# Regeneron Pharmaceuticals, Inc. (REGN)

> Source: Nexqual · https://nexqual.com/REGN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Regeneron Pharmaceuticals, Inc. (REGN), nexqual.com/REGN" · informational, not investment advice.

**Price:** USD 819.09 (+1.67% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 805.67 · day 800–825.52 · 52w 572.75–859.34 · market cap $84.3B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.5B, net income $4.33B (27.9% margin), free cash flow $3.76B (SEC filings).
- Valuation: P/E 19.5x (avg 20.8x at the last 3 fiscal year-ends), EV/EBITDA 17.9x, net cash $6.01B.
- Earnings quality: non-operating income $1.32B vs operating income $3.84B over the last four quarters; P/E excluding non-operating income ≈26.2x (estimate: non-operating income taxed at the company's 16.2% effective rate).
- 3 of 80 tracked superinvestors hold REGN (13F, Q2 2026): 0 new, 2 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $6.7M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +43.0% vs S&P 500 +14.9%; 5Y +44.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-30, EPS estimate USD 16.2, revenue estimate $4.56B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16.1B | $12.2B | $13.1B | $14.2B | $14.3B | $15.5B |
| Operating income | $8.95B | $4.74B | $4.05B | $3.99B | $3.58B | $3.84B |
| Net income | $8.08B | $4.34B | $3.95B | $4.41B | $4.50B | $4.33B |
| EPS (diluted) | $71.97 | $38.22 | $34.77 | $38.34 | $41.48 | — |
| Free cash flow | $6.53B | $4.42B | $3.88B | $3.66B | $4.08B | $3.76B |
| Operating margin | 55.7% | 38.9% | 30.9% | 28.1% | 24.9% | 24.7% |
| Net margin | 50.2% | 35.6% | 30.1% | 31.1% | 31.4% | 27.9% |
| Revenue growth | +89.1% | -24.3% | +7.8% | +8.3% | +1.0% | — |
| Cash + short-term investments | $5.69B | $7.74B | $10.8B | $9.01B | $8.61B | — |
| Total debt | $1.98B | $1.98B | $1.98B | $1.98B | $1.99B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.5x · P/E ex non-operating (est.) ≈26.2x · P/S 5.4x · EV/EBITDA 17.9x · EV/Sales 5.0x · P/FCF 22.4x · P/B 2.7x · FCF yield 4.46% · Earnings yield 5.13% · Dividend yield (paid, TTM) 0.45% · Buyback yield (TTM) 3.91% · Net cash $6.01B · EV $78.3B
P/E at fiscal year-ends: Dec 2025 18.6x, Dec 2024 18.6x, Dec 2023 25.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold REGN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 4.95% | $95.0M | Added +16.6% |
| Harry Burn | Sound Shore | 2.44% | $79.2M | Reduced -15.9% |
| Dodge & Cox Funds | Dodge & Cox | 1.59% | $3.04B | Added +9.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-14 | Murphy Andrew J | Co-Chief Scientific Officer | 4,147 | $3.2M | 7.4% | Yes (adopted May 7, 2026) | Too little history (no open-market trades in 2025) |
| 2026-09-02…2026-09-03 | McCourt Marion | EVP Commercial | 2,346 | $2.0M | 16.1% | Yes (adopted February 17, 2026) | Too little history (no open-market trades in 2025) |
| 2026-09-02 | Guarini Kathryn | Director | 400 | $340K | 39.9% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10 | Guarini Kathryn | Director | 400 | $320K | 39.9% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10 | Zoghbi Huda Y | Director | 800 | $640K | 32% | Yes (adopted November 20, 2025) | Too little history (no open-market trades in 2025) |
| 2026-07-02 | Ryan Arthur F | Director | 200 | $130K | 1.1% | Yes (adopted October 31, 2025) | Too little history (no open-market trades in 2025) |
| 2026-05-01 | Ryan Arthur F | Director | 100 | $71K | 0.6% | Yes (adopted October 31, 2025) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | TD Cowen | Target raised | Buy | $960 → $980 |
| 2026-10-19 | Piper Sandler | Target raised | Overweight | $854 → $865 |
| 2026-10-15 | UBS | Upgrade | Neutral → Buy | $660 → $978 |
| 2026-10-08 | RBC Capital | Target raised | Sector Perform | $737 → $810 |
| 2026-10-07 | Truist Securities | Target raised | Buy | $772 → $780 |
| 2026-10-07 | Morgan Stanley | Target raised | Equal-Weight | $758 → $779 |
| 2026-10-06 | JP Morgan | Target raised | Overweight | $900 → $950 |
| 2026-10-01 | Jefferies | Target raised | Buy | $870 → $930 |
| 2026-10-01 | Argus Research | Upgrade | Hold → Buy | $850 |
| 2026-09-29 | RBC Capital | Reiterated | Sector Perform | $737 |
| 2026-09-10 | HSBC | Target raised | Buy | $800 → $920 |
| 2026-08-17 | Leerink Partners | Target raised | Market Perform | $641 → $824 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +43.0% | +44.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +43.2% | +7.6% |
| Volatility (annualized) | 32.9% | 31.7% |
| Max drawdown | -25.9% (Jan 2026→Jun 2026) | -59.0% (Aug 2024→May 2025) |

## Peers (Biotechnology)
MRNA (Moderna, Inc.) USD 202.63 -17.57% · ARGX (argenx SE) USD 875.76 -1.61% · VRTX (Vertex Pharmaceuticals Incorpor) USD 535.17 +2.03% · ONC (BeOne Medicines Ltd.) USD 382.27 -1.08% · RVMD (Revolution Medicines, Inc.) USD 187.69 -3.39% · RPRX (Royalty Pharma plc) USD 63.75 +2.57%

## More
Full page: https://nexqual.com/REGN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in REGN's own 10-K filed 2026-02-04 (https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Bayer | "•the potential for any license or collaboration agreement, including our agreements with Sanofi and Bayer (or their respective affiliated companies, as applicable), to be cancelled or terminated;" |
| Partner | ALNYLAM PHARMACEUTICALS, INC. (ALNY) | "See the "Collaboration, License, and Other Agreements" section below for descriptions of our agreements with Alnylam Pharmaceuticals, Inc. and Intellia Therapeutics, Inc." |
| Partner | Intellia Therapeutics, Inc. (NTLA) | "See the "Collaboration, License, and Other Agreements" section below for descriptions of our agreements with Alnylam Pharmaceuticals, Inc. and Intellia Therapeutics, Inc." |
| Partner | Hansoh Pharmaceuticals Group Company | "In July 2025, our license agreement with Hansoh Pharmaceuticals Group Company Limited to acquire development and commercial rights outside of mainland China, Hong Kong, and Macau for HS-20094 (a dual GLP-1/GIP receptor a…" |
| Partner | Tessera Therapeutics | "In January 2026, our collaboration agreement with Tessera Therapeutics, Inc. to develop and commercialize TSRA-196 (Tessera's investigational program for the treatment of alpha-1 antitrypsin deficiency ("AATD")) became e…" |
| Competitor | Merck (MRK) | "There are several competitors that are marketing and/or developing antibodies against PD-1 and/or PDL-1 (some of which were approved in the relevant indications and commercialized before Libtayo), including Merck's Keytr…" |

Other companies that name REGN in their own reports (relationship from REGN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Celularity Inc (CELU) | 10-K 2026-04-30 | "August 25, 2023, the Company entered into a multi-year research collaboration services agreement with Regeneron Pharmaceuticals, Inc." |
| partner | Allarity Therapeutics, Inc. (ALLR) | 10-K 2026-03-30 | "There are many other companies that have commercialized and/or are developing such treatments for cancer including large pharmaceutical and biotechnology companies, such as AstraZeneca plc, Bristol-My…" |
| customer | MAIA Biotechnology, Inc. (MAIA) | 10-K 2026-03-23 | "In February 2021, we signed a clinical supply agreement with Regeneron to receive cemiplimab at no cost, which represents a significant" |
| partner | Cellectis S.A. (CLLS) | 20-F 2026-03-20 | "Autologous and Allogeneic CAR T-cell space: Bristol-Myers Squibb, Gilead Sciences Inc., Novartis AG, Johnson & Johnson, Regeneron Pharmaceuticals Inc., Fate Therapeutics Inc., CRISPR Therapeutics Inc.…" |
| partner | Inhibrx Biosciences, Inc. (INBX) | 10-K 2026-03-19 | "License fee revenue during the year ended December 31, 2024 was $0.2 million and consisted of revenue related to our license agreement with Regeneron Pharmaceuticals, Inc., which we recognized followi…" |
| partner | CytomX Therapeutics, Inc. (CTMX) | 10-K 2026-03-16 | "A key focus of our current work with collaboration partners is T-cell engaging bispecific therapies ("TCEs") where we have significant ongoing efforts with partners such as Bristol Myers Squibb and Re…" |
| partner | Pioneer Bancorp, Inc./MD (PBFS) | 10-K 2026-03-12 | "Large employers in the Capital Region include GE Vernova, Regeneron Pharmaceuticals, Inc., GlobalFoundries, Albany Med Health System, St. Peter's Health Partners, Northeast Grocery Inc., Rensselaer Po…" |
| partner | Adicet Bio, Inc. (ACET) | 10-K 2026-03-12 | "If our collaboration with Regeneron Pharmaceuticals, Inc. (Regeneron) is terminated, or if Regeneron materially breaches its obligations thereunder, our business, prospects, operating results, and fin…" |
| partner | BioNTech SE (BNTX) | 20-F 2026-03-10 | "(10)In collaboration with Regeneron." |
| partner | BridgeBio Oncology Therapeutics, Inc. (BBOT) | 10-K 2026-03-05 | "There are many other companies that have commercialized and/or are developing such treatments for cancer including large pharmaceutical and biotechnology companies, such as AstraZeneca plc, Bristol-My…" |
| partner | Nuvation Bio Inc. (NUVB) | 10-K 2026-03-02 | "There are many other companies that have commercialized and/or are developing such treatments for cancer including large pharmaceutical and biotechnology companies, such as AstraZeneca plc, Bristol-My…" |
| customer | Biohaven Ltd. (BHVN) | 10-K 2026-03-02 | "In May 2024, we announced that we entered into a clinical supply agreement with Regeneron Pharmaceuticals, Inc. ("Regeneron") under which we will sponsor and fund the planned combination Phase 1/2 cli…" |
| partner | Intellia Therapeutics, Inc. (NTLA) | 10-K 2026-02-26 | "Our technological advancements and any potential for revenue may be derived in part from our collaborations, including, for example, with Regeneron Pharmaceuticals, Inc. ("Regeneron"), and if the coll…" |
| partner | OPKO HEALTH, INC. (OPK) | 10-K 2026-02-26 | "This includes advancing our internal candidates and progressing our clinical collaborations with Merck Sharp & Dohme LLC ("Merck") and Regeneron Pharmaceuticals, Inc. ("Regeneron")." |
| partner | Arcus Biosciences, Inc. (RCUS) | 10-K 2026-02-25 | "There are many other companies that have commercialized and/or are developing oncology treatments for cancer including large pharmaceutical and biotechnology companies such as AstraZeneca, BeiGene, Lt…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Collaboration revenue | $2.46B | 57.2% | +31.9% |
| Net product sales | $1.64B | 38.3% | +0.7% |
| Libtayo | $489.4M | 11.4% | +30.0% |
| Other revenue | $193.3M | 4.5% | +5.1% |
| Lynozyfic | $16.5M | 0.4% | — |
| Total revenue | $4.29B | 100% | — |
The lines above cover 111.8% of total revenue.

## Customer concentration

Period ended 2026-06-30: 45%, 32% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $16.20 | $13.21 | +22.7% | $4.56B | 23 |
| Next quarter (ends 2026-12-31) | $20.44 | $12.92 | +58.2% | $5.27B | 20 |
| Current fiscal year (ends 2026-12-31) | $59.13 | $45.85 | +29.0% | $17.60B | 28 |
| Next fiscal year (ends 2027-12-31) | $52.03 | $47.40 | +9.8% | $18.59B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-30): ±5.9%; last 8 reports averaged ±4.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 49.9% | ±5.9% |
| 2026-11-06 | 14 | 42.4% | ±6.9% |
| 2026-11-13 | 21 | 39.3% | ±7.7% |
| 2026-11-20 | 28 | 38.4% | ±8.7% |
| 2026-11-27 | 35 | 36.2% | ±9.1% |
| 2026-12-04 | 42 | 36.1% | ±9.9% |
| 2026-12-18 | 56 | 36.1% | ±11.4% |
| 2027-01-15 | 84 | 34.7% | ±13.4% |