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Regeneron
(NASDAQ:REGN)
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Rating:80Outperform
Price Target:
$800.00
▲(21.95% Upside)
Action:Reiterated
Date:07/31/26
REGN scores well primarily on strong underlying financial quality (high margins, low leverage, strong cash generation) and a positive earnings-call outlook driven by Dupixent strength, EYLEA HD uptake, and pipeline catalysts. The score is tempered by mixed technical trend signals (still below the 200-day average) and business risks around legacy EYLEA decline plus near-term execution/timing items (manufacturing and prefilled-syringe approval).
Positive Factors
Conservative balance sheet and ample liquidity
Very low leverage (debt/equity ~0.09) and large cash resources provide durable financial flexibility. This supports continued R&D funding, share buybacks and defense against clinical or commercial setbacks, reducing refinancing risk and enabling strategic optionality over the next several quarters.
Negative Factors
Legacy EYLEA U.S. sales decline and biosimilar pressure
A steep drop in legacy EYLEA U.S. sales driven by conversion to EYLEA HD and aflibercept biosimilars is a material structural headwind. Given prior revenue concentration, sustained market share erosion or slower HD uptake could meaningfully pressure top-line durability over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and ample liquidity
Very low leverage (debt/equity ~0.09) and large cash resources provide durable financial flexibility. This supports continued R&D funding, share buybacks and defense against clinical or commercial setbacks, reducing refinancing risk and enabling strategic optionality over the next several quarters.
Read all positive factors
Regeneron Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is distributed across different business units, highlighting which areas are driving growth and which might need strategic adjustments.
Shows how revenue is distributed across different business units, highlighting which areas are driving growth and which might need strategic adjustments.
Data provided by:
The Fly
The FlyRegeneron (REGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$72.91B
Dividend Yield0.49%
Average Volume (3M)877.13K
Price to Earnings (P/E)16.3
Beta (1Y)0.58
Revenue Growth5.92%
EPS Growth1.85%
CountryUS
Employees15,410
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)41.88
Shares Outstanding103,021,890
10 Day Avg. Volume688,106
30 Day Avg. Volume877,133
Financial Highlights & Ratios
PEG Ratio3.38
Price to Book (P/B)2.58
Price to Sales (P/S)5.63
P/FCF Ratio19.79
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$823.24Price Target Upside25.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering21
EPS Forecast (FY)46.21
Revenue Forecast (FY)$15.97B
Regeneron Business Overview & Revenue Model
Company Description
Regeneron Pharmaceuticals, Inc. is a global biopharmaceutical enterprise focused on discovering, inventing, developing, manufacturing, and bringing to market medical treatments for a wide array of illnesses. Its therapeutic portfolio includes EYLE...
How the Company Makes Money
Regeneron makes money primarily by selling prescription medicines and by earning collaboration-related revenue. A major portion of revenue historically has come from net product sales of EYLEA in the United States, where Regeneron markets the prod...
Regeneron Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial and financial momentum driven by Dupixent, rapid EYLEA HD adoption, robust Libtayo growth, an expansive and advancing pipeline with several near-term regulatory catalysts (cemdisiran, PNH data, garetosmab), and a healthy balance sheet with active capital returns. Offsetting risks include a sizable YoY decline for legacy EYLEA U.S., a temporary manufacturing disruption that pressured GAAP margins, timing uncertainty around the EYLEA HD prefilled syringe approval, and acknowledged challenges in oncology development. On balance, positive operating performance, clear growth drivers, and a deep pipeline outweigh the execution and timing risks described.Positive Updates
Strong Top- and Bottom-Line Growth
Total revenue increased 17% YoY to $4.3 billion in Q2 2026; non-GAAP diluted net income per share rose 11% YoY to $14.29; net income was $1.5 billion.
Negative Updates
Legacy EYLEA U.S. Sales Decline and Near-Term Pressure
EYLEA U.S. net sales fell to $412 million in Q2, a 45% YoY decline and a 13% QoQ decline driven by conversion to EYLEA HD and increasing competition (including multiple aflibercept 2 mg biosimilar launches); management expects sequential Q3/Q4 demand declines for EYLEA in the low- to mid‑teens.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top- and Bottom-Line Growth
Total revenue increased 17% YoY to $4.3 billion in Q2 2026; non-GAAP diluted net income per share rose 11% YoY to $14.29; net income was $1.5 billion.
Read all positive updates
Company Guidance
Regeneron said it made modest refinements to its 2026 financial guidance entering H2 and highlighted several directional expectations: Sanofi collaboration revenue should “step up” beginning in Q3 after full repayment of the prior ~$3.1B development balance (repayment reduced reported Sanofi revenue by ~ $930M in 2025 and ~$530M in H1 2026); EYLEA U.S. demand is expected to decline sequentially in the low‑ to mid‑teens in H2 while EYLEA HD demand should grow sequentially in the low‑ to mid‑teens in Q3–Q4; Dupixent global net sales growth should remain strong in H2 but moderate versus H1 as recent launches are annualized and prior‑year comps toughen. The company reiterated Q2 operating metrics underpinning guidance: total revenue $4.3B (+17% Y/Y), Sanofi collaboration revenue $2.2B (Regeneron’s share of profits $2.0B), non‑GAAP diluted EPS $14.29 (+11%), net income $1.5B, non‑GAAP gross margin 87% (GAAP 78%), R&D $1.5B, SG&A $574M, free cash flow $1.4B through H1, cash & marketable securities net of debt $15.1B, and ~$1.2B repurchased in Q2 (≈$2B repurchases H1; $2.5B repurchase authorization remaining); full guidance details are in the press release.Regeneron Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.53B | 14.34B | 14.20B | 13.12B | 12.17B | 16.07B |
| Gross Profit | 13.18B | 12.24B | 12.23B | 10.87B | 10.47B | 13.35B |
| EBITDA | 5.63B | 5.82B | 5.32B | 4.69B | 5.26B | 9.67B |
| Net Income | 4.33B | 4.50B | 4.41B | 3.95B | 4.34B | 8.08B |
Balance Sheet | ||||||
| Total Assets | 41.73B | 40.56B | 37.76B | 33.08B | 29.21B | 25.43B |
| Cash, Cash Equivalents and Short-Term Investments | 7.99B | 8.61B | 9.01B | 10.84B | 7.74B | 5.69B |
| Total Debt | 2.71B | 2.71B | 2.70B | 2.70B | 2.70B | 2.70B |
| Total Liabilities | 2.89B | 9.30B | 8.41B | 7.11B | 6.55B | 6.67B |
| Stockholders Equity | 38.84B | 31.26B | 29.35B | 25.97B | 22.66B | 18.77B |
Cash Flow | ||||||
| Free Cash Flow | 3.76B | 4.08B | 3.66B | 3.67B | 4.42B | 6.53B |
| Operating Cash Flow | 4.68B | 4.98B | 4.42B | 4.59B | 5.01B | 7.08B |
| Investing Cash Flow | -704.20M | -629.10M | -2.47B | -3.19B | -3.78B | -5.38B |
| Financing Cash Flow | -3.52B | -3.72B | -2.20B | -1.79B | -1.01B | -1.01B |
Regeneron Technical Analysis
Positive
656.01
Price Trends
638.83
Positive
690.04
Positive
706.51
Negative
Market Momentum
6.12
Positive
51.13
Neutral
22.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For REGN, the sentiment is Positive. The current price of 656.01 is below the 20-day moving average (MA) of 665.19, above the 50-day MA of 638.83, and below the 200-day MA of 706.51, indicating a neutral trend. The MACD of 6.12 indicates Positive momentum. The RSI at 51.13 is Neutral, neither overbought nor oversold. The STOCH value of 22.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for REGN.
Regeneron Risk Analysis
Regeneron disclosed 47 risk factors in its most recent earnings report. Regeneron reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Regeneron Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $25.76B | 15.98 | 29.70% | ― | 26.93% | 80.66% | |
80 Outperform | $72.91B | 16.35 | 14.32% | 0.55% | 5.92% | 1.85% | |
80 Outperform | $122.67B | 28.83 | 23.93% | ― | 11.75% | ― | |
73 Outperform | $55.85B | 31.87 | 21.66% | ― | 70.57% | 30.28% | |
64 Neutral | $38.27B | 66.15 | 98.29% | ― | 82.57% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $23.51B | -15.83 | -6.67% | ― | 10.01% | -71.78% |
* Healthcare Sector Average
REGN
Regeneron
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Regeneron Corporate Events
Executive/Board ChangesShareholder Meetings
Regeneron Shareholders Back Directors, Auditor and Executive Pay
Positive
Jun 17, 2026
At its 2026 Annual Meeting of Shareholders held on June 12, 2026, Regeneron shareholders elected five Class II directors, including Joseph L. Goldstein, Christine A. Poon, David P. Schenkein, Craig B. Thompson and Huda Y. Zoghbi, to serve until th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.