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Biotech that co-developed Dupixent and sells eye-disease drug Eylea, with a growing oncology antibody pipeline.
Biotech that co-developed Dupixent and sells eye-disease drug Eylea, with a growing oncology antibody pipeline.
Sells Eylea itself in the US, while Bayer sells it elsewhere and pays royalties. Dupixent works differently: Sanofi books the sales and Regeneron receives a share of the profit, so the partnership is a large source of income without Regeneron selling the drug. It took full rights to Libtayo from Sanofi in 2022.
Moat: narrow (IP / patents, process know-how). Proprietary antibody-discovery platform (VelocImmune) and patents, but facing biosimilar entry on Eylea.
Headquarters: Tarrytown, New York, United States · Founded: 1988 · Employees: 15,410
Size Regeneron Pharmaceuticals (REGN) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $93.5B, the 136th largest of 3,117 United States companies the cockpit tracks. Shares closed at $904.35 on 6 Nov 2026.
Performance Over six months the shares gained 26.7%, against +15.9% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 18.6% over the last twelve months (peer median +6.1%); the operating margin is 30.4% (peer median 24.0%).
Valuation It trades at 11.3× forward earnings against a peer median of 17.2× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.7 points above its cost of capital (6.3% WACC).
Credit Regeneron Pharmaceuticals has 2 bonds outstanding ($2.00B), rated BBB+ by the agencies and trading like A+ at a weighted spread of 67 bp.
Short interest Short interest is 2.1% of the free float (15 Oct 2026).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $16.9B | $14.3B | $14.2B | $13.1B | $12.2B |
| Revenue growth | — | +1% | +8% | +8% | — |
| Gross profit | $14.0B | $11.7B | $11.8B | $10.9B | $10.5B |
| EBITDA | $5.65B | $4.25B | $4.66B | $4.77B | $5.73B |
| Net income | $4.82B | $4.50B | $4.41B | $3.95B | $4.34B |
| Free cash flow | $3.83B | $4.08B | $3.66B | $3.88B | $4.42B |
| Capital expenditure | $1.22B | $1.21B | $882M | $926M | $1.62B |
| Total debt | $2.71B | $2.97B | $2.94B | $2.79B | $2.70B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Regeneron Pharmaceuticals REGN | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% |
| Roche RO.SW | $385B | +22% | -1% | 31% | 19.6× | 0.9% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Amgen AMGN | $249B | +40% | +9% | 36% | 18.9× | 1.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | REGN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +22.3% | +9.3% | 2nd highest of 21 |
| 6-month return | +26.7% | +15.9% | 6th highest of 21 |
| Distance from 52-week high | -8.8% | -8.4% | 11th highest of 21 |
| Revenue growth (TTM) | +18.6% | +6.1% | 3rd highest of 21 |
| Operating margin | 30.4% | 24.0% | 7th highest of 21 |
| Forward P/E | 11.3× | 17.2× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -2.2% | 5.3% | 4th least demanding of 21 |
| Growth delivered (Del g) | +11.0% | +5.1% | 7th highest of 21 |
| Hurdle (Req g minus delivered) | -13.3 pp | -2.0 pp | 5th least demanding of 21 |
| ROIC minus cost of capital | +8.7 pp | +4.6 pp | 8th highest of 21 |
| EV / EBITDA | 15.4× | 12.0× | 8th most expensive of 19 |
| Net debt / EBITDA | -1.2× | 1.6× | 3rd least indebted of 19 |
| Bond spread | 67 bp | 75 bp | 4th tightest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
| Sanofi SAN.PA | France | $113B | +14% | +15% | 27% | 9.6× | -5.4% | +3.9% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| WuXi AppTec 603259.SS | China | $67.0B | +34% | +32% | 43% | 18.1× | 7.8% | +22.3% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Vertex Pharmaceuticals VRTX | United States | $139B | +27% | +11% | 35% | 29.0× | 6.1% | +14.2% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Pfizer PFE | United States | $168B | +14% | +1% | 26% | 10.4× | -4.3% | +8.5% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | China | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% | +2.7% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| Novo Nordisk A/S NOVO-B.CO | Denmark | $190B | -7% | +6% | 48% | 11.9× | 0.1% | +19.5% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
Regeneron Pharmaceuticals has 2 bonds outstanding with $2.00B face value. The agencies rate it BBB+; its bonds trade like A+. Weighted yield 5.56%, a spread of 67 bp over government bonds.