Regeneron Pharmaceuticals Inc
REGN—
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Regeneron Pharmaceuticals Inc AI Insights
Informational only. Not investment advice.Snapshot
- R&D spend of 5.6B TTM (40% of revenue) is 15x industry median - massive reinvestment moat in biologics pipeline[Research and Development TTM]
- Net margin 32% TTM vs industry median of 0% - rare profitable biotech with 4.6B net income on 14.2B revenue[Net Margin TTM]
- Debt/equity of 0.09 with 13.6B working capital - fortress balance sheet enables multi-year R&D independence[Debt to Equity]
Watch Triggers
- Research and Development TTM: Falls below 35% of revenue — R&D intensity is the moat - reduction signals pipeline confidence loss or margin pressure
- Accounts Receivable: Exceeds 45% of TTM revenue — Rising AR/revenue ratio indicates collection issues or customer concentration worsening
- Free Cash Flow TTM: Drops below 2.5B — FCF funds R&D independence - decline forces debt or dilution for pipeline
Bull Case
Self-funding R&D machine: 5.6B annual spend (40% of revenue) funded entirely by 3.9B FCF + 2.5B cash, no equity dilution needed for pipeline expansion
Research and Development TTMFree Cash Flow TTMCash and Equivalents
Exceptional capital efficiency: ROIC 14% and ROE 15% TTM in an industry where median is deeply negative (-32% and -39% respectively)
ROIC TTMROE TTMNet Margin TTM
Bear Case
Revenue concentration risk: 5.7B receivables (40% of revenue) suggests dependency on few large payers/partners - collection delays could stress working capital
Accounts ReceivableTotal Revenue TTMWorking Capital
Asset-light model limits moat: goodwill only 1.4B (3% of assets) means limited acquired IP protection vs competitors with deeper patent portfolios
Goodwill and Other Intangible AssetsTotal Assets
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
65%
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Forward Thesis
FCF generation enables 3.9B annual reinvestment without dilution or debt
1-3yhigh
- 27% FCF margin TTM funds R&D internally
- 2.7B total debt vs 31B equity = minimal leverage
- Cash flow of 5.1B TTM exceeds capex 4x
FCF TTM: 3.9B on 14.2B revenueCapex only 1.2B (8% of revenue)Working capital: 13.6B buffer
Premium valuation justified if pipeline converts at historical rates
1-3ymed
- P/E 19.2x near industry median 20.2x
- P/S 5.3x vs median 4.1x - modest premium
- ROE 15% vs median -39% validates execution
ROIC 14% TTM vs median -32%EPS $36.59 TTM5.6B R&D = future revenue optionality
Valuation Context
Caveats
REGN Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$63.95B | — | ||
$63.69B | — | ||
15 | — | ||
$14.92B | +5.9% | — | |
$40.96 | -1.5% | — | |
25.8% | -1.4% | — | |
29.7% | -2.3% | — | |
$3.79B | +28.0% | — | |
14.6% | -1.4% | — | |
Beta 5Y (Monthly) | unknown | — |
REGN Dividend History
6 dividends
2026
$1.880005/20/26$0.9400
02/20/26$0.9400
2025
$3.520011/20/25$0.8800
08/18/25$0.8800
05/20/25$0.8800
02/20/25$0.8800
REGN Stock Splits
No stock splits
REGN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/29/26 | 03/31/26 | 10-Q | |
02/04/26 | 12/31/25 | Unknown | |
10/28/25 | 09/30/25 | 10-Q | |
08/01/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
02/05/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/05/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/06/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/07/22 | 12/31/21 | 10-K | |
11/04/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/08/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/05/20 | 03/31/20 | 10-Q | |
02/07/20 | 12/31/19 | 10-K | |
11/05/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/07/19 | 03/31/19 | 10-Q | |
02/07/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/08/18 | 12/31/17 | 10-K | |
11/08/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/09/17 | 12/31/16 | 10-K | |
11/04/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/11/16 | 12/31/15 | 10-K | |
11/04/15 | 09/30/15 | 10-Q | |
08/04/15 | 06/30/15 | 10-Q | |
05/07/15 | 03/31/15 | 10-Q | |
02/12/15 | 12/31/14 | 10-K | |
11/04/14 | 09/30/14 | 10-Q | |
08/05/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
02/13/14 | 12/31/13 | 10-K | |
11/05/13 | 09/30/13 | 10-Q | |
08/06/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/15/13 | 12/31/12 | 10-K | |
10/24/12 | 09/30/12 | 10-Q | |
07/25/12 | 06/30/12 | 10-Q | |
04/26/12 | 03/31/12 | 10-Q | |
02/21/12 | 12/31/11 | 10-K | |
10/27/11 | 09/30/11 | 10-Q | |
07/28/11 | 06/30/11 | 10-Q | |
05/03/11 | 03/31/11 | 10-Q | |
02/17/11 | 12/31/10 | 10-K | |
10/28/10 | 09/30/10 | 10-Q | |
07/28/10 | 06/30/10 | 10-Q | |
04/29/10 | 03/31/10 | 10-Q | |
02/18/10 | 12/31/09 | 10-K | |
11/03/09 | 09/30/09 | 10-Q | |
08/04/09 | 06/30/09 | 10-Q | |
04/30/09 | 03/31/09 | 10-Q | |
02/26/09 | 12/31/08 | 10-K | |
11/05/08 | 09/30/08 | 10-Q | |
08/01/08 | 06/30/08 | 10-Q | |
05/02/08 | 03/30/08 | Unknown | -- |
02/27/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/03/07 | 06/30/07 | 10-Q | |
05/04/07 | 03/31/07 | 8-K | |
03/12/07 | 12/31/06 | 10-K | |
11/06/06 | 09/30/06 | 10-Q | |
08/08/06 | 06/30/06 | 10-Q | |
05/08/06 | 03/30/06 | Unknown | -- |
02/28/06 | 12/31/05 | 10-K | |
11/04/05 | 09/30/05 | 10-Q | |
08/08/05 | 06/30/05 | 8-K | |
05/09/05 | 03/30/05 | Unknown | -- |
03/11/05 | 12/31/04 | 8-K | |
11/08/04 | 09/30/04 | 10-Q | |
08/05/04 | 06/30/04 | 10-Q | |
05/06/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 10-K | |
11/12/03 | 09/30/03 | 10-Q | |
08/14/03 | 06/30/03 | 10-Q | |
05/15/03 | 03/30/03 | Unknown | -- |
03/31/03 | 12/31/02 | 10-K | |
11/12/02 | 09/30/02 | 10-Q | |
08/13/02 | 06/30/02 | 10-Q | |
05/10/02 | 03/30/02 | Unknown | -- |
03/22/02 | 12/31/01 | 10-K | |
11/13/01 | 09/30/01 | 10-Q | |
08/13/01 | 06/30/01 | 10-Q | |
05/11/01 | 03/30/01 | Unknown | -- |
03/02/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/11/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/30/00 | Unknown | -- |