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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
REGN — frequently asked questions
Is Regeneron Pharmaceuticals Inc. overvalued?
In our latest published analysis dated 2026-05-10, REGN looks meaningfully undervalued. The price recorded at analysis is 715 USD versus our fair value of 1210 USD; the high endpoint is presented separately as potential value of 1505 USD. That implies roughly 69.2% upside to fair value at that date.
Our latest published report, analyzed 2026-05-10, gives REGN a fair value of 1210 USD and a potential value of 1505 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Regeneron Pharmaceuticals Inc.'s archetype; it is a dated research output, not a live price.
Should I buy REGN now?
Our latest published rating for REGN, analyzed 2026-05-10, is Strong Buy. Regeneron Pharmaceuticals Inc. looks meaningfully undervalued at the analysis-date price of 715 USD versus fair value of 1210 USD; potential value is 1505 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for REGN?
The dedicated bear-case section in our report analyzed 2026-05-10 documents Regeneron Pharmaceuticals Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is REGN's rating?
Our latest published rating for REGN, analyzed 2026-05-10, is Strong Buy, with a published moat assessment of 9/10 (Wide). It reflects our fair value of 1210 USD, the potential value of 1505 USD, and the price recorded at analysis (715 USD).
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§1 Resumen ejecutivoEN
Respuesta en 30 segundosStrong Buy
Precio frente a valor
Precio
$714.89
Valor razonable
$1,209.72
Valor potencial
$1,505.07
A fecha de
Fecha de cotización no registrada
Por qué puede funcionar
Bull: Dupixent dominates the immunology space longer than anticipated, and high-dose Eylea proves impenetrable to biosimilar erosion.
Qué cambiaría nuestra opinión
High-Dose Eylea Fails to Defend Share: Vabysmo and early biosimilars rapidly erode Eylea's market dominance, cratering ophthalmology revenues before pipeline assets mature.
Regeneron is a high-quality mature biotechnology compounder with a strong core commercial portfolio (Dupixent, Eylea) and a proven R&D engine. Elevated near-term investments in pipeline and commercial capabilities have compressed margins, but offer a clear runway for long-term growth and diversification beyond its legacy blockbusters.
Regeneron is a high-quality mature biotechnology compounder with a strong core commercial portfolio (Dupixent, Eylea) and a proven R&D engine. Elevated near-term investments in pipeline and commercial capabilities have compressed margins, but offer a clear runway for long-term growth and diversification beyond its legacy blockbusters.
Patented core commercial assets in
Patented core commercial assets in Dupixent and Eylea generating sticky, recurring revenues.
VelociSuite R&D engine allowing highly
VelociSuite R&D engine allowing highly efficient discovery and commercialization timelines.
Cycle upside
Biotech enters a period of high M&A and pipeline validation; targeted biologics gain widespread formulary access and favorable pricing dynamics.
Recomendación de la casa
Strong Buy. The downside is fundamentally fully priced in, while the long-term compounder cash profile remains robust and highly intact.
Regeneron Pharmaceuticals, Inc. discovers, invents, develops, manufactures, and commercializes medicines to treat various diseases worldwide. The company develops product candidates to treat eye, allergic and inflammatory, cardiovascular, metabolic, neurological, infectious, and rare diseases; and cancer, hematologic conditions. It also offers EYLEA injections for wet age-related macular degeneration and diabetic macular edema; myopic choroidal neovascularization; diabetic retinopathy; neovascular glaucoma; retinopathy of prematurity; Dupixent injection to treat atopic dermatitis and asthma; Libtayo injection for metastatic or locally advanced cutaneous squamous cell carcinoma; Praluent injection to treat heterozygous familial hypercholesterolemia (HoFH); and Kevzara solution for rheumatoid arthritis. It has license and collaboration agreement with Bayer for the development and commercialization of EYLEA 8 mg and EYLEA; Alnylam Pharmaceuticals, Inc. to discover, develop, and commercialize RNAi therapeutics for diseases by addressing therapeutic disease targets expressed in the eye and central nervous system; Intellia Therapeutics, Inc. to advance CRISPR/Cas9 gene-editing technology for in vivo therapeutic development for therapies focused on neurological and muscular diseases; Hansoh Pharmaceuticals Group Company Limited to acquire development and commercial rights for HS-20094, a dual GLP-1/GIP receptor; and Tessera Therapeutics, Inc. develops and commercializes TSRA-196, an investigational gene editing therapy for Alpha-1 antitrypsin deficiency. Additionally, the company has a strategic collaboration with Telix Pharmaceuticals Limited to develop and commercialize radiopharmaceutical therapies. The company was incorporated in 1988 and is based in Tarrytown, New York.
§2 Caso bajistaEN
In a severe downside scenario, Regeneron faces simultaneous shocks: Eylea loses material share to Vabysmo and biosimilars, Dupixent growth sharply decelerates, and pipeline failures force a structural reset in operating margins below 25%. Even under these dire conditions, baseline FCFF generation anchors intrinsic value near $917, indicating the downside is already heavily priced in.
Dupixent hits an earlier-than-expected growth wall.
Operating margins structurally trapped below 25% due to pipeline failures.
In a downside event where core assets erode rapidly and R&D fails to deliver, the stock still holds a baseline value of $917, highlighting the massive margin of safety currently priced into the $714 level.
Cómo puede fallar esta tesis
High-Dose Eylea Fails to Defend Share
Low
Vabysmo and early biosimilars rapidly erode Eylea's market dominance, cratering ophthalmology revenues before pipeline assets mature.
FV impact
-25%
Dupixent Growth Wall
Medium
Dupixent matures faster than expected and label expansions underperform, halting the company's primary top-line engine.
FV impact
-15%
Señales de alerta temprana a vigilar
Los cinco acontecimientos que debilitarían nuestra tesis de inversión.
01
Eylea High-Dose Conversion Adoption
Failure of high-dose formulation to defend market share against biosimilars and competing bispecific therapies accelerates revenue erosion across core ophthalmology franchises, severely diminishing commercial cash generation.
Actual:Baseline adoption as of 2026-05-10
Alerta siStalls below 50.0% conversion rate across eligible patient populations over any twelve-month measurement window
02
§3 Foso competitivoEN
Wide
Patented core commercial assets in Dupixent and Eylea generating sticky, recurring revenues.
VelociSuite R&D engine allowing highly efficient discovery and commercialization timelines.
Scale advantages in manufacturing and clinical trial execution versus smaller biopharma peers.
Beneficio económico
Economic profit is supported when reported returns exceed the company cost-of-capital hurdle.
9/ 10
Wide
Sources of advantage
01Patented core commercial assets in Dupixent and Eylea generating sticky, recurri — Patented core commercial assets in Dupixent and Eylea generating sticky, recurring revenues.Wide
02VelociSuite R&D engine allowing highly efficient discovery and commercialization — VelociSuite R&D engine allowing highly efficient discovery and commercialization timelines.Wide
03Scale advantages in manufacturing and clinical trial execution versus smaller bi — Scale advantages in manufacturing and clinical trial execution versus smaller biopharma peers.Wide
Amenazas conocidas al foso
Amenaza
Severidad
Cronograma
Mitigación
Approaching patent cliffs and high-dose Eylea biosimilar threats.
medium
Monitor
Monitor the threat against the report checkpoints.
Competition from Roche/Genentech and targeted therapies like Vabysmo.
Dupixent dominates the immunology space longer than anticipated, and high-dose Eylea proves impenetrable to biosimilar erosion. Operating leverage drives margins past 35%, yielding an intrinsic value of $1,505.
If high-dose Eylea adoption beats internal valuation cross-checks, accumulate. If Dupixent volume misses, hold. If late-stage oncology pipeline data materially fails, trim position.
En línea
Hold
Disparador: In-line results
If high-dose Eylea adoption beats internal valuation cross-checks, accumulate. If Dupixent volume misses, hold. If late-stage oncology pipeline data materially fails, trim position.
Fallo
Reassess
Disparador: Downside surprise
If high-dose Eylea adoption beats internal valuation cross-checks, accumulate. If Dupixent volume misses, hold. If late-stage oncology pipeline data materially fails, trim position.
Calidad de los beneficios
If high-dose Eylea adoption beats internal valuation cross-checks, accumulate. If Dupixent volume misses, hold. If late-stage oncology pipeline data materially fails, trim position.
Métricas a vigilar antes de la publicación
01
Métrica:
Eylea High-Dose Conversion Adoption
ActualBaseline adoption as of 2026-05-10
Por qué importa
Warning level: Stalls below 50.0% conversion rate across eligible patient populations over any twelve-month measurement window. Failure of high-dose formulation to defend market share against biosimilars and competing bispecific therapies accelerates revenue erosion across core ophthalmology franchises, severely diminishing commercial cash generation.
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
Ingresos más recientes14,3 mil MCAGR de ingresos +5,6 %
Margen operativo25,8 %5 periodos fiscales
Flujo de caja libre más reciente3765,2 MFY2025
Caja neta412,2 MFY2025
Desglose de la cuenta de resultadosCómo la escala del negocio se convierte en beneficio declarado.
StockMarketAgent.AI
Ingresos14,3 mil MCoste de ventas−2100,7 MBeneficio bruto12,2 mil MGastos operativos−8540,2 MBeneficio operativo3702 MPartidas no operativas e impuestos+802,9 MBeneficio neto4504,9 M
Datos del historial financiero
Ingresos
14.342.900.000
Coste de ventas
2.100.700.000
Beneficio bruto
12.242.200.000
Gastos operativos
8.540.200.000
Beneficio operativo
3.702.000.000
Partidas no operativas e impuestos
802.900.000
Beneficio neto
4.504.900.000
Resumen del balanceCómo se mantienen y financian los activos declarados en el período seleccionado.
StockMarketAgent.AI
Composición de activosFinanciado por
Activos totales40,6 mil MEfectivo3118,1 MActivos corrientes18 mil MPasivos totales9301,8 MPasivos corrientes4368,4 MPatrimonio neto31,3 mil M
Datos del desglose del balance
Activos totales
40.558.700.000
Efectivo
3.118.100.000
Activos corrientes
18.021.900.000
Pasivos totales
9.301.800.000
Pasivos corrientes
4.368.400.000
Patrimonio neto
31.256.900.000
Ingresos y beneficiosCómo la escala del negocio se convierte en beneficio declarado.
Efectivo y deudaLiquidez disponible frente al endeudamiento total.
Generación de efectivoFlujo de caja operativo frente al flujo de caja libre.
RentabilidadEvolución de los márgenes bruto, operativo y neto.
Datos financieros puntuales utilizados en el análisis del 2026-05-10.
Datos del historial financiero
Período
Ingresos
EBITDA
Beneficio neto
Flujo de caja operativo
Flujo de caja libre
Capex
Depreciación y amortización
Compensación basada en acciones
Recompras de acciones
Dividendos pagados
Emisión neta de deuda
Flujo de inversión
Flujo de financiación
Efectivo inicial
Efectivo final
Efectivo e inversiones
Deuda total
Margen operativo
ROIC
WACC
Diferencial ROIC−WACC
2021-12-31
—
—
—
—
—
—
—
—
—
—
0
—
—
—
—
—
—
—
—
—
—
2022-12-31
12,2 mil M
5259,6 M
4338,4 M
5014,9 M
3398 M
1616,9 M
341,4 M
725 M
2528,5 M
—
0
—
—
—
—
3105,9 M
2701,4 M
38,9 %
—
6,3 %
—
2023-12-31
13,1 mil M
4693,3 M
3953,6 M
4594 M
3667,6 M
926,4 M
421 M
885 M
2935,6 M
0
—
—
—
—
—
2730 M
2702,9 M
30,9 %
—
6,2 %
—
2024-12-31
14,2 mil M
5318 M
4412,6 M
4420,5 M
3538,9 M
881,6 M
482,9 M
982,8 M
3632,4 M
0
—
—
—
—
—
2488,2 M
2704,4 M
28,1 %
—
6,6 %
—
2025-12-31
14,3 mil M
5818,2 M
4504,9 M
4978,9 M
3765,2 M
1213,7 M
543,7 M
993,7 M
3970,7 M
370,3 M
—
—
—
—
—
3118,1 M
2705,9 M
25,8 %
—
7,7 %
—
§9 Comparación de valoración con pares
Valor razonableReport-date price
Regeneron Pharmaceuticals Inc.REGN
Precio / valor razonable
Valor razonable1209,72 US$Report-date price714,89 US$
Fecha de evaluación
Ventaja competitivaWide
Cuadro de mando de inversión77 / 100
Vertex Pharmaceuticals IncorporatedVRTX
Precio / valor razonable
Valor razonable334,95 US$Report-date price526,19 US$
Fecha de evaluación
Ventaja competitivaWide
Cuadro de mando de inversión71 / 100
Moderna Inc.MRNA
Precio / valor razonable
Valor razonable58,3 US$Report-date price53,27 US$
Fecha de evaluación
Ventaja competitivaNone
Cuadro de mando de inversión55 / 100
Regeneron Pharmaceuticals Inc.REGN
Precio / valor razonable
Valor razonable1209,72 US$Report-date price714,89 US$
REGN trades at 13.3x forward earnings against a peer median of 19.9x; EV/EBITDA of 15.2x against a peer median of 20.8x; 6 peers.
§10 Industria y cicloEN
Fase del ciclo
Expansion
Current phase requires intensive capital deployment into next-gen pipeline indications to bridge the gap before legacy asset patent cliffs arrive.
Ciclo alcista
Biotech enters a period of high M&A and pipeline validation; targeted biologics gain widespread formulary access and favorable pricing dynamics.
Ciclo bajista
Regulatory pricing pressures compound with aggressive biosimilar substitution, severely discounting terminal multiples across mature biopharma.
Posicionamiento
Current phase requires intensive capital deployment into next-gen pipeline indications to bridge the gap before legacy asset patent cliffs arrive.
§11 Gestión de posiciónEN
Tamaño de posición
Core holding for large-cap growth allocations. Sizing should confidently reflect the robust margin of safety.
Riesgo
Trim exposure if shares approach the $1,200 fair value mid-point, or if high-dose Eylea fails to retain 50%+ share over a 12-month trailing period.
Tramos de entrada
Nivel
Acción
Por qué
Current / pullbacks
Accumulate aggressively at current levels ($714), as the market is overly penalizing transient R&D investments.
Accumulate aggressively at current levels ($714), as the market is overly penalizing transient R&D investments.
Tramos de salida
Nivel
Acción
Thesis break
Trim exposure if shares approach the $1,200 fair value mid-point, or if high-dose Eylea fails to retain 50%+ share over a 12-month trailing period.
§12 Perspectivas de inversoresEN
Bull view
Buy
Strong Buy. Regeneron is a high-quality mature compounder trading at a severe discount. Current pricing implies a nonsensical negative terminal growth rate, offering 69% upside to our $1,210 intrinsic value midpoint.
Base view
Buy
The 38.2% gap versus the $875.31 internal valuation cross-checks underscores a myopic market fixation on transient R&D spending and peak patent cliff fears, completely ignoring the underlying cash-generation power of VelociSuite.
§14 Recomendación finalEN
Acción
Compra fuerte
Strong Buy. Regeneron is a high-quality mature compounder trading at a severe discount. Current pricing implies a nonsensical negative terminal growth rate, offering 69% upside to our $1,210 intrinsic value midpoint.
Reassess the thesis against the named valuation, risk, and quarterly checkpoint evidence in this report.
§15Your notes
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
A permanent reduction in operating margins highlights structural cost inflation and heavier commercialization overhead, limiting operational leverage and depressing long-term free cash flow yield.
Actual:25.8% for the period ended 2025-12-31
Alerta siCompresses below 25.0% over any trailing twelve-month period
04
Late-Stage Clinical Asset Development
Repeated late-stage development setbacks in core oncology programs impair the research pipeline conversion thesis, destroying heavy capitalized investments without generating replacement revenue streams for maturing biologics.
Actual:$5.8B annual R&D spend as of 2026-05-10
Alerta siFiled clinical suspension or primary endpoint failure in two or more Phase 3 oncology trials within a 24-month window
A structural breakdown in capital returns below double digits confirms that massive research outlays are failing to generate adequate economic profits, impairing corporate compounding quality.
Actual:12.3% as of 2026-05-10
Alerta siBreaks below 10.0% as of any annual measurement date
Monitor
Monitor the threat against the report checkpoints.
Concentration risk given outsized revenue contribution from Dupixent.
medium
Monitor
Monitor the threat against the report checkpoints.
Our baseline assumes a successful transition from legacy assets to next-gen indications. Margins normalize to 30% as peak R&D spending subsides, anchoring fair value at $1,210 and bridging the gap from overly pessimistic internal valuation cross-checks.
Warning level: Compresses below 25.0% over any trailing twelve-month period. A permanent reduction in operating margins highlights structural cost inflation and heavier commercialization overhead, limiting operational leverage and depressing long-term free cash flow yield.
04
Métrica:
Late-Stage Clinical Asset Development
Actual$5.8B annual R&D spend as of 2026-05-10
Por qué importa
Warning level: Filed clinical suspension or primary endpoint failure in two or more Phase 3 oncology trials within a 24-month window. Repeated late-stage development setbacks in core oncology programs impair the research pipeline conversion thesis, destroying heavy capitalized investments without generating replacement revenue streams for maturing biologics.
Warning level: Breaks below 10.0% as of any annual measurement date. A structural breakdown in capital returns below double digits confirms that massive research outlays are failing to generate adequate economic profits, impairing corporate compounding quality.
Incyte CorporationINCY
Precio / valor razonable
Valor razonable126,7 US$Report-date price114,76 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión81 / 100
Eli Lilly and CompanyLLY
Precio / valor razonable
Valor razonable836 US$Report-date price1149,36 US$
