olivLaw · US equity research
Regeneron Pharmaceuticals, Inc. REGN
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Regeneron Pharmaceuticals is a fully integrated biotechnology company that discovers, develops, manufactures and commercializes medicines for serious diseases, focusing on eye, allergic and inflammatory conditions, cancer and rare diseases. Revenues reached 14342.9 million USD in 2025, yet the company increasingly depends on Dupixent and EYLEA HD while biosimilar competition reduces EYLEA sales in the United States.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Regeneron Pharmaceuticals, Inc. (REGN) stock was 930.67 USD (−4.39% on the day), with market capitalisation 87.4 bn USD, P/E 20.6 on diluted EPS of 45.27 USD over the last 12 months, dividend yield 0.40%, beta 0.54, 52-week range 600.66–973.36 USD. Latest reported quarter (Q3 2026): revenue of 5.1 bn USD (+36.3% YoY), net income of 1.9 bn USD (+33.5% YoY), diluted EPS 18.45 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.8
- strong (55–70)
- Bollinger (20, 2)
- 685.92 – 957.66
- in the upper half of the band · %B 0.90 · band width 33.1%
- SMA 50 / 200
- 800.69 / 740.82
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 41.34 / 23.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +28.1% | −1.1% | +29.2 pp | — |
| 3 months | +21.1% | −0.5% | +21.5 pp | — |
| 6 months | +29.1% | +4.4% | +24.7 pp | — |
| Year to date | +20.6% | +12.3% | +8.3 pp | — |
| 1 year | +48.2% | +13.5% | +34.7 pp | +26.6% |
| 3 years | +13.9% | +76.4% | −62.5 pp | +102.1% |
| 5 years | +52.2% | +63.7% | −11.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.8 bn | 3.0 bn | 3.7 bn | 3.8 bn | 3.9 bn | 3.6 bn | 4.3 bn | 5.1 bn |
| Research & development | 1.4 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.5 bn | 1.6 bn | 1.8 bn |
| SG&A | 792.2 m | 633.0 m | 634.2 m | 657.8 m | 775.0 m | 647.7 m | 662.1 m | 677.8 m |
| Operating income | 990.2 m | 591.7 m | 1.1 bn | 1.0 bn | 879.9 m | 642.9 m | 1.3 bn | 2.0 bn |
| Depreciation & amortisation | 126.4 m | 126.9 m | 135.1 m ≈ | 136.7 m ≈ | 145.0 m | 123.2 m | 123.7 m ≈ | 121.0 m ≈ |
| Interest expense | 10.5 m | 8.7 m | 3.6 m | 19.3 m | 12.2 m | 12.9 m | 11.0 m | 10.6 m |
| Pre-tax income | 958.1 m | 905.0 m | 1.5 bn | 1.8 bn | 1.0 bn | 831.2 m | 1.5 bn | 2.3 bn |
| Income tax | 40.4 m | 96.3 m | 127.1 m | 303.3 m | 199.1 m | 104.0 m | 230.9 m | 335.4 m |
| Net income | 917.7 m | 808.7 m | 1.4 bn | 1.5 bn | 844.6 m | 727.2 m | 1.3 bn | 1.9 bn |
| Diluted EPS | 8.08 ≈ | 7.27 | 12.81 | 13.62 | 7.84 ≈ | 6.75 | 12.23 | 18.45 |
| Operating cash flow | 1.3 bn | 1.0 bn | 1.1 bn ≈ | 1.6 bn ≈ | 1.2 bn | 1.1 bn | 813.0 m ≈ | 1.8 bn ≈ |
| Capex | 199.6 m | 229.3 m | 219.0 m ≈ | 201.4 m ≈ | 248.7 m | 230.6 m | 240.2 m ≈ | 300.2 m ≈ |
| Dividends paid | 0 | 93.8 m | 92.6 m ≈ | 91.2 m ≈ | 92.7 m | 97.8 m | 96.8 m ≈ | 95.7 m ≈ |
| Share repurchases | 973.0 m | 1.0 bn | 1.1 bn ≈ | 664.0 m ≈ | 671.7 m | 794.3 m | 1.2 bn ≈ | 399.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 55 percentile of its own 44-quarter history (min 8.8, median 19.9, max 98.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.1 bn | 6.6 bn | 8.5 bn | 16.1 bn | 12.2 bn | 13.1 bn | 14.2 bn | 14.3 bn |
| Revenue YoY | −12.4% | +27.4% | +29.6% | +89.1% | −24.3% | +7.8% | +8.3% | +1.0% |
| Net income | 2.4 bn | 2.1 bn | 3.5 bn | 8.1 bn | 4.3 bn | 4.0 bn | 4.4 bn | 4.5 bn |
| Net income YoY | +104.0% | −13.4% | +66.0% | +129.9% | −46.3% | −8.9% | +11.6% | +2.1% |
| Diluted EPS | 21.29 | 18.46 | 30.52 | 71.97 | 38.22 | 34.77 | 38.34 | 41.48 |
| Diluted EPS YoY | +105.9% | −13.3% | +65.3% | +135.8% | −46.9% | −9.0% | +10.3% | +8.2% |
| net % | 47.5% | 32.3% | 41.3% | 50.2% | 35.6% | 30.1% | 31.1% | 31.4% |
| Free cash flow | 1.8 bn | 2.0 bn | 2.0 bn | 6.5 bn | 4.4 bn | 3.9 bn | 3.7 bn | 4.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.1 bn USD
- Financial debt
- 2.0 bn USD
- Net debt
- -1.1 bn USD
- Equity
- 31.3 bn USD
- Total assets
- 40.6 bn USD
- Debt / equity
- 0.06x
- Current ratio
- 4.13x
- ROE
- 14.9%
- ROA
- 11.5%
- FCF margin
- 28.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.5 bn | 16.1 bn | 12.2 bn | 13.1 bn | 14.2 bn | 14.3 bn | SEC (XBRL)· 04 Feb 2026verified |
| Research & development | 2.6 bn | 2.9 bn | 3.6 bn | 4.4 bn | 5.1 bn | 5.9 bn | SEC (XBRL)· 04 Feb 2026verified |
| SG&A | 1.3 bn | 1.8 bn | 2.1 bn | 2.6 bn | 3.0 bn | 2.7 bn | SEC (XBRL)· 04 Feb 2026verified |
| Operating income | 3.6 bn | 8.9 bn | 4.7 bn | 4.0 bn | 4.0 bn | 3.6 bn | SEC (XBRL)· 04 Feb 2026verified |
| Depreciation & amortisation | 235.9 m | 286.2 m | 341.4 m | 421.0 m | 482.9 m | 543.7 m | SEC (XBRL)· 04 Feb 2026verified |
| EBITDA | 3.8 bn ≈ | 9.2 bn ≈ | 5.1 bn ≈ | 4.5 bn ≈ | 4.5 bn ≈ | 4.1 bn ≈ | SEC (XBRL)· 04 Feb 2026derived |
| Interest expense | 56.9 m | 57.3 m | 59.4 m | 73.0 m | 55.2 m | 43.8 m | SEC (XBRL)· 04 Feb 2026verified |
| Pre-tax income | 3.8 bn | 9.3 bn | 4.9 bn | 4.2 bn | 4.8 bn | 5.2 bn | SEC (XBRL)· 04 Feb 2026verified |
| Income tax | 297.2 m | 1.3 bn | 520.4 m | 245.7 m | 367.3 m | 725.8 m | SEC (XBRL)· 04 Feb 2026verified |
| Net income | 3.5 bn | 8.1 bn | 4.3 bn | 4.0 bn | 4.4 bn | 4.5 bn | SEC (XBRL)· 04 Feb 2026verified |
| Diluted EPS | 30.52 | 71.97 | 38.22 | 34.77 | 38.34 | 41.48 | SEC (XBRL)· 04 Feb 2026verified |
| Weighted average diluted shares | 115.1 m | 112.2 m | 113.5 m | 113.7 m | 115.1 m | 108.6 m | SEC (XBRL)· 04 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.2 bn | 2.9 bn | 3.1 bn | 2.7 bn | 2.5 bn | 3.1 bn | SEC (XBRL)· 04 Feb 2026verified |
| Receivables | 4.1 bn | 6.0 bn | 5.3 bn | 5.7 bn | 6.2 bn | 5.7 bn | SEC (XBRL)· 04 Feb 2026verified |
| Inventories | 1.9 bn | 2.0 bn | 2.4 bn | 2.6 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 04 Feb 2026verified |
| Current assets | 9.8 bn | 14.0 bn | 15.9 bn | 19.5 bn | 18.7 bn | 18.0 bn | SEC (XBRL)· 04 Feb 2026verified |
| Property, plant & equipment, net | 3.2 bn | 3.5 bn | — | — | — | — | SEC (XBRL)· 04 May 2022verified |
| Intangibles (excl. goodwill) | — | 6.7 m | 915.5 m | 1.0 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 04 Feb 2026verified |
| Total assets | 17.2 bn | 25.4 bn | 29.2 bn | 33.1 bn | 37.8 bn | 40.6 bn | SEC (XBRL)· 04 Feb 2026verified |
| Accounts payable | 475.5 m | 564.0 m | 589.2 m | 606.6 m | 789.5 m | 939.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Long-term debt | 2.0 bn | 2.0 bn | 2.0 bn | 2.0 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 04 Feb 2026verified |
| Current liabilities | 2.7 bn | 3.9 bn | 3.1 bn | 3.4 bn | 3.9 bn | 4.4 bn | SEC (XBRL)· 04 Feb 2026verified |
| Total liabilities | 6.1 bn | 6.7 bn | 6.6 bn | 7.1 bn | 8.4 bn | 9.3 bn | SEC (XBRL)· 04 Feb 2026verified |
| Equity | 11.0 bn † | 18.8 bn † | 22.7 bn † | 26.0 bn † | 29.4 bn † | 31.3 bn † | SEC (XBRL)· 04 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.6 bn | 7.1 bn | 5.0 bn | 4.6 bn | 4.4 bn | 5.0 bn | SEC (XBRL)· 04 Feb 2026verified |
| Capex | 614.6 m | 551.9 m | 590.1 m | 718.6 m | 755.9 m | 898.4 m | SEC (XBRL)· 04 Feb 2026verified |
| Free cash flow | 2.0 bn ≈ | 6.5 bn ≈ | 4.4 bn ≈ | 3.9 bn ≈ | 3.7 bn ≈ | 4.1 bn ≈ | SEC (XBRL)· 04 Feb 2026derived |
| Investing cash flow | -70.6 m | -5.4 bn | -3.8 bn | -3.2 bn | -2.5 bn | -629.1 m | SEC (XBRL)· 04 Feb 2026verified |
| Financing cash flow | -2.0 bn | -1.0 bn | -1.0 bn | -1.8 bn | -2.2 bn | -3.7 bn | SEC (XBRL)· 04 Feb 2026verified |
| Dividends paid | — | — | — | 0 | 0 | 370.3 m | SEC (XBRL)· 04 Feb 2026verified |
| Share repurchases | 5.8 bn | 1.6 bn | 2.1 bn | 2.2 bn | 2.6 bn | 3.4 bn | SEC (XBRL)· 04 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 87.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation42
- Returns74
- Quality67
- Balance sheet100
- Growth33
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 577.98 – 1,985.71 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)577.98 – 873.23 (Mid 692.83)WACC 9.2% · starting FCFF 3.9 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 19.7%
- Peers: EV/EBITDA958.54 – 1,468.86 (Mid 1,171.57)3 companies used · median multiple 20.2x · quartiles 16.4x – 25.4xTEVA, VRTX, VTRS
- Peers: P/E664.74 – 1,985.71 (Mid 1,599.60)9 companies used · median multiple 35.3x · quartiles 14.7x – 43.9xABBV, ABT, ALNY, BMY, PFE, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.2% | 57 (vs peers) | 10% |
| Net margin · Quality | 28.5% | 80 (vs peers) | 6% |
| FCF conversion · Quality | 79.4% | 71 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 5.6% | 47 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 2.8% | 18 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 104.2x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 20.6x | 75 (vs peers) | 10% |
| EV/EBITDA · Valuation | 15.9x | 0 (on a fixed band) | 10% |
| FCF yield · Valuation | 4.4% | 55 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.9% | 56 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 10.0% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth33/100 · 2/2 factors with a value
- Quality67/100 · 3/3 factors with a value
- Returns74/100 · 2/2 factors with a value
- Valuation42/100 · 3/3 factors with a value
Memo
REGENERON PHARMACEUTICALS, INC. (REGN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 14.3 bn USD in 2025; YoY growth 1.0%; net margin 28.5%; ROE 14.9%; net debt/EBITDA -0.3x.
The estimated value range is 664.74–1,468.86 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 1,171.57 USD, the price of 930.67 USD leaves a potential of 25.9% (value / price − 1) and a margin of safety of 20.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 28.5%
- FCF conversion: 79.4%
- Net debt / EBITDA: -0.3x
- Interest coverage: 104.2x
- Current ratio: 3.4x
- P/E (TTM): 20.6x
- Payout ratio (FCF): 10.0%
What contradicts it
- EPS CAGR 3Y: 2.8%
- EV/EBITDA: 15.9x
- The valuation methods diverge
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 15 companies
Only companies with a capitalisation between 9.6 bn and 615.7 bn (within 8× of the company's); 360 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| REGNRegeneron Pharmaceuticals, Inc. | — | 20.6 | 14.9% | 28.5% | +1.0% | +48% / +14% |
1- and 3-year price returns: for REGN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 630.06 Total return -32% · Per year -32% | 1,113.30 Total return 20% · Per year 20% | 1,676.13 Total return 81% · Per year 81% |
| 3 years | 625.33 Total return -32% · Per year -12% | 1,241.96 Total return 35% · Per year 11% | 2,051.05 Total return 122% · Per year 31% |
| 5 years | 620.64 Total return -32% · Per year -7% | 1,385.49 Total return 52% · Per year 9% | 2,509.84 Total return 173% · Per year 22% |
- Exit P/E± 310.49
- Net margin± 217.34
- Annual revenue growth± 176.51
- Annual dilution± 18.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026), 8-K (06 Oct 2026 · results).
In brief
Regeneron Pharmaceuticals is a fully integrated biotechnology company that discovers, develops, manufactures and commercializes medicines for serious diseases, focusing on eye, allergic and inflammatory conditions, cancer and rare diseases. Revenues reached 14342.9 million USD in 2025, yet the company increasingly depends on Dupixent and EYLEA HD while biosimilar competition reduces EYLEA sales in the United States. 12
SWOT
Strengths
- The company has a diverse portfolio of approved medicines and a large number of candidates in development, mostly discovered in-house, giving it recognized innovation capacity. 1
- Collaborations with Sanofi and Bayer bring revenue and share commercial risk for high-selling products. 1
- The ability to manufacture, fill and distribute its own products gives control over the supply chain. 1
Weaknesses
- Dependence on EYLEA, EYLEA HD and Dupixent means a small number of products drive a large share of revenue. 1
- U.S. EYLEA sales fell sharply in 2025 due to competition, showing the product's vulnerability. 1
- Current manufacturing capacity may not be sufficient if demand rises, and expansion is costly and can delay launches. 1
Opportunities
- Approval of the EYLEA HD pre-filled syringe and expanded indications could support ophthalmology revenue growth. 1
- Positive phase 3 results in allergy, cancer and other diseases could open new markets. 1
- Higher revenue in the first half of 2026 suggests demand for existing products may keep growing. 2
Threats
- Biosimilars can quickly reduce sales of reference products and press prices across the market. 1
- Changes to U.S. pricing and reimbursement rules could affect margins and patient access. 2
- Termination or breach of agreements with Sanofi or Bayer could significantly reduce the company's ability to commercialize products. 1
Risks
- Dependence on key productshigh
If sales of EYLEA, EYLEA HD or Dupixent do not develop as expected, revenue and profitability could be seriously affected. 1
- Biosimilar competitionhigh
Launches of further EYLEA biosimilars in the United States and other countries could continue to reduce revenue from this product. 1
- Pricing and reimbursement policiesmedium
Changes in government drug pricing policies can directly alter the commercial strategy and revenue. 2
- Manufacturing and supply risksmedium
Failures at plants or third-party suppliers could delay deliveries and product launches. 1
- Regulatory and clinical risksmedium
Serious side effects or negative trial results could lead to limited approvals or halted development. 1
Investment thesis
What would need to be true (bull case)
- If Dupixent keeps growing and EYLEA HD offsets the EYLEA decline, the company could sustain revenue growth over the medium term. 1
- A broad portfolio of phase 2 and phase 3 candidates could create new revenue sources after 2026. 1
- Revenue in the first six months of 2026 shows an upward trend compared with the prior year. 2
What would break the thesis
- If EYLEA biosimilars gain market share faster than expected, revenue could keep declining. 1
- Net income in the first six months of 2026 is lower than in the same period last year, signalling margin pressure. 2
- Reliance on a small number of products and collaborators makes the company vulnerable to changes in those partnerships. 1
What to watch
- FDA decision on the EYLEA HD pre-filled syringesecond quarter 2026
- Launch of additional EYLEA biosimilars in the United Statessecond half 2026
- Phase 3 results for fianlimab versus pembrolizumab in metastatic melanomafirst half 2026
- Quarterly revenue and net income report, with Dupixent and EYLEA HD trendsQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026), 8-K (06 Oct 2026 · results).
The business
Regeneron is a fully integrated biotechnology company that aims to maintain a strong base of scientific research and drug development using proprietary technologies, building on it with clinical, manufacturing and commercial capabilities. Approved products cover eye diseases (EYLEA, EYLEA HD), dermatologic, allergic and lung diseases (Dupixent), cancer (Libtayo), cardiovascular and metabolic diseases (Praluent) and other rare conditions. 1
The revenue model combines direct sales in the United States with collaborations in which partners commercialize products and Regeneron records its share of profits or royalties, as with Sanofi for Dupixent and Kevzara and with Bayer for EYLEA HD and EYLEA outside the United States. Collaboration revenue is therefore closely tied to partner performance. 1
The company has about 45 product candidates in clinical development, most discovered in its own laboratories, so the success of new approvals and new indications is central to future growth. Quarterly results can fluctuate significantly depending on sales, research spending and income tax. 1
Segments
Immunology and inflammation (Dupixent)
Dupixent, developed with Sanofi, is the main growth driver, with total sales of 17806.7 million USD in 2025. Regeneron records its share of profit, and the Sanofi collaboration accounts for a substantial share of total revenue. 1
Market context
The pharmaceutical market in which Regeneron operates is dominated by biologic medicines for chronic and rare diseases, where biosimilar competition and pricing pressure quickly affect revenue. The company has approved products in the United States, the European Union and Japan, giving it broad geographic reach. 1
Trends
- EYLEA biosimilarsheadwind
After U.S. exclusivity expired in May 2024, several EYLEA biosimilars were approved and one has launched in the United States. Competition could keep reducing EYLEA sales if additional biosimilars launch in the second half of 2026. 1
- EYLEA HD growthtailwind
EYLEA HD received FDA approval for RVO and for a every 4-week dosing regimen, and approval of the pre-filled syringe could support its growth. The company acknowledges there is no assurance of accelerated growth. 1
- Pricing and reimbursement pressuremixed
Reimbursement policies and U.S. drug pricing rules could change the company's pricing strategy. The April 2026 agreements with the U.S. government are cited as a factor that may influence pricing and reimbursement. 2
- New indications and productsmixed
Phase 3 programs in allergy, cancer and ophthalmology, along with new approvals, could expand the revenue base, but outcomes are uncertain and some trials have missed primary endpoints. 1
Competitive position
Regeneron faces competition from products and candidates that may be superior or more cost effective, including biosimilars, which can affect EYLEA sales and collaboration revenue. Competition is also intensifying outside the United States as biosimilars reach more countries. 1
Competition depends on the type of medicine, market access and reimbursement, and the company must demonstrate efficacy and competitive cost for its products. If biosimilars gain market share, EYLEA revenue could keep declining. 1
- Aflibercept biosimilar producers
Companies whose FDA-approved biosimilars of EYLEA reduce the market share of the reference product, one of which has already launched in the United States. 1
- Other anti-VEGF eye therapy producers
Competitors in the same therapeutic class for age-related macular degeneration and diabetic macular edema that may offer alternatives with better efficacy or cost. 1
- PD-1 and LAG-3 immunotherapy producers
Companies with competing immunotherapies for lung cancer and melanoma, in the context of fianlimab being evaluated against pembrolizumab. 1
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Here are Thursday's biggest analyst calls: Nvidia, CoreWeave, Walmart, Crocs, CarMax, Regeneron & moreCNBC — Top News · 15 Oct 2026 · EN
- STAT+: Sanofi, Regeneron expand partnership after Dupixent successSTAT News · 01 Oct 2026 · EN
- Regeneron Highlights EYLEA HD Momentum, Dupixent Growth and Pipeline CatalystsYahoo Finance — News · 23 Sept 2026 · EN
- Is Regeneron Stock a Bargain Below $800?Yahoo Finance — News · 22 Sept 2026 · EN
- Novo Nordisk vs. Regeneron Pharmaceuticals: Which Healthcare Stock Is a Better Buy in 2026?Yahoo Finance — News · 15 Sept 2026 · EN
- Here’s Why The Fund Sold Regeneron Pharmaceuticals (REGN)Yahoo Finance — News · 09 Sept 2026 · EN
- Evaluating Bullish Potential in Regeneron Pharmaceuticals (REGN) StockYahoo Finance — News · 08 Sept 2026 · EN
- Vertex vs. Regeneron: Which Biotech Giant Is the Better Buy Right Now?Yahoo Finance — News · 04 Sept 2026 · EN
- Regeneron Pharmaceuticals Stock: Is REGN Outperforming the Healthcare Sector?Yahoo Finance — News · 02 Sept 2026 · EN
- Can Regeneron (REGN)’s Rare-Disease Win Move the Earnings Needle?Yahoo Finance — News · 27 Aug 2026 · EN
- Regeneron Pharmaceuticals (REGN) Adjusts Course Amid Mixed Results in Melanoma Drug TrialsYahoo Finance — News · 27 Aug 2026 · EN
- Regeneron Pharmaceuticals Stock Outlook: Is Wall Street Bullish or Bearish?Yahoo Finance — News · 26 Aug 2026 · EN
- STAT+: Pharmalittle: We’re reading about a Regeneron rare disease drug, an Ultragenyx gene therapy, and moreSTAT News · 20 Aug 2026 · EN
- Eli Lilly, Regeneron among first companies selected for FDA initiative to speed review of new manufacturing facilitiesCNBC World · 29 Jun 2026 · EN
- Ryanair Gains on Narrower Net Loss; Regeneron Melanoma Trial Failure | Stock MoversBloomberg Markets · 18 May 2026 · EN
The latest news item in our archive is from 15 Oct 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Current report06 Oct 2026Material agreement · Results of operations · Other events
- Current report30 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report06 Jul 2026Results of operations
- Current report17 Jun 2026Shareholder vote
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Regeneron Pharmaceuticals, Inc. · 04 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Regeneron Pharmaceuticals, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.