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Regeneron
(NASDAQ:REGN)
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Rating:74Outperform
Price Target:
$688.00
▼(-8.34% Downside)
Action:Reiterated
Date:06/18/26
The score is driven by strong financial quality (high margins, robust free cash flow, and low leverage) and a generally positive earnings-call outlook with key product and pipeline momentum. This is tempered by clearly bearish technical indicators and near-term execution/regulatory headwinds (manufacturing interruption and EYLEA/EYLEA HD timing and competitive dynamics), while valuation appears reasonable with a mid-teens P/E but a low dividend yield.
Positive Factors
Conservative balance sheet & strong liquidity
Substantial net cash and consistent free cash flow give Regeneron durable financial flexibility to fund R&D, absorb temporary operational setbacks, pursue buybacks and support launches. A low debt-to-equity profile preserves optionality for licensing, M&A or capital spending without stressing liquidity.
Negative Factors
Legacy EYLEA decline & biosimilar exposure
The steep decline in legacy EYLEA sales from conversion to EYLEA HD and looming biosimilars represents a structural revenue headwind for an historically large franchise. Durable pressure on legacy unit sales and potential price competition could reduce overall ophthalmology margin contribution absent offset from newer formulations.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet & strong liquidity
Substantial net cash and consistent free cash flow give Regeneron durable financial flexibility to fund R&D, absorb temporary operational setbacks, pursue buybacks and support launches. A low debt-to-equity profile preserves optionality for licensing, M&A or capital spending without stressing liquidity.
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
$68.59B
Dividend Yield0.45%
Average Volume (3M)1.18M
Price to Earnings (P/E)15.4
Beta (1Y)0.58
Revenue Growth5.92%
EPS Growth1.85%
CountryUS
Employees15,158
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)42.53
Shares Outstanding103,021,890
10 Day Avg. Volume1,156,691
30 Day Avg. Volume1,182,395
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 Cap0.91
Enterprise Value/Revenue4.18
Enterprise Value/Gross Profit4.94
Enterprise Value/Ebitda10.86
Forecast
1Y Price Target
$826.90Price Target Upside10.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering21
EPS Forecast (FY)46.42
Revenue Forecast (FY)$15.92B
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:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The earnings call conveyed a predominantly positive operational and financial picture: strong double-digit revenue and EPS growth, robust performance of core growth drivers (DUPIXENT, EYLEA HD, Libtayo), meaningful pipeline and regulatory milestones (including a gene therapy approval and encouraging Phase III data), a healthy balance sheet and active capital return via buybacks. The principal negatives were product-specific pressures (notably a steep decline in legacy EYLEA sales due to conversion, competition and inventory effects), a temporary manufacturing interruption that reduced GAAP margins and a missed FDA action on an EYLEA HD fill-finish application that creates near-term regulatory timing uncertainty. Overall, the call emphasized execution, pipeline progress and financial strength, with manageable near-term operational and regulatory headwinds.Positive Updates
Strong Top- and Bottom-Line Growth
Total revenues rose 19% year-over-year to $3.6 billion in Q1 2026; non-GAAP diluted net income per share increased 15% to $9.47 and net income was $1.0 billion, demonstrating double-digit growth across revenues and earnings.
Negative Updates
EYLEA Base Product Decline and Inventory Dynamics
EYLEA U.S. net sales declined 36% year-over-year to $473 million as patients convert to EYLEA HD, face competitive pressures, and affordability issues; wholesaler and inventory dynamics are expected to negatively impact Q2 net product sales for EYLEA by approximately $20 million and demand for EYLEA is anticipated to decline mid- to high-teens in Q2 ahead of additional biosimilar competition in H2.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top- and Bottom-Line Growth
Total revenues rose 19% year-over-year to $3.6 billion in Q1 2026; non-GAAP diluted net income per share increased 15% to $9.47 and net income was $1.0 billion, demonstrating double-digit growth across revenues and earnings.
Read all positive updates
Company Guidance
Regeneron made only modest changes to its 2026 outlook, most notably updating GAAP gross‑margin guidance to 77–78% (Q1 GAAP gross margin was 76% and Q1 non‑GAAP gross margin on net product sales was 86%) while warning of a Q2 drag from a temporary Limerick manufacturing interruption as full production resumes by end‑Q2; management also said the Sanofi development balance should be fully repaid by end‑Q2, with Regeneron receiving its full share of collaboration profits starting in Q3. In Q1 the company reported total revenues up 19% to $3.6 billion, non‑GAAP diluted EPS up 15% to $9.47 (net income $1.0 billion), $848 million of free cash flow, cash and marketable securities less debt of $15.8 billion, $800 million of share repurchases in the quarter and a new $3.0 billion buyback authorization (about $3.4 billion available), R&D spend of $1.4 billion and SG&A of $560 million. Management also gave timing guidance for key regulatory and commercial milestones: they expect an FDA decision on one or both EYLEA HD prefilled‑syringe filings this quarter, see cemdisiran’s FDA decision in Q4, have a garetosmab PDUFA date in August, expect cemdisiran PNH registrational results late Q4, and reiterated commercial expectations including EYLEA HD U.S. net sales of $468 million (52% YoY) with ~10% sequential unit demand growth in Q1 and similar growth expected in Q2, combined EYLEA/EYLEA HD U.S. net sales of $942 million, a roughly $20 million negative Q2 impact to EYLEA net sales from inventory absorption, DUPIXENT net sales of $4.9 billion (31% CC growth), and Libtayo global net sales of $438 million (54% YoY).Regeneron Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.92B | 14.34B | 14.20B | 13.12B | 12.17B | 16.07B |
| Gross Profit | 12.61B | 12.24B | 12.23B | 10.87B | 10.47B | 13.35B |
| EBITDA | 5.74B | 5.82B | 5.32B | 4.69B | 5.26B | 9.67B |
| Net Income | 4.42B | 4.50B | 4.41B | 3.95B | 4.34B | 8.08B |
Balance Sheet | ||||||
| Total Assets | 40.87B | 40.56B | 37.76B | 33.08B | 29.21B | 25.43B |
| Cash, Cash Equivalents and Short-Term Investments | 8.75B | 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 | 9.45B | 9.30B | 8.41B | 7.11B | 6.55B | 6.67B |
| Stockholders Equity | 31.42B | 31.26B | 29.35B | 25.97B | 22.66B | 18.77B |
Cash Flow | ||||||
| Free Cash Flow | 4.16B | 4.08B | 3.66B | 3.67B | 4.42B | 6.53B |
| Operating Cash Flow | 5.01B | 4.98B | 4.42B | 4.59B | 5.01B | 7.08B |
| Investing Cash Flow | -1.71B | -629.10M | -2.47B | -3.19B | -3.78B | -5.38B |
| Financing Cash Flow | -3.43B | -3.72B | -2.20B | -1.79B | -1.01B | -1.01B |
Regeneron Technical Analysis
Neutral
750.57
Price Trends
657.12
Negative
710.05
Negative
698.36
Negative
Market Momentum
-4.53
Negative
59.71
Neutral
77.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For REGN, the sentiment is Neutral. The current price of 750.57 is above the 20-day moving average (MA) of 620.29, above the 50-day MA of 657.12, and above the 200-day MA of 698.36, indicating a neutral trend. The MACD of -4.53 indicates Negative momentum. The RSI at 59.71 is Neutral, neither overbought nor oversold. The STOCH value of 77.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $23.35B | 16.01 | 29.31% | ― | 21.48% | 1853.63% | |
77 Outperform | $134.02B | 31.04 | 23.93% | ― | 11.75% | ― | |
76 Outperform | $58.43B | 52.81 | 16.82% | ― | 90.23% | 51.88% | |
74 Outperform | $68.59B | 15.38 | 14.32% | 0.45% | 5.92% | 1.85% | |
68 Neutral | $41.76B | 71.74 | 98.29% | ― | 82.57% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $24.67B | -16.57 | -6.67% | ― | 10.01% | -71.78% |
* Healthcare Sector Average
REGN
Regeneron
654.27
119.09
22.25%
ALNY
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312.78
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INCY
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116.86
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VRTX
Vertex Pharmaceuticals
528.04
68.63
14.94%
ARGX
Argenx Se
939.68
393.64
72.09%
BNTX
BioNTech SE
97.55
-12.50
-11.36%
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.