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Relative valuation derived from Healthcare sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
16.0%
Sector: -43.5%
Dividend Analysis audit
GROWTH
0.47%
Trailing Yield
$0.47
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
8%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, REGENERON PHARMACEUTICALS, INC. (REGN) receives a "Hold" rating with a composite score of 48.6/100, ranked #823 out of 4446 stocks. Key factor scores: Quality 50/100, Value 59/100, Momentum 53/100. This is quantitative analysis only — not investment advice.
REGENERON PHARMACEUTICALS, INC. (REGN) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does REGENERON PHARMACEUTICALS, INC. Do?
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. REGENERON PHARMACEUTICALS, INC. (REGN) is classified as a large-cap stock in the Healthcare sector, specifically within the Pharmaceutical Products industry. The company is led by CEO Leonard S. Schleifer and employs approximately 11,900 people, headquartered in Tarrytown, New York. With a market capitalization of $82.2B, REGN is one of the prominent companies in the Healthcare sector.
REGENERON PHARMACEUTICALS, INC. (REGN) Stock Rating — Hold (April 2026)
As of April 2026, REGENERON PHARMACEUTICALS, INC. receives a Hold rating with a composite score of 48.6/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.REGN ranks #823 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, REGENERON PHARMACEUTICALS, INC. ranks #57 of 838 stocks, placing it in the top 10% of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
REGN Stock Price and 52-Week Range
REGENERON PHARMACEUTICALS, INC. (REGN) currently trades at $749.36. The stock lost $18.49 (2.4%) in the most recent trading session. The 52-week high for REGN is $821.11, which means the stock is currently trading -8.7% from its annual peak. The 52-week low is $476.49, putting the stock 57.3% above its annual trough. Recent trading volume was 751K shares, suggesting relatively thin trading activity.
Is REGN Overvalued or Undervalued? — Valuation Analysis
REGENERON PHARMACEUTICALS, INC. (REGN) carries a value factor score of 59/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 16.07x, compared to the Healthcare sector average of 23.63x — a discount of 32%. The price-to-book ratio stands at 2.57x, versus the sector average of 2.75x. The price-to-sales ratio is 5.67x, compared to 1.66x for the average Healthcare stock. On an enterprise value basis, REGN trades at 20.73x EV/EBITDA, versus 6.34x for the sector.
Overall, REGN's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
REGENERON PHARMACEUTICALS, INC. Profitability — ROE, Margins, and Quality Score
REGENERON PHARMACEUTICALS, INC. (REGN) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 16.0%, compared to the Healthcare sector average of -43.5%, which is within a healthy range. Return on assets (ROA) comes in at 12.3% versus the sector average of -33.1%.
On a margin basis, REGENERON PHARMACEUTICALS, INC. reports gross margins of 86.1%, compared to 71.5% for the sector. The operating margin is 27.0% (sector: -66.1%). Net profit margin stands at 34.9%, versus -58.7% for the average Healthcare stock. Revenue growth is running at 5.8% on a trailing basis, compared to 10.6% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
REGN Debt, Balance Sheet, and Financial Health
REGENERON PHARMACEUTICALS, INC. has a debt-to-equity ratio of 30.0%, compared to the Healthcare sector average of 32.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 4.13x, indicating strong short-term liquidity. Cash and equivalents stand at $2.51B.
REGN has a beta of 0.69, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for REGENERON PHARMACEUTICALS, INC. is 69/100, reflecting average volatility within the normal range for its sector.
REGENERON PHARMACEUTICALS, INC. Revenue and Earnings History — Quarterly Trend
In TTM 2026, REGENERON PHARMACEUTICALS, INC. reported revenue of $14.18B and earnings per share (EPS) of $43.07. Net income for the quarter was $5.00B. Operating income came in at $3.88B.
In FY 2025, REGENERON PHARMACEUTICALS, INC. reported revenue of $14.34B and earnings per share (EPS) of $43.07. Net income for the quarter was $4.50B. Revenue grew 1.0% year-over-year compared to FY 2024. Operating income came in at $3.58B.
In Q3 2025, REGENERON PHARMACEUTICALS, INC. reported revenue of $3.75B and earnings per share (EPS) of $14.09. Net income for the quarter was $1.46B. Revenue grew 0.9% year-over-year compared to Q3 2024. Operating income came in at $1.03B.
In Q2 2025, REGENERON PHARMACEUTICALS, INC. reported revenue of $3.68B and earnings per share (EPS) of $13.24. Net income for the quarter was $1.39B. Revenue grew 3.6% year-over-year compared to Q2 2024. Operating income came in at $1.08B.
Over the past 8 quarters, REGENERON PHARMACEUTICALS, INC. has demonstrated a growth trajectory, with revenue expanding from $3.55B to $14.18B. Investors analyzing REGN stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
REGN Dividend Yield and Income Analysis
REGENERON PHARMACEUTICALS, INC. (REGN) currently pays a dividend yield of 0.5%. At this yield, a $10,000 investment in REGN stock would generate approximately $$47.00 in annual dividend income. With a net margin of 34.9%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
REGN Momentum and Technical Analysis Profile
REGENERON PHARMACEUTICALS, INC. (REGN) has a momentum factor score of 53/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 31/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 15/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
REGN vs Competitors — Healthcare Sector Ranking and Peer Comparison
Comparing REGN against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full REGN vs S&P 500 (SPY) comparison to assess how REGENERON PHARMACEUTICALS, INC. stacks up against the broader market across all factor dimensions.
REGN Next Earnings Date
No upcoming earnings date has been announced for REGENERON PHARMACEUTICALS, INC. (REGN) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy REGN? — Investment Thesis Summary
REGENERON PHARMACEUTICALS, INC. presents a balanced picture with arguments on both sides. Low volatility (stability score 69/100) reduces downside risk.
In summary, REGENERON PHARMACEUTICALS, INC. (REGN) earns a Hold rating with a composite score of 48.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on REGN stock.
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Institutional Research Dossier
REGENERON PHARMACEUTICALS, INC. (REGN) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Regeneron Pharmaceuticals is currently rated as a Hold, and this assessment stems from a balanced view of its strong profitability metrics and innovative pipeline against a backdrop of slowing revenue growth and inherent risks within the pharmaceutical industry. While Regeneron exhibits impressive margins and returns compared to its peers, its future growth prospects, particularly in light of potential biosimilar competition and reliance on key products, warrant a cautious approach. The company's valuation, while seemingly attractive on certain metrics, necessitates careful consideration of its long-term sustainability and ability to maintain its competitive edge.
The critical takeaway is that Regeneron's future performance hinges on its ability to successfully develop and commercialize new products to offset potential revenue declines from existing blockbusters. Investors should closely monitor the progress of its pipeline, regulatory approvals, and competitive landscape to determine whether the company can sustain its current profitability and justify a more bullish outlook. The current Hold rating reflects the uncertainty surrounding these factors and the need for further evidence of Regeneron's ability to navigate the evolving pharmaceutical market.
Business Strategy & Overview
Regeneron Pharmaceuticals operates as a fully integrated biopharmaceutical company, focusing on the discovery, development, manufacturing, and commercialization of medicines for a range of diseases. Its core strategy revolves around leveraging its proprietary technologies, such as the VelocImmune platform, to generate fully human antibodies. This technology is instrumental in developing novel therapeutic candidates across various therapeutic areas, including ophthalmology, immunology, oncology, and cardiovascular diseases. The company's revenue streams are primarily derived from sales of its key products, including EYLEA, Dupixent, Libtayo, and Praluent, as well as collaborations and licensing agreements with other pharmaceutical companies.
A significant aspect of Regeneron's business model is its strategic collaborations with companies like Sanofi and Bayer. These partnerships allow Regeneron to share development costs and commercialization responsibilities, mitigating financial risks and expanding its market reach. For example, the collaboration with Sanofi on Dupixent has been highly successful, contributing significantly to Regeneron's revenue growth. The company also actively pursues licensing agreements to out-license its technologies and products to other companies, generating additional revenue streams and expanding the potential applications of its innovations.
Regeneron's product pipeline is a critical component of its long-term growth strategy. The company invests heavily in research and development, focusing on developing new therapies for unmet medical needs. Its pipeline includes a range of product candidates in various stages of development, targeting diseases such as cancer, pain, and hematologic conditions. The success of these pipeline products is crucial for offsetting potential revenue declines from existing products facing patent expiration or increased competition. Regeneron's ability to successfully navigate the regulatory approval process and commercialize its pipeline products will be a key determinant of its future financial performance.
The pharmaceutical industry is characterized by intense competition, high regulatory hurdles, and rapid technological advancements. Regeneron operates in a highly competitive landscape, facing competition from established pharmaceutical companies, biotechnology firms, and generic drug manufacturers. The company must continuously innovate and develop new products to maintain its competitive edge. Regulatory approvals from agencies such as the FDA are essential for commercializing new products, and delays or rejections can significantly impact the company's financial performance. The industry is also subject to pricing pressures and reimbursement challenges, which can affect the profitability of pharmaceutical products. Regeneron's ability to effectively manage these challenges will be critical for its long-term success.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
5.8%
Sector: 10.6%
-45% VS SCTR
Economic Moat Analysis
Regeneron possesses a Narrow economic moat, primarily derived from its intangible assets and, to a lesser extent, switching costs. The company's proprietary technologies, particularly the VelocImmune platform, represent a significant intangible asset. This platform enables Regeneron to efficiently generate fully human antibodies, providing a competitive advantage in developing novel therapeutic candidates. The patents protecting these technologies and the resulting drugs create a barrier to entry for competitors, allowing Regeneron to maintain pricing power and market share for a period of time. However, the limited duration of patents and the potential for competitors to develop alternative technologies constrain the width of the moat.
The switching costs associated with some of Regeneron's products, such as EYLEA and Dupixent, contribute to its competitive advantage. These drugs are often prescribed for chronic conditions, and patients may be reluctant to switch to alternative therapies due to concerns about efficacy, safety, or convenience. The established relationships between Regeneron and healthcare providers also create a degree of stickiness, making it more difficult for competitors to gain market share. However, the availability of biosimilars and alternative treatments can reduce switching costs, limiting the strength of this moat source.
Regeneron's efficient scale is not a significant moat source. While the company has invested in manufacturing facilities to support its production needs, the pharmaceutical industry is not characterized by significant economies of scale. Competitors can often achieve similar production efficiencies, reducing the cost advantage that Regeneron might otherwise enjoy. Furthermore, the high cost of research and development and the regulatory hurdles associated with drug development limit the ability of any single company to dominate the market based on scale alone.
Network effects are not a relevant moat source for Regeneron. The value of its products does not increase as more patients use them. The primary drivers of demand are efficacy, safety, and convenience, rather than network effects. Therefore, Regeneron cannot rely on network effects to create a sustainable competitive advantage.
The narrow moat reflects the inherent challenges in the pharmaceutical industry, including patent expirations, regulatory risks, and intense competition. While Regeneron's intangible assets and switching costs provide a degree of protection, they are not sufficient to create a wide moat. The company must continuously innovate and develop new products to maintain its competitive edge and defend its market share against existing and emerging competitors. The long-term sustainability of Regeneron's moat will depend on its ability to successfully navigate these challenges and maintain its leadership in key therapeutic areas.
Financial Health & Profitability
Regeneron's financial health presents a mixed picture. The company exhibits strong profitability metrics, with a gross margin of 86.1%, an operating margin of 27.0%, and a net margin of 34.9%. These margins are significantly higher than the sector averages, indicating Regeneron's ability to generate substantial profits from its revenue. The company's return on equity (ROE) of 16.0% is also favorable compared to the sector average of -42.5%, demonstrating its efficient use of equity to generate profits. However, the company's revenue growth of 5.8% is lower than the sector average of 10.7%, suggesting that Regeneron may be facing challenges in growing its top line.
Analyzing the quarterly financial history reveals a trend of relatively stable revenue and net income over the past few years. While there have been fluctuations in quarterly performance, the overall trend suggests that Regeneron has been able to maintain its profitability. The operating margin has also remained relatively consistent, indicating that the company has been able to control its operating expenses. However, the lack of significant revenue growth raises concerns about the company's ability to sustain its current profitability in the long term.
Regeneron's balance sheet appears to be healthy, with a current ratio of 4.13, indicating its ability to meet its short-term obligations. The company has a substantial amount of cash on hand ($2.51 billion), providing it with financial flexibility to invest in research and development, acquisitions, or share repurchases. The company's debt-to-equity ratio of 30.00 is in line with the sector average, suggesting that it is not overly leveraged. However, the absence of free cash flow data makes it difficult to fully assess the company's cash flow generation capabilities.
The company's strong profitability metrics and healthy balance sheet provide a solid foundation for future growth. However, the slowing revenue growth and the lack of free cash flow data raise concerns about the company's long-term financial health. Regeneron needs to focus on driving revenue growth through new product launches and strategic acquisitions to sustain its current profitability and maintain its competitive edge. Investors should closely monitor the company's revenue growth, cash flow generation, and investment in research and development to assess its long-term financial health.
Valuation Assessment
Regeneron's valuation presents a mixed picture, with some metrics suggesting undervaluation while others indicate a fair or even slightly rich valuation. The company's price-to-earnings (P/E) ratio of 17.0x is lower than the sector average of 24.3x, suggesting that the stock may be undervalued relative to its earnings. Similarly, its enterprise value-to-EBITDA (EV/EBITDA) ratio of 5.4x is lower than the sector average of 6.4x, further supporting the undervaluation thesis. These metrics suggest that investors may be undervaluing Regeneron's earnings and cash flow generation capabilities.
However, it's crucial to consider Regeneron's growth prospects when assessing its valuation. While the company's current P/E and EV/EBITDA ratios may appear attractive, its revenue growth of 5.8% is lower than the sector average of 10.7%. This suggests that the company's growth potential may be limited, which could justify a lower valuation multiple. Furthermore, the pharmaceutical industry is characterized by high levels of uncertainty, including regulatory risks, patent expirations, and competition from generic drugs. These factors can impact the long-term earnings potential of pharmaceutical companies, making it difficult to accurately assess their intrinsic value.
The absence of free cash flow data makes it challenging to fully assess Regeneron's valuation. Free cash flow is a key metric for valuing companies, as it represents the cash flow available to investors after all operating expenses and capital expenditures have been paid. Without free cash flow data, it is difficult to determine whether the company is generating sufficient cash to support its growth and dividend payments. Investors should carefully consider the lack of free cash flow data when assessing Regeneron's valuation.
Overall, Regeneron's valuation appears to be fair to slightly undervalued based on its P/E and EV/EBITDA ratios. However, its slowing revenue growth and the lack of free cash flow data raise concerns about its long-term growth potential. Investors should carefully consider these factors when assessing Regeneron's valuation and should not rely solely on traditional valuation metrics. A more comprehensive valuation analysis would require a detailed assessment of the company's future growth prospects, cash flow generation capabilities, and the risks associated with its business.
Risk & Uncertainty
Regeneron faces several specific risks that could impact its future performance. A significant risk is the potential for biosimilar competition to its key products, particularly EYLEA. As patents expire, competitors may introduce biosimilar versions of EYLEA, which could significantly erode Regeneron's market share and pricing power. The timing and extent of biosimilar competition are uncertain, but it represents a major threat to Regeneron's revenue stream. The company's ability to defend its patents and develop new formulations of EYLEA will be critical in mitigating this risk.
Another risk is the reliance on key products, such as Dupixent, for revenue growth. While Dupixent has been a major growth driver for Regeneron, its success is not guaranteed to continue indefinitely. Competition from other therapies, changes in reimbursement policies, or unexpected safety issues could negatively impact Dupixent's sales. Regeneron needs to diversify its revenue streams by successfully developing and commercializing new products to reduce its dependence on Dupixent.
Regulatory risks are inherent in the pharmaceutical industry. Regeneron's ability to obtain regulatory approvals for its pipeline products is uncertain, and delays or rejections could significantly impact its financial performance. The FDA's approval process is rigorous and unpredictable, and there is always a risk that a product candidate will fail to meet the agency's requirements. Furthermore, changes in regulatory policies or increased scrutiny of drug pricing could negatively impact Regeneron's profitability.
Collaboration risks also exist, particularly in relation to Regeneron's partnerships with Sanofi and Bayer. These collaborations are critical to Regeneron's business model, but there is always a risk that the partnerships could be terminated or that the parties could disagree on key strategic decisions. Any disruption to these collaborations could negatively impact Regeneron's revenue and profitability.
Bulls Say / Bears Say
The Bull Case
BULL VIEWRegeneron's innovative VelocImmune platform provides a sustainable competitive advantage, allowing it to develop novel therapies faster and more efficiently than its peers, leading to long-term growth.
BULL VIEWDupixent's continued expansion into new indications and geographies will drive significant revenue growth for Regeneron in the coming years, exceeding current market expectations.
BULL VIEWRegeneron's strong balance sheet and cash flow generation provide ample resources for strategic acquisitions and pipeline development, creating significant shareholder value.
The Bear Case
BEAR VIEWThe impending biosimilar competition for EYLEA will significantly erode Regeneron's revenue and profitability, leading to a decline in its stock price.
BEAR VIEWRegeneron's reliance on Dupixent for growth makes it vulnerable to competition and pricing pressures, limiting its long-term growth potential.
BEAR VIEWRegeneron's pipeline is not robust enough to offset the potential revenue declines from existing products, resulting in stagnant growth and a lower valuation.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score REGN and 4,400+ other equities.
REGENERON PHARMACEUTICALS, INC. exhibits a 107% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
12.3%
Sector: -33.1%
Gross Margin
Pricing power and cost efficiency
86.1%
Sector: 71.5%
Operating Margin
Core business profitability
27.0%
Sector: -66.1%
Net Margin
Bottom-line profitability
34.9%
Sector: -58.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $47 annually in dividends at the current trailing rate.
Over the past six months, Regeneron has been a great trade, beating the S&P 500 by 32.3%. Its stock price has climbed to $767, representing a healthy 35.8% increase. This was partly due to its solid quarterly results, and the run-up might have investors contemplating their next move.
