Upside case
Bull case
$2264+222.4%
REGN would need investors to value it at roughly 49x earnings — about 34x more generous than today's 15x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Regeneron Pharmaceuticals, Inc. (REGN) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
48
analysts
34 bullish · 0 bearish · 48 covering REGN
Strong Buy
0
Buy
34
Hold
14
Sell
0
Strong Sell
0
Consensus Target
$866
+23.3% vs today
Scenario Range
$579 – $2264
Model bear to bull value window
Coverage
48
Published analyst ratings
Valuation Context
15.2x
Forward P/E · Market cap $73.0B
REGN price targets
Three scenarios for where REGN stock could go
Current
~$702
Confidence
57 / 100
Updated
May 1, 2026
Where we are now
Current · $702
Bear
$579
Base
$901
Bull
$2264
Market caseClosest to today
Base case
$901+28.3%
At 20x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$579-17.5%
If investor confidence fades or macro conditions deteriorate, a 3x multiple contraction could push REGN down roughly 18% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Regeneron Pharmaceuticals, Inc.
REGN · NASDAQHealthcareBiotechnologyDecember year-end
Regeneron Pharmaceuticals is a biotechnology company that discovers, develops, and commercializes innovative medicines for serious diseases. It generates revenue primarily from sales of its flagship products — EYLEA for eye diseases (~60% of revenue) and Dupixent for inflammatory conditions (~30%) — with additional income from collaborations and royalties. The company's competitive advantage lies in its proprietary VelocImmune technology platform for creating human antibodies and its deep expertise in genetic research, which enables rapid drug discovery and development.
Market Cap
$73.0B
Revenue TTM
$14.9B
Net Income TTM
$4.4B
Net Margin
29.6%
REGN Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
83%Exceptional
12 quarters tracked
Revenue Beat Rate
83%Exceptional
vs consensus estimates
Avg EPS Surprise
+10.3%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$12.89/$8.43
Revenue
$3.7B/$3.3B
Q4 2025
EPS
$11.83/$9.65
Revenue
$3.8B/$3.6B
Q1 2026
EPS
$11.44/$10.74
Revenue
$3.9B/$3.8B
Q2 2026
EPS
$9.47/$8.91
Revenue
$3.6B/$3.5B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $12.89/$8.43 | +52.9% | $3.7B/$3.3B | +11.8% |
| Q4 2025 | $11.83/$9.65 | +22.6% | $3.8B/$3.6B | +4.5% |
| Q1 2026 | $11.44/$10.74 | +6.5% | $3.9B/$3.8B | +1.9% |
| Q2 2026 | $9.47/$8.91 | +6.3% | $3.6B/$3.5B | +3.6% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$15.7B
+5.5% YoY
FY2
$16.8B
+6.8% YoY
EPS Outlook
FY1
$46.86
+14.1% YoY
FY2
$53.23
+13.6% YoY
Trailing FCF (TTM)$4.2B
FCF Margin: 27.9%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
REGN beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
REGN Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $14.3B
Product Mix
Latest annual revenue by segment or product family
Collaboration Revenue
51.1%
+21.0% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
89.6%
YoY unavailable
Tap, hover, or focus a slice to inspect segment detail.
Collaboration Revenue is the largest disclosed segment at 51.1% of FY 2025 revenue, up 21.0% YoY.
UNITED STATES is the largest reported region at 89.6%, with no year-over-year comparison yet.
REGN Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Undervalued
Fair value est. $800 — implies +14.1% from today's price.
Upside to Fair Value
14.1%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
REGN
16.9x
vs
S&P 500
25.1x
33% discount
vs Healthcare Trailing P/E
REGN
16.9x
vs
Healthcare
22.2x
24% discount
vs REGN 5Y Avg P/E
Today
16.9x
vs
5Y Average
18.0x
6% discount
Forward PE
15.2x
S&P 500
19.1x
-20%
Healthcare
18.8x
-19%
5Y Avg
—
—
Trailing PE
16.9x
S&P 500
25.1x
-33%
Healthcare
22.2x
-24%
5Y Avg
18.0x
-6%
PEG Ratio
2.68x
S&P 500
1.72x
+56%
Healthcare
1.53x
+75%
5Y Avg
—
—
EV/EBITDA
17.6x
S&P 500
15.2x
+16%
Healthcare
14.0x
+26%
5Y Avg
16.3x
+8%
Price/FCF
17.9x
S&P 500
21.1x
-15%
Healthcare
18.6x
-4%
5Y Avg
19.9x
-10%
Price/Sales
5.1x
S&P 500
3.1x
+63%
Healthcare
2.8x
+82%
5Y Avg
6.1x
-16%
Dividend Yield
0.49%
S&P 500
1.87%
-74%
Healthcare
1.42%
-66%
5Y Avg
0.44%
+10%
| Metric | REGN | S&P 500 | Healthcare | 5Y Avg REGN |
|---|---|---|---|---|
| Forward PE | 15.2x | 19.1x-20% | 18.8x-19% | — |
| Trailing PE | 16.9x | 25.1x-33% | 22.2x-24% | 18.0x |
| PEG Ratio | 2.68x | 1.72x+56% | 1.53x+75% | — |
| EV/EBITDA | 17.6x | 15.2x+16% | 14.0x+26% | 16.3x |
| Price/FCF | 17.9x | 21.1x-15% | 18.6x | 19.9x-10% |
| Price/Sales | 5.1x | 3.1x+63% | 2.8x+82% | 6.1x-16% |
| Dividend Yield | 0.49% | 1.87% | 1.42% | 0.44% |
REGN trades above S&P 500 benchmarks on 3 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolREGN Financial Health
Verdict
Strong
REGN generates $4.2B in free cash flow at a 27.9% margin — returns 5.9% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$14.9B
Revenue Growth
TTM vs prior year
+5.9%
Gross Margin
Gross profit as a share of revenue
84.5%
Operating Margin
Operating income divided by revenue
24.3%
Net Margin
Net income divided by revenue
29.6%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$41.07
Free Cash Flow (TTM)
Cash generation after capex
$4.2B
FCF Margin
FCF as share of revenue — the primary cash quality signal
27.9%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
8.9%
ROA
Return on assets, trailing twelve months
11.1%
Cash & Equivalents
Liquid assets on the balance sheet
$3.1B
Net Cash
Cash exceeds total debt — no net leverage
$412M
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
14.3%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
5.9%
Dividend
0.5%
Buyback
5.4%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$4.0B
Dividend / Share
Annualized trailing dividend per share
$3.41
Payout Ratio
Share of earnings distributed as dividends
8.2%
Shares Outstanding
Declining as buybacks retire shares
104M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageREGN Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Product Dependence
Regeneron’s revenue is heavily concentrated in a few flagship drugs—Eylea, Eylea HD, and Dupixent. A decline in sales or market share for any of these products would materially reduce earnings, as the company has limited diversification in its current portfolio.
High Risk
Reimbursement & Pricing Pressure
Revenue is tied to third‑party payer coverage, including Medicare and Medicaid. Recent drug‑pricing regulations and the Inflation Reduction Act could force price reductions or stricter reimbursement, directly impacting cash flow.
Medium
Competitive & Biosimilar Threat
Eylea sales have already been eroded by conversion to the higher‑yield Eylea HD and by biosimilar entrants. Continued competition from other biologics and small‑molecule alternatives could further erode market share.
Medium
Pipeline & R&D Risk
Clinical trials for pipeline candidates such as the COPD drug itepekimab have failed or stalled, raising the risk that future products may not reach market or generate expected revenue.
Medium
Collaboration Dependence
Regeneron’s partnership with Sanofi is critical for certain product developments. Termination or breach of this agreement could halt commercialization plans and negatively affect growth.
Lower
Manufacturing & Supply Chain
The company relies on third‑party manufacturers for syringes and administration devices. Disruptions or quality issues in these components could delay product availability.
Lower
Valuation & Market Risk
Regeneron trades at a higher P/E than the biotech average, exposing investors to valuation risk if earnings growth slows or market sentiment turns negative.
Lower
Legal & Regulatory
Changes in regulatory frameworks, including new safety or approval requirements, could delay product launches or increase compliance costs.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why REGN Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Dupixent Growth and Expansion
Dupixent remains a core revenue driver, delivering strong year‑over‑year growth and adding new indications. Recent approval for bullous pemphigoid in Japan expands its addressable market, reinforcing its long‑term growth trajectory.
Eylea Higher‑Dose Transition
The Eylea franchise is shifting to a higher‑dose formulation (Eylea HD), which analysts view as de‑risked and capable of sustaining revenue despite upcoming patent cliffs. Regeneron and Roche have also funded patient‑support programs for Eylea and Vabysmo to improve affordability and market share.
Robust Pipeline Potential
Regeneron’s pipeline spans obesity, oncology, immunology and rare diseases, with several late‑stage candidates poised for market impact. Phase 3 readouts for programs such as fianlimab are expected in late 2025 or 2026, offering potential transformative upside.
Strong Financial Position and Valuation
The company posts solid organic growth, high returns on equity and sizable cash reserves, supporting continued investment in R&D. At roughly 12‑13 times forward earnings, the valuation is viewed as attractive relative to the durability of Dupixent and pipeline prospects.
Proprietary Scientific Innovation
Regeneron’s VelociSuite platforms enable rapid, cost‑effective drug discovery, giving it a competitive edge in bringing new therapies to market. The Regeneron Genetics Center further amplifies its research capabilities across multiple therapeutic areas.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
REGN Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$702.33
52W Range Position
66%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$476.49
+47.4% from the low
52-Week High
$821.11
-14.5% from the high
1 Month
-7.96%
3 Month
-8.39%
YTD
-9.5%
1 Year
+16.4%
3Y CAGR
-2.7%
5Y CAGR
+7.8%
10Y CAGR
+6.4%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
REGN vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
15.2x
vs 13.0x median
+17% above peer median
Revenue Growth
+5.5%
vs +9.3% median
-41% below peer median
Net Margin
29.6%
vs 13.9% median
+113% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
REG REGN Regeneron Pharmaceuticals, Inc. | $73.0B | 15.2x | +5.5% | 29.6% | Buy | +23.3% |
BII BIIB Biogen Inc. | $27.9B | 12.9x | -0.5% | 13.9% | Buy | +11.8% |
VRT VRTX Vertex Pharmaceuticals Incorporated | $107.9B | 22.1x | +9.3% | 35.4% | Buy | +30.1% |
INC INCY Incyte Corporation | $19.5B | 13.0x | +11.4% | 26.7% | Buy | +12.3% |
BMR BMRN BioMarin Pharmaceutical Inc. | $10.2B | 12.4x | +12.9% | 8.3% | Buy | +68.4% |
ABB ABBV AbbVie Inc. | $364.6B | 14.5x | +7.7% | 6.9% | Buy | +24.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
REGN Dividend and Capital Return
REGN returns capital mainly through $4.0B/year in buybacks (5.4% buyback yield), with a modest 0.49% dividend — combining for 5.9% total shareholder yield.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
5.9%
Dividend + buyback return per year
Buyback Yield
5.4%
Dividend Yield
0.49%
Payout Ratio
8.2%
How REGN Splits Its Return
Buyback 5.4%
Dividend 0.49%Buybacks 5.4%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$3.41
Growth Streak
Consecutive years of dividend increases
1Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$4.0B
Estimated Shares Retired
6M
Approx. Share Reduction
5.4%
Shares Outstanding
Current diluted share count from the screening snapshot
104M
At 5.4%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.88 | — | — | — |
| 2025 | $3.52 | — | 4.7% | 5.2% |
FAQ
7 questionsREGN Investor Questions
Common questions answered from live analyst data and company financials.
01Is Regeneron Pharmaceuticals, Inc. (REGN) stock a buy or sell in 2026?
Regeneron Pharmaceuticals, Inc. (REGN) is rated Buy by Wall Street analysts as of 2026. Of 48 analysts covering the stock, 34 rate it Buy or Strong Buy, 14 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $866, implying +23.3% from the current price of $702. The bear case scenario is $579 and the bull case is $2264.
02What is the REGN stock price target for 2026?
The Wall Street consensus price target for REGN is $866 based on 48 analyst estimates. The high-end target is $1057 (+50.5% from today), and the low-end target is $700 (-0.3%). The base case model target is $901.
03Is Regeneron Pharmaceuticals, Inc. (REGN) stock overvalued in 2026?
REGN trades at 15.2x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals slightly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Regeneron Pharmaceuticals, Inc. (REGN) stock in 2026?
The primary risks for REGN in 2026 are: (1) Product Dependence — Regeneron’s revenue is heavily concentrated in a few flagship drugs—Eylea, Eylea HD, and Dupixent. (2) Reimbursement & Pricing Pressure — Revenue is tied to third‑party payer coverage, including Medicare and Medicaid. (3) Competitive & Biosimilar Threat — Eylea sales have already been eroded by conversion to the higher‑yield Eylea HD and by biosimilar entrants. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Regeneron Pharmaceuticals, Inc.'s revenue and earnings forecast?
Analyst consensus estimates REGN will report consensus revenue of $15.7B (+5.5% year-over-year) and EPS of $46.86 (+14.1% year-over-year) for the upcoming fiscal year. The following year, analysts project $16.8B in revenue.
06When does Regeneron Pharmaceuticals, Inc. (REGN) report its next earnings?
A confirmed upcoming earnings date for REGN is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Regeneron Pharmaceuticals, Inc. generate?
Regeneron Pharmaceuticals, Inc. (REGN) generated $4.2B in free cash flow over the trailing twelve months — a free cash flow margin of 27.9%. REGN returns capital to shareholders through dividends (0.5% yield) and share repurchases ($4.0B TTM).