoh Pharmaceuticals Group Company Limited.
Capital Expenditures
- Capital expenditures were $718.6 million in 2023, $755.9 million in 2024, and $898.4 million in 2025.
- Regeneron plans to invest approximately $1.1 billion to $1.3 billion in 2026 for facility expansions.
- The company has committed to over $7 billion in U.S. investments, including expansions in Tarrytown and Rensselaer, NY, and a new agreement to double U.S. large-scale manufacturing capacity, and an additional $2 billion for a new bulk manufacturing facility in Saratoga Springs, NY. These investments aim to significantly expand manufacturing capacity and support ongoing manufacturing operations.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | 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 | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | 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 | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | 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 | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 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 | 27.3% | 18.1% | -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% | 22.5% | -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
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 159.63 |
| Mkt Cap | 164.3 |
| Rev LTM | 54,822 |
| Op Inc LTM | 13,280 |
| FCF LTM | 10,696 |
| FCF 3Y Avg | 10,686 |
| CFO LTM | 12,645 |
| CFO 3Y Avg | 12,648 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.4% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 5.6% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | 22.5% |
| Op Inc Chg 3Y Avg | 15.3% |
| Op Mgn LTM | 26.9% |
| Op Mgn 3Y Avg | 22.4% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 28.2% |
| CFO/Rev 3Y Avg | 29.9% |
| FCF/Rev LTM | 23.8% |
| FCF/Rev 3Y Avg | 25.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 164.3 |
| P/S | 4.5 |
| P/Op Inc | 17.5 |
| P/EBIT | 14.7 |
| P/E | 21.5 |
| P/CFO | 15.1 |
| Total Yield | 6.9% |
| Dividend Yield | 3.1% |
| FCF Yield 3Y Avg | 5.4% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.8% |
| 3M Rtn | -1.8% |
| 6M Rtn | 12.6% |
| 12M Rtn | 19.1% |
| 3Y Rtn | 0.7% |
| 1M Excs Rtn | -14.3% |
| 3M Excs Rtn | -6.7% |
| 6M Excs Rtn | 5.4% |
| 12M Excs Rtn | -9.9% |
| 3Y Excs Rtn | -71.4% |
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% | -12.1% |
| BLA761339 | VEOPOZ | pozelimab-bbfg | injectable | 8182023 | -1.2% | 16.7% | 45.2% | -28.4% | -12.1% |
| BLA761181 | EVKEEZA | evinacumab-dgnb | solution | 2112021 | 5.4% | 23.9% | 30.1% | 54.4% | 45.6% |
| BLA761169 | INMAZEB | atoltivimab | solution | 10142020 | -14.8% | -19.9% | -7.5% | 22.5% | 18.8% |
| BLA761097 | LIBTAYO | cemiplimab-rwlc | injectable | 9282018 | -10.3% | 1.6% | -32.3% | 42.1% | 76.7% |
| BLA761055 | DUPIXENT | dupilumab | injectable | 3282017 | 31.3% | 13.7% | -11.5% | 5.8% | 86.6% |
| BLA125559 | PRALUENT | alirocumab | injectable | 7242015 | -1.0% | -10.9% | -27.8% | -4.8% | 31.8% |
| BLA125387 | EYLEA | aflibercept | injectable | 11182011 | 107.3% | 141.4% | 216.6% | 462.1% | 1,333.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Collaboration revenue | 6,058 | 5,503 | 4,914 | ||
| EYLEA ® | 4,767 | 5,720 | 6,265 | 5,792 | 4,947 |
| EYLEA HD ® | 1,201 | 166 | 0 | ||
| Libtayo ® | 787 | 539 | 374 | 306 | 271 |
| Other revenue | 515 | 536 | 365 | 281 | 557 |
| Libtayo | 430 | 324 | 73 | ||
| Praluent ® | 242 | 182 | 130 | 170 | 151 |
| Evkeeza ® | 126 | 77 | 49 | 18 | |
| Inmazeb ® | 77 | 70 | 3 | ||
| Other products | 0 | ||||
| ARCALYST ® | 0 | 2 | 13 | ||
| REGEN-COV ® | 0 | 5,828 | 186 | ||
| Bayer | 1,409 | 1,186 | |||
| Roche | 362 | ||||
| Sanofi | 1,902 | 1,186 | |||
| Total | 14,202 | 13,117 | 12,173 | 16,072 | 8,497 |
Price Behavior
| Market Price | $702.27 | |
| Market Cap ($ Bil) | 73.0 | |
| First Trading Date | 04/02/1991 | |
| Distance from 52W High | -13.4% | |
| 50 Days | 200 Days | |
| DMA Price | $752.49 | $684.24 |
| DMA Trend | up | down |
| Distance from DMA | -6.7% | 2.6% |
| 3M | 1YR | |
| Volatility | 29.6% | 38.8% |
| Downside Capture | 0.59 | 0.57 |
| Upside Capture | 50.57 | 95.62 |
| Correlation (SPY) | 37.1% | 24.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.01 | 0.90 | 0.75 | 0.51 | 0.77 | 0.61 |
| Up Beta | 1.43 | 1.16 | 1.11 | 1.07 | 1.06 | 0.57 |
| Down Beta | -3.76 | 0.83 | 0.67 | -0.29 | -0.21 | 0.50 |
| Up Capture | -2% | 51% | 54% | 67% | 101% | 28% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 8 | 19 | 29 | 58 | 124 | 381 |
| Down Capture | 28% | 106% | 71% | 48% | 99% | 93% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 14 | 24 | 35 | 67 | 126 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REGN | |
|---|---|---|---|---|
| REGN | 16.7% | 38.7% | 0.49 | - |
| Sector ETF (XLV) | 6.8% | 15.7% | 0.23 | 49.2% |
| Equity (SPY) | 27.8% | 12.5% | 1.73 | 24.9% |
| Gold (GLD) | 40.6% | 27.2% | 1.23 | 4.0% |
| Commodities (DBC) | 50.1% | 18.0% | 2.16 | -11.6% |
| Real Estate (VNQ) | 11.0% | 13.4% | 0.53 | 19.6% |
| Bitcoin (BTCUSD) | -17.3% | 42.2% | -0.34 | 10.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REGN | |
|---|---|---|---|---|
| REGN | 7.7% | 30.3% | 0.28 | - |
| Sector ETF (XLV) | 5.2% | 14.6% | 0.18 | 51.5% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 33.2% |
| Gold (GLD) | 20.2% | 17.9% | 0.92 | 3.8% |
| Commodities (DBC) | 14.0% | 19.1% | 0.60 | -0.7% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 27.6% |
| Bitcoin (BTCUSD) | 7.9% | 56.2% | 0.35 | 8.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REGN | |
|---|---|---|---|---|
| REGN | 5.7% | 32.1% | 0.25 | - |
| Sector ETF (XLV) | 9.2% | 16.5% | 0.45 | 52.8% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 38.1% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 2.3% |
| Commodities (DBC) | 9.6% | 17.7% | 0.45 | 6.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 25.6% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.06 | 8.5% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -6.2% | ||
| 1/12/2026 | -3.6% | -8.0% | -5.2% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 10 | 13 |
| # Negative | 9 | 14 | 11 |
| Median Positive | 3.4% | 5.5% | 6.6% |
| Median Negative | -3.7% | -2.8% | -5.2% |
| Max Positive | 11.8% | 9.7% | 34.7% |
| Max Negative | -9.2% | -11.5% | -18.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/05/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/06/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 GAAP R&D | 6.45 Bil | 6.57 Bil | 6.68 Bil | 0 | Affirmed | Guidance: 6.57 Bil for 2026 | |
| 2026 Non-GAAP R&D | 5.90 Bil | 6.00 Bil | 6.10 Bil | 0 | Affirmed | Guidance: 6.00 Bil for 2026 | |
| 2026 GAAP SG&A | 2.86 Bil | 2.95 Bil | 3.04 Bil | 0 | Affirmed | Guidance: 2.95 Bil for 2026 | |
| 2026 Non-GAAP SG&A | 2.50 Bil | 2.58 Bil | 2.65 Bil | 0 | Affirmed | Guidance: 2.58 Bil for 2026 | |
| 2026 GAAP gross margin on net product sales | 77.0% | 77.5% | 78.0% | -2.5% | -2.0% | Lowered | Guidance: 79.5% for 2026 |
| 2026 Non-GAAP gross margin on net product sales | 83.0% | 83.5% | 84.0% | 0 | 0 | Affirmed | Guidance: 83.5% for 2026 |
| 2026 Capital expenditures | 1.10 Bil | 1.15 Bil | 1.20 Bil | -4.2% | Lowered | Guidance: 1.20 Bil for 2026 | |
| 2026 GAAP effective tax rate | 12.0% | 13.0% | 14.0% | 0 | Affirmed | Guidance: 13.0% for 2026 | |
| 2026 Non-GAAP effective tax rate | 13.0% | 14.0% | 15.0% | 0 | Affirmed | Guidance: 14.0% for 2026 | |
Prior: Q4 2025 Earnings Reported 1/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 GAAP R&D | 6.45 Bil | 6.57 Bil | 6.68 Bil | 14.9% | Higher New | Actual: 5.71 Bil for 2025 | |
| 2026 Non-GAAP R&D | 5.90 Bil | 6.00 Bil | 6.10 Bil | 15.9% | Higher New | Actual: 5.17 Bil for 2025 | |
| 2026 GAAP SG&A | 2.86 Bil | 2.95 Bil | 3.04 Bil | 5.0% | Higher New | Actual: 2.81 Bil for 2025 | |
| 2026 Non-GAAP SG&A | 2.50 Bil | 2.58 Bil | 2.65 Bil | 6.2% | Higher New | Actual: 2.42 Bil for 2025 | |
| 2026 COCM | 940.00 Mil | 980.00 Mil | 1.02 Bil | 0.5% | Higher New | Actual: 975.00 Mil for 2025 | |
| 2026 Capital expenditures | 1.10 Bil | 1.20 Bil | 1.30 Bil | 37.9% | Higher New | Actual: 870.00 Mil for 2025 | |
| 2026 GAAP gross margin on net product sales | 79.0% | 79.5% | 80.0% | ||||
| 2026 Non-GAAP gross margin on net product sales | 83.0% | 83.5% | 84.0% | ||||
| 2026 GAAP effective tax rate | 12.0% | 13.0% | 14.0% | ||||
| 2026 Non-GAAP effective tax rate | 13.0% | 14.0% | 15.0% | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ryan, Arthur F | Direct | Sell | 5042026 | 705.24 | 100 | 70,524 | 12,343,781 | Form | |
| 2 | Ryan, Arthur F | Direct | Sell | 4032026 | 777.27 | 100 | 77,727 | 13,682,333 | Form | |
| 3 | Ryan, Arthur F | Direct | Sell | 3032026 | 785.50 | 100 | 78,550 | 13,905,627 | Form | |
| 4 | Zoghbi, Huda Y | Direct | Sell | 2232026 | 781.33 | 1,638 | 1,279,812 | 1,330,598 | Form | |
| 5 | Pitofsky, Jason | SVP Controller | Direct | Sell | 2112026 | 778.52 | 2,036 | 1,585,058 | 3,325,819 | Form |
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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