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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 1.210 USD; the high endpoint is presented separately as potential value of 1.505 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 1.210 USD and a potential value of 1.505 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 1.210 USD; potential value is 1.505 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 1.210 USD, the potential value of 1.505 USD, and the price recorded at analysis (715 USD).
Báo cáo này chưa được dịch. Hãy làm mới sau vài phút khi hàng đợi dịch xử lý xong.
§1 Tóm tắt điều hànhEN
Câu trả lời trong 30 giâyStrong Buy
Giá so với giá trị
Giá
$714.89
Giá trị hợp lý
$1,209.72
Giá trị tiềm năng
$1,505.07
Tính đến
Ngày báo giá chưa được ghi nhận
Vì sao luận điểm có thể đúng
Bull: Dupixent dominates the immunology space longer than anticipated, and high-dose Eylea proves impenetrable to biosimilar erosion.
Điều gì sẽ thay đổi quan điểm của chúng tôi
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.
Khuyến nghị của hãng
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 Kịch bản tiêu cựcEN
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.
Các cách luận điểm này có thể đổ vỡ
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%
Tín hiệu cảnh báo sớm cần theo dõi
Năm diễn biến có thể làm suy yếu luận điểm đầu tư của chúng tôi.
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.
Hiện tại:Baseline adoption as of 2026-05-10
Cảnh báo nếuStalls below 50.0% conversion rate across eligible patient populations over any twelve-month measurement window
02
§3 Lợi thế cạnh tranhEN
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.
Lợi nhuận kinh tế
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
Mối đe dọa đã biết với lợi thế cạnh tranh
Mối đe dọa
Mức độ
Mốc thời gian
Giảm thiểu
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.
Đúng kỳ vọng
Hold
Kích hoạt: 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.
Hụt
Reassess
Kích hoạt: 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.
Chất lượng lợi nhuận
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.
Chỉ số cần theo dõi trước khi công bố
01
Chỉ số:
Eylea High-Dose Conversion Adoption
Hiện tạiBaseline adoption as of 2026-05-10
Vì sao quan trọng
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.
Doanh thu mới nhất14,3 TCAGR doanh thu +5,6%
Biên hoạt động25,8%5 kỳ tài chính
Dòng tiền tự do mới nhất3,8 TFY2025
Tiền mặt ròng412,2 TrFY2025
Phân tích báo cáo kết quả kinh doanhQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.
StockMarketAgent.AI
Doanh thu14,3 TGiá vốn doanh thu−2,1 TLợi nhuận gộp12,2 TChi phí hoạt động−8,5 TLợi nhuận hoạt động3,7 TCác khoản ngoài hoạt động và thuế+802,9 TrLợi nhuận ròng4,5 T
Dữ liệu lịch sử tài chính
Doanh thu
14.342.900.000
Giá vốn doanh thu
2.100.700.000
Lợi nhuận gộp
12.242.200.000
Chi phí hoạt động
8.540.200.000
Lợi nhuận hoạt động
3.702.000.000
Các khoản ngoài hoạt động và thuế
802.900.000
Lợi nhuận ròng
4.504.900.000
Tổng quan bảng cân đối kế toánCách tài sản đã báo cáo được nắm giữ và tài trợ trong kỳ đã chọn.
StockMarketAgent.AI
Cơ cấu tài sảnNguồn tài trợ
Tổng tài sản40,6 TTiền mặt3,1 TTài sản ngắn hạn18 TTổng nợ phải trả9,3 TNợ ngắn hạn4,4 TVốn chủ sở hữu31,3 T
Dữ liệu phân tích bảng cân đối kế toán
Tổng tài sản
40.558.700.000
Tiền mặt
3.118.100.000
Tài sản ngắn hạn
18.021.900.000
Tổng nợ phải trả
9.301.800.000
Nợ ngắn hạn
4.368.400.000
Vốn chủ sở hữu
31.256.900.000
Doanh thu và lợi nhuậnQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.
Tiền mặt và nợThanh khoản sẵn có so với tổng dư nợ.
Tạo dòng tiềnDòng tiền hoạt động so với dòng tiền tự do.
Khả năng sinh lờiDiễn biến biên gộp, biên hoạt động và biên ròng.
Dữ liệu tài chính tại thời điểm được dùng trong phân tích ngày 2026-05-10.
Dữ liệu lịch sử tài chính
Kỳ
Doanh thu
EBITDA
Lợi nhuận ròng
Dòng tiền hoạt động
Dòng tiền tự do
Capex
Khấu hao và phân bổ
Thù lao bằng cổ phiếu
Mua lại cổ phiếu
Cổ tức đã trả
Phát hành nợ ròng
Dòng tiền đầu tư
Dòng tiền tài chính
Tiền đầu kỳ
Tiền cuối kỳ
Tiền mặt và đầu tư
Tổng nợ
Biên hoạt động
ROIC
WACC
Chênh lệch ROIC−WACC
2021-12-31
—
—
—
—
—
—
—
—
—
—
0
—
—
—
—
—
—
—
—
—
—
2022-12-31
12,2 T
5,3 T
4,3 T
5 T
3,4 T
1,6 T
341,4 Tr
725 Tr
2,5 T
—
0
—
—
—
—
3,1 T
2,7 T
38,9%
—
6,3%
—
2023-12-31
13,1 T
4,7 T
4 T
4,6 T
3,7 T
926,4 Tr
421 Tr
885 Tr
2,9 T
0
—
—
—
—
—
2,7 T
2,7 T
30,9%
—
6,2%
—
2024-12-31
14,2 T
5,3 T
4,4 T
4,4 T
3,5 T
881,6 Tr
482,9 Tr
982,8 Tr
3,6 T
0
—
—
—
—
—
2,5 T
2,7 T
28,1%
—
6,6%
—
2025-12-31
14,3 T
5,8 T
4,5 T
5 T
3,8 T
1,2 T
543,7 Tr
993,7 Tr
4 T
370,3 Tr
—
—
—
—
—
3,1 T
2,7 T
25,8%
—
7,7%
—
§9 So sánh định giá với các doanh nghiệp cùng ngành
Giá trị hợp lýReport-date price
Regeneron Pharmaceuticals Inc.REGN
Giá / giá trị hợp lý
Giá trị hợp lý1.209,72 US$Report-date price714,89 US$
Ngày đánh giá
Hào kinh tếWide
Bảng điểm đầu tư77 / 100
Vertex Pharmaceuticals IncorporatedVRTX
Giá / giá trị hợp lý
Giá trị hợp lý334,95 US$Report-date price526,19 US$
Ngày đánh giá
Hào kinh tếWide
Bảng điểm đầu tư71 / 100
Moderna Inc.MRNA
Giá / giá trị hợp lý
Giá trị hợp lý58,3 US$Report-date price53,27 US$
Ngày đánh giá
Hào kinh tếNone
Bảng điểm đầu tư55 / 100
Regeneron Pharmaceuticals Inc.REGN
Giá / giá trị hợp lý
Giá trị hợp lý1.209,72 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 Ngành và chu kỳEN
Pha chu kỳ
Expansion
Current phase requires intensive capital deployment into next-gen pipeline indications to bridge the gap before legacy asset patent cliffs arrive.
Chu kỳ tăng giá
Biotech enters a period of high M&A and pipeline validation; targeted biologics gain widespread formulary access and favorable pricing dynamics.
Chu kỳ giảm giá
Regulatory pricing pressures compound with aggressive biosimilar substitution, severely discounting terminal multiples across mature biopharma.
Định vị
Current phase requires intensive capital deployment into next-gen pipeline indications to bridge the gap before legacy asset patent cliffs arrive.
§11 Quản lý vị thếEN
Quy mô vị thế
Core holding for large-cap growth allocations. Sizing should confidently reflect the robust margin of safety.
Rủi ro
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.
Đợt vào lệnh
Mức
Hành động
Lý do
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.
Đợt thoát lệnh
Mức
Hành động
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 Quan điểm nhà đầu tưEN
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 Khuyến nghị cuối cùngEN
Hành động
Mua mạnh
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.
Hiện tại:25.8% for the period ended 2025-12-31
Cảnh báo nếuCompresses 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.
Hiện tại:$5.8B annual R&D spend as of 2026-05-10
Cảnh báo nếuFiled 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.
Hiện tại:12.3% as of 2026-05-10
Cảnh báo nếuBreaks 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
Chỉ số:
Late-Stage Clinical Asset Development
Hiện tại$5.8B annual R&D spend as of 2026-05-10
Vì sao quan trọng
Warning level: Filed clinical suspension or primary endpoint failure in two or more Phase 3 oncology trials within a 24-month window. Repeated late-stage development setbacks in core oncology programs impair the research pipeline conversion thesis, destroying heavy capitalized investments without generating replacement revenue streams for maturing biologics.
Warning level: Breaks below 10.0% as of any annual measurement date. A structural breakdown in capital returns below double digits confirms that massive research outlays are failing to generate adequate economic profits, impairing corporate compounding quality.
Incyte CorporationINCY
Giá / giá trị hợp lý
Giá trị hợp lý126,7 US$Report-date price114,76 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư81 / 100
Eli Lilly and CompanyLLY
Giá / giá trị hợp lý
Giá trị hợp lý836 US$Report-date price1.149,36 US$
