Regeneron Pharmaceuticals, Inc.

REGN · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Valuation
Market cap	$81,123	$78,278	$95,687	$78,572	$67,916	$51,955	$40,380	$40,167	$40,432	$39,478	$58,382	$46,528	$30,612	$19,001	$5,023	$2,722	$1,929	$1,447	$1,602	$1,163	$890	$510	$742	$814	$1,185	$1,241	$398	$227	$248	$395	$252	$57	$257	$185	$281	$325
Enterprise value	$75,224	$71,970	$87,545	$73,531	$64,921	$51,064	$37,880	$38,066	$39,726	$38,920	$57,712	$46,086	$30,424	$19,150	$4,931	$2,633	$1,697	$978	$1,038	$904	$791	$414	$662	$749	$1,001	$1,126	$336	$211	$225	$369	$229	$46	$252	$175	$258	$303
P/E (TTM) at period end	18.01×	17.74×	24.20×	18.11×	8.41×	14.79×	19.09×	16.43×	33.74×	44.08×	91.79×	133.67×	72.14×	24.38×	–	–	–	–	–	–	–	12.24×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	5.66×	5.51×	7.29×	6.45×	4.23×	6.11×	6.16×	7.81×	6.89×	8.12×	14.23×	16.50×	14.54×	13.78×	11.27×	5.93×	5.09×	6.07×	12.81×	18.34×	13.44×	2.93×	12.91×	37.00×	53.94×	20.93×	11.54×	5.93×	7.50×	16.37×	9.19×	2.45×	24.21×	16.07×	38.54×	64.93×
P/B at period end	2.60×	2.67×	3.68×	3.47×	3.62×	4.71×	3.64×	4.59×	6.58×	8.87×	15.97×	18.24×	15.58×	15.12×	10.34×	5.16×	4.86×	3.46×	3.48×	5.37×	7.80×	2.80×	5.39×	5.57×	4.45×	6.81×	3.63×	1.73×	1.79×	3.69×	3.71×	0.85×	2.61×	2.12×	2.65×	26.61×
EV / EBITDA (TTM)	18.25×	16.09×	19.59×	14.47×	7.03×	13.39×	15.65×	14.19×	17.85×	27.11×	43.50×	52.57×	38.79×	38.71×	–	–	–	–	–	–	–	19.73×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	5.24×	5.07×	6.67×	6.04×	4.04×	6.01×	5.78×	7.40×	6.77×	8.01×	14.06×	16.35×	14.45×	13.89×	11.06×	5.74×	4.47×	4.10×	8.30×	14.25×	11.95×	2.38×	11.52×	34.08×	45.54×	18.99×	9.74×	5.53×	6.80×	15.30×	8.34×	1.96×	23.74×	15.24×	35.33×	60.57×
Returns
Return on equity	14.4%	15.0%	15.2%	19.1%	43.0%	31.9%	19.1%	27.9%	19.5%	20.1%	17.4%	13.6%	21.6%	62.0%	(45.7%)	(19.8%)	(17.1%)	(18.9%)	(22.9%)	(47.2%)	(83.7%)	22.8%	(78.1%)	(85.2%)	(28.6%)	(12.7%)	(21.1%)	(6.6%)	(8.4%)	(30.3%)	(34.6%)	(45.8%)	(40.5%)	(21.9%)	(4.2%)	(27.0%)
Return on invested capital	10.0%	12.5%	14.7%	19.0%	41.7%	28.6%	18.9%	30.3%	19.9%	20.4%	20.2%	15.5%	22.8%	30.9%	(46.6%)	(16.9%)	(23.4%)	(48.2%)	(48.0%)	(45.6%)	–	2.0%	(42.9%)	(43.0%)	(27.5%)	(16.4%)	(24.5%)	–	(6.5%)	(21.3%)	(17.0%)	(52.3%)	(41.5%)	(23.6%)	–	–
Dividend yield	0.5%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	4.13×	4.73×	5.69×	5.06×	3.56×	3.63×	3.67×	4.47×	3.82×	2.56×	3.59×	3.18×	6.01×	7.37×	4.49×	3.28×	4.55×	6.23×	2.81×	10.44×	8.46×	10.08×	4.39×	6.90×	17.90×	9.73×	5.49×	9.88×	9.31×	7.08×	3.81×	2.91×	7.01×	18.41×	32.30×	12.44×
Debt / equity	0.06×	0.07×	0.08×	0.09×	0.14×	0.18×	–	0.08×	0.11×	0.11×	0.10×	0.18×	0.26×	0.36×	0.90×	0.30×	–	0.01×	0.43×	0.92×	1.75×	1.10×	1.55×	1.37×	0.75×	0.01×	0.04×	0.03×	0.04×	0.08×	0.14×	0.18×	0.08×	0.08×	0.03×	–
Effective tax rate	13.9%	7.7%	5.9%	10.7%	13.4%	7.8%	12.9%	4.3%	42.3%	32.7%	48.1%	55.6%	40.6%	(81.0%)	0.5%	–	5.7%	(3.1%)	31.8%	24.0%	143.7%	(156.4%)	(3.1%)	6.2%	29.5%	(8.4%)	7.5%	102.4%	(100.0%)	(169.9%)	(402.6%)	–	–	–	234.1%	–
Share count
Diluted shares outstanding	109	115	114	114	112	115	115	115	116	116	115	113	111	115	91	83	80	79	66	58	56	56	50	44	42	35	31	31	29	24	20	19	17	15	16	15

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Revenue and gross profit
Revenue	$15,535	$14,343	$14,202	$13,117	$12,173	$16,072	$8,497	$6,558	$5,146	$5,872	$4,860	$4,104	$2,820	$2,105	$1,378	$446	$459	$379	$238	$125	$63	$66	$174	$57	$22	$22	$59	$34	$38	$33	$24	$27	$23	$11	$12	$7	$5
Cost of revenue	($2,352)	($2,101)	($1,970)	($1,816)	($1,560)	($2,438)	($1,120)	($403)	($238)	($203)	($195)	($242)	($129)	($118)	($84)	($4)	($2)	($2)	($1)	–	($23)	($25)	($151)	($7)	($6)	($7)	($16)	($4)	($5)	($3)	($1)	–	–	–	–	($13)	($6)
Gross profit	$13,183	$12,242	$12,232	$11,301	$10,612	$13,634	$7,377	$6,155	$4,908	$5,670	$4,666	$3,862	$2,691	$1,987	$1,295	$442	$457	$378	$238	–	$41	$41	$23	$51	$16	$15	$44	$31	$33	$30	$23	–	–	–	–	($6)	($1)
Operating expenses
Research and development	($6,276)	($5,850)	($5,132)	($4,439)	($3,592)	($2,860)	($2,647)	($2,450)	($1,469)	($2,075)	($2,052)	($1,621)	($1,271)	($860)	($626)	($530)	($489)	($399)	($275)	($190)	($122)	($138)	($136)	($136)	($125)	($92)	($56)	($45)	($37)	($28)	($28)	($23)	($40)	–	–	–	–
Selling, general and administrative	($2,743)	($2,700)	($2,954)	($2,631)	($2,116)	($1,825)	($1,346)	($1,342)	($1,127)	($1,320)	($1,178)	($839)	($519)	($346)	($211)	($117)	($65)	($53)	($49)	($38)	($26)	($25)	($17)	($15)	($13)	($10)	($8)	($6)	($6)	($6)	($6)	($6)	($8)	($46)	($28)	($3)	($2)
Total operating expenses	($9,340)	($8,664)	($8,241)	($7,254)	($5,874)	($4,687)	($3,801)	($3,945)	($2,374)	($3,590)	($3,335)	($2,610)	($1,867)	($1,244)	($837)	($647)	($554)	($452)	($324)	–	($148)	($166)	($17)	($151)	($137)	($101)	($69)	($55)	($46)	($38)	($40)	–	–	–	–	($4)	($2)
Total costs and expenses	($11,692)	($10,765)	($10,211)	($9,070)	($7,434)	($7,125)	($4,920)	($4,348)	($2,611)	($3,793)	($3,530)	($2,852)	($1,996)	($1,362)	($921)	($651)	($557)	($453)	($325)	($239)	($171)	($191)	($168)	($157)	($144)	($108)	($85)	($58)	($51)	($41)	($41)	($35)	($52)	($49)	($30)	($17)	($8)
Operating income	$3,843	$3,578	$3,991	$4,047	$4,739	$8,947	$3,577	$2,210	$2,534	$2,080	$1,331	$1,252	$824	$743	$458	($205)	($97)	($74)	($86)	($114)	($107)	($124)	$6	($100)	($122)	($86)	($25)	($24)	($12)	($8)	($17)	($8)	($29)	($39)	($18)	($10)	($3)
Earnings
EBITDA	$4,372	$4,122	$4,474	$4,468	$5,080	$9,233	$3,812	$2,420	$2,683	$2,225	$1,435	$1,327	$877	$784	$495	($174)	($78)	($60)	($75)	($103)	($93)	($109)	$21	($87)	($113)	($80)	($21)	($20)	($10)	($3)	($11)	($2)	($25)	($36)	($16)	($9)	–
Interest income	$735	$717	$711	$496	$160	–	–	–	–	–	–	$6	$6	$3	$2	$4	$2	$4	$21	$27	$17	$10	$5	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($55)	($44)	($55)	($73)	($59)	($57)	($57)	($30)	($28)	($25)	($7)	($14)	($37)	($46)	($45)	($21)	($9)	($2)	($8)	($12)	–	–	–	–	–	–	($5)	–	–	($3)	($14)	($15)	–	–	–	–	–
Pre-tax income	$5,166	$5,231	$4,780	$4,199	$4,859	$9,326	$3,810	$2,429	$2,554	$2,078	$1,330	$1,225	$761	$696	$414	($223)	($104)	($72)	($77)	($94)	($91)	$124	$54	($96)	($113)	($74)	($30)	($23)	($8)	($8)	($17)	($8)	–	–	–	($4)	–
Income tax expense	($837)	($726)	($367)	($246)	($520)	($1,250)	($297)	($313)	($109)	($880)	($434)	($589)	($423)	($283)	$336	$1	–	$4	($2)	$30	$22	($179)	$84	($3)	$7	$22	($3)	$2	$8	($8)	($29)	($31)	($2)	($1)	($1)	$10	–
Net income	$4,329	$4,505	$4,413	$3,954	$4,338	$8,075	$3,513	$2,116	$2,444	$1,198	$896	$636	$338	$414	$750	($222)	($104)	($68)	($79)	($106)	($102)	($95)	$42	($107)	($124)	($76)	($23)	($23)	($9)	($12)	($32)	($24)	($31)	($40)	($19)	($4)	($3)
Per share
Diluted EPS (GAAP)	$40.46	$41.48	$38.34	$34.77	$38.22	$71.97	$30.52	$18.46	$21.29	$10.34	$7.70	$5.52	$2.98	$3.72	$6.75	($2.45)	($1.26)	($0.85)	($1.05)	($1.59)	($1.77)	($1.71)	$0.74	($2.13)	($2.83)	($1.81)	($0.66)	($0.73)	($0.28)	($0.40)	($1.32)	($1.19)	($1.62)	($2.41)	($1.24)	($0.29)	($0.21)
Basic EPS (GAAP)	$41.91	$43.07	$40.90	$37.05	$40.51	$76.40	$32.65	$19.38	$22.65	$11.27	$8.55	$6.17	$3.36	$4.23	$7.92	($2.45)	($1.26)	($0.85)	($1.05)	($1.59)	($1.77)	($1.71)	$0.75	($2.13)	($2.83)	($1.81)	($0.66)	($0.74)	($0.28)	($0.40)	($1.32)	($1.19)	($1.62)	($2.41)	($1.24)	($0.29)	($0.21)
Basic shares outstanding	103	105	108	107	107	106	108	109	108	106	105	103	101	98	95	91	83	80	79	66	58	56	55	50	44	42	35	31	31	29	24	20	19	17	15	16	15
Margins
Gross margin	84.9%	85.4%	86.1%	86.2%	87.2%	84.8%	86.8%	93.9%	95.4%	96.6%	96.0%	94.1%	95.4%	94.4%	93.9%	99.1%	99.5%	99.6%	99.6%	–	64.2%	62.1%	13.0%	88.4%	70.5%	70.4%	73.7%	89.6%	86.9%	92.1%	95.4%	–	–	–	–	(75.3%)	(26.0%)
Operating margin	24.7%	24.9%	28.1%	30.9%	38.9%	55.7%	42.1%	33.7%	49.3%	35.4%	27.4%	30.5%	29.2%	35.3%	33.2%	(46.0%)	(21.2%)	(19.5%)	(36.2%)	(91.5%)	(169.1%)	(188.0%)	3.2%	(173.9%)	(554.6%)	(389.9%)	(42.6%)	(69.0%)	(32.7%)	(22.7%)	(71.8%)	(27.7%)	(125.9%)	(366.0%)	(159.1%)	(131.5%)	(66.0%)
Net margin	27.9%	31.4%	31.1%	30.1%	35.6%	50.2%	41.3%	32.3%	47.5%	20.4%	18.4%	15.5%	12.0%	19.7%	54.4%	(49.7%)	(22.8%)	(17.9%)	(33.2%)	(84.5%)	(161.3%)	(144.2%)	24.0%	(186.9%)	(565.7%)	(346.7%)	(39.2%)	(67.0%)	(22.5%)	(35.0%)	(134.4%)	(85.8%)	(132.3%)	(376.4%)	(166.1%)	(61.6%)	(66.0%)

Analyst consensus

Buy49 analysts

Bearish · 0 · Hold · 14 · Bullish · 35

Earnings history

	EPS	Estimate
Q3 2024	$12.46	$11.69	Beat
Q4 2024	$12.07	$11.21	Beat
Q1 2025	$8.22	$8.62	Miss
Q2 2025	$12.89	$8.43	Beat
Q3 2025	$11.83	$9.65	Beat
Q4 2025	$11.44	$10.74	Beat
Q1 2026	$9.47	$8.91	Beat
Q2 2026	$14.29	$10.16	Beat

Peers

Company overview

IPO dateApr 2, 1991

CEOLeonard S. Schleifer

Employees15,410

SectorHealthcare

IndustryBiotechnology

CountryUS

ExchangeNASDAQ Global Select

Websitewww.regeneron.com

Regeneron Pharmaceuticals, Inc. is a global biopharmaceutical enterprise focused on discovering, inventing, developing, manufacturing, and bringing to market medical treatments for a wide array of illnesses. Its therapeutic portfolio includes EYLEA, an injection used to treat various ophthalmic conditions such as wet age-related macular degeneration, diabetic macular edema, myopic choroidal neovascularization, diabetic retinopathy, and macular edema resulting from retinal vein occlusion (both central and branch). Other significant offerings are Dupixent, an injectable solution for atopic dermatitis and asthma in both adults and pediatric patients; Libtayo, indicated for metastatic or locally advanced cutaneous squamous cell carcinoma; Praluent, an injection prescribed for adults with heterozygous familial hypercholesterolemia or clinical atherosclerotic cardiovascular disease; REGEN-COV for COVID-19; and Kevzara, a solution targeting rheumatoid arthritis in adult patients. Furthermore, Regeneron provides Inmazeb for infections caused by Zaire ebolavirus; ARCALYST, an injection for cryopyrin-associated periodic syndromes, including familial cold auto-inflammatory syndrome and Muckle-Wells syndrome; and ZALTRAP, an intravenous infusion used in the treatment of metastatic colorectal cancer. In addition to its existing product lineup, the company is actively engaged in developing novel product candidates aimed at addressing unmet medical needs in areas such as ocular diseases, allergic and inflammatory conditions, cardiovascular and metabolic disorders, infectious diseases, rare diseases, cancer, pain management, and hematologic conditions. Regeneron maintains extensive collaboration and licensing agreements with a diverse range of partners, including Sanofi, Bayer, Teva Pharmaceutical Industries Ltd., Mitsubishi Tanabe Pharma Corporation, Alnylam Pharmaceuticals, Inc., Roche Pharmaceuticals, and Kiniksa Pharmaceuticals, Ltd. It also holds agreements with entities such as the U.S. Department of Health and Human Services, Zai Lab Limited, Intellia Therapeutics, Inc., the Biomedical Advanced Research Development Authority, and AstraZeneca PLC. The company was founded in 1988 and its corporate headquarters are situated in Tarrytown, New York.

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