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Regeneron
(NASDAQ:REGN)
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Rating:76Outperform
Price Target:
$848.00
▲(1.73% Upside)
Action:Reiterated
Date:10/01/26
REGN scores well primarily on high-quality financials (strong profitability, conservative balance sheet, and robust cash generation) and a positive latest earnings-call backdrop (strong commercial drivers, pipeline catalysts, and active buybacks). The main constraint on the score is weak near-term technical momentum (below key moving averages with negative MACD) alongside execution/timing risks around the EYLEA transition and manufacturing/regulatory items. Valuation appears reasonable, providing some support, while the corporate event is modestly positive but not a major driver.
Positive Factors
Dupixent growth and collaboration strength
Dupixent is showing substantial scale, patient growth, and multi-indication penetration, supporting a durable commercial engine. Its collaboration with Sanofi also broadens global reach and increases profit contribution, helping offset pressure in other products while funding continued innovation.
Negative Factors
Legacy EYLEA erosion and competition
The sharp decline in legacy EYLEA creates a material transition burden because the franchise remains an important commercial contributor. Biosimilar launches and ongoing conversion to EYLEA HD can pressure revenue, mix, and execution before the replacement product fully offsets the erosion.
Read all positive and negative factors
Positive Factors
Negative Factors
Dupixent growth and collaboration strength
Dupixent is showing substantial scale, patient growth, and multi-indication penetration, supporting a durable commercial engine. Its collaboration with Sanofi also broadens global reach and increases profit contribution, helping offset pressure in other products while funding continued innovation.
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
$77.27B
Dividend Yield0.49%
Average Volume (3M)683.91K
Price to Earnings (P/E)18.1
Beta (1Y)0.58
Revenue Growth9.29%
EPS Growth0.38%
CountryUS
Employees15,410
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)41.88
Shares Outstanding101,137,840
10 Day Avg. Volume847,052
30 Day Avg. Volume683,909
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
$839.10Price Target Upside0.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering20
EPS Forecast (FY)54.51
Revenue Forecast (FY)$17.06B
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 generates revenue primarily from (1) net product sales of medicines it sells directly and (2) collaboration and other revenues from strategic partnerships (most notably with Sanofi and Bayer), plus (3) royalty and profit-sharing arrangem...
Regeneron Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 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 | 5.75B | 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 | 1.99B | 2.71B | 2.70B | 2.70B | 2.70B | 2.70B |
| Total Liabilities | 10.02B | 9.30B | 8.41B | 7.11B | 6.55B | 6.67B |
| Stockholders Equity | 31.71B | 31.26B | 29.35B | 25.97B | 22.66B | 18.77B |
Cash Flow | ||||||
| Free Cash Flow | 3.52B | 4.08B | 3.66B | 3.67B | 4.42B | 6.53B |
| Operating Cash Flow | 4.44B | 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 | -4.64B | -3.72B | -2.20B | -1.79B | -1.01B | -1.01B |
Regeneron Technical Analysis
Neutral
833.56
Price Trends
779.52
Negative
711.71
Positive
734.56
Positive
Market Momentum
-4.59
Positive
37.31
Neutral
19.22
Positive
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 833.56 is above the 20-day moving average (MA) of 797.36, above the 50-day MA of 779.52, and above the 200-day MA of 734.56, indicating a neutral trend. The MACD of -4.59 indicates Positive momentum. The RSI at 37.31 is Neutral, neither overbought nor oversold. The STOCH value of 19.22 is Positive, 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $24.97B | 14.93 | 29.70% | ― | 26.93% | 80.66% | |
81 Outperform | $60.12B | 34.79 | 21.66% | ― | 70.57% | 30.28% | |
76 Outperform | $77.27B | 18.11 | 13.81% | 0.49% | 9.29% | 0.38% | |
68 Neutral | $20.98B | 27.75 | 13.58% | ― | 21.75% | -36.69% | |
66 Neutral | $34.00B | 40.45 | 93.61% | ― | 95.14% | ― | |
59 Neutral | $11.59B | 157.89 | 1.18% | ― | 13.69% | -89.03% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
REGN
Regeneron
758.27
161.39
27.04%
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BMRN
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INCY
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121.35
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ARGX
Argenx Se
958.91
191.58
24.97%
GMAB
Genmab
35.68
3.90
12.29%
Regeneron Corporate Events
Business Operations and StrategyExecutive/Board Changes
Regeneron Overhauls Executive Pay With Long-Term Performance Plan
Positive
Sep 30, 2026
On September 24, 2026, Regeneron’s board approved one-time, performance-based share unit awards for CEO Leonard Schleifer and CSO George Yancopoulos, replacing their annual long‑term equity grants through 2036 and tying compensation to...
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.