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Regeneron Pharmaceuticals, Inc. (REGN)

Fair bewertet
HealthcareBiotechnologyUnited States

Fundamental

69

Kurs

$736.25

Marktkapitalisierung

$81.95B

Teil 1 · Was das Unternehmen wert ist

Übersicht

Regeneron discovers and develops antibody-based medicines using its own proprietary research platform, and sells the ones it owns outright directly in the United States, while partners commercialize others abroad or share the economics of drugs invented together. Its two anchor products are EYLEA and EYLEA HD, injections that treat eye diseases causing blindness, and Dupixent, an anti-inflammatory antibody co-developed and marketed with Sanofi that has become one of the best-selling drugs in the world.

Wie das Geld verdient wird

Revenue has three distinct sources: direct US sales of Regeneron's own products, collaboration revenue representing its contractual share of profits from products that Sanofi and Bayer sell worldwide (mostly Dupixent and ex-US Eylea), and smaller royalty and other revenue. The collaboration structure means a large part of the company's results depends on sales volumes and pricing decisions made by its partners abroad, rather than on choices Regeneron controls directly itself.

Umsatz nach Segment

Sanofi collaboration revenue41%

Regeneron's contractual share of profits from Dupixent and Kevzara sales worldwide, commercialized by Sanofi. Grew 30% in 2025 as Dupixent kept expanding.

EYLEA / EYLEA HD (US)30.6%

Direct US sales of Regeneron's own eye-disease injections. Fell 27% in 2025 as EYLEA lost share to cheaper compounded alternatives and to its own successor, EYLEA HD.

Libtayo (global)10.1%

Regeneron's own immuno-oncology antibody for certain skin, lung and cervical cancers, sold worldwide and growing.

Bayer collaboration revenue9.9%

Regeneron's contractual share of profits from EYLEA and EYLEA HD sales outside the United States, commercialized by Bayer.

Other products and revenue8.4%

Praluent, Evkeeza and Inmazeb US sales plus other collaboration and royalty revenue — individually small, together a meaningful cushion.

Wettbewerbsvorteil

Patente und Lizenzen · Schmal

Regeneron's proprietary antibody-discovery platform and patent portfolio have produced a string of approved medicines that are genuinely hard to copy. But the moat is already showing cracks: EYLEA, once the company's flagship, lost more than a quarter of its US sales in 2025 to cheaper compounded drugs and to Regeneron's own newer EYLEA HD, showing that patent protection alone does not guarantee pricing power once substitutes exist.

Was die Nachfrage antreibt

Defensiv

Demand for treatments of blinding eye disease and chronic inflammatory conditions does not track the economy — patients need the medicine whether or not markets are strong. What does move results is competitive and reimbursement pressure: biosimilar and compounded alternatives, insurer formulary decisions, and government drug-pricing policy all affect volumes and net price independent of any business cycle.

Wichtigste Risiken

  • Revenue concentrated in two franchises — The EYLEA franchise and the Sanofi collaboration together account for the large majority of revenue. A setback in either — competitive, regulatory or clinical — would move the whole company's results.
  • Erosion of the EYLEA franchise — US EYLEA and EYLEA HD sales together fell 27% in 2025 due to competitive pressure, loss of share to compounded bevacizumab, and lower net pricing — a trend the company says may continue.
  • Dependence on a single collaboration partner — Over 40% of revenue depends on Regeneron's contractual profit share from Sanofi's commercialization of Dupixent, terms and performance that Regeneron does not fully control.
  • Drug pricing policy and reimbursement — US and international drug-pricing reforms can reduce net prices on the company's medicines regardless of their clinical value, directly compressing revenue and margins.

Die Argumente dafür

Buyers argue that Dupixent keeps growing at a double-digit pace as a best-in-class immunology franchise with a broad and expanding label, that EYLEA HD is winning share within the eye-disease market even as older EYLEA erodes, and that the antibody-discovery platform keeps producing new approved medicines beyond the two anchor products.

Die Argumente dagegen

Sellers fear that more than 70% of revenue still traces to Eylea and the Sanofi collaboration alone, that Eylea sales are already falling sharply to cheaper competition, and that a large share of profit depends on terms negotiated with a single partner rather than on markets Regeneron controls directly.

Written by the editors, published on 18. August 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Bilanz & Liquidität

Umsatz

$15.53B

Letzte 12 Monate (bis 30.6.2026)

Nettogewinn

$4.33B

Letzte 12 Monate (bis 30.6.2026)

Freier Cashflow

$4.08B

Gesamtes Eigenkapital

$31.26B

Gesamtverbindlichkeiten

$9.30B

Current Ratio

3.34

Zinsdeckungsgrad

69.37

Schulden/EBITDA

0.66

Gewinn je Aktie

Umsatz & Nettogewinn

Freier Cashflow

Ertragsaufschlüsselung

Historische Aufstellung

Margen im Zeitverlauf

Verschuldung im Zeitverlauf

Wie schwer die Schulden wiegen

Wachstumsraster

Wachstum — Umsatz

Innerer-Wert-Schätzung

Allgemeiner FallFair bewertet

Innerer Wert

$913.53

Aktueller Kurs

$736.25

Sicherheitsmarge

+19.4%

Innerer-Wert-Spanne

$593.80 - $1233.27

Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.

Bewertungsmethoden

Kursziel der Analysten:$850.88
Diskontierter Cashflow (DCF):$1609.16
Gewinnmultiplikator (P/E):$540.47
Graham-Wachstumsformel:$751.91
Ertragskraftwert (EPV):$358.04
Gerechtfertigtes P/B:$725.24
Dividendendiskontierung (Gordon):$89.44
P/FFO, Funds from Operations:$855.60
Gewinn im Zyklusmittel:$993.96
Umsatzmultiplikator:$577.41
Analystenkonsens:Kaufen (26B / 12H / 0S)
Letzte Gewinnüberraschung:+36.51%

Bewertungskennzahlen

P/E-Verhältnis

18.78

ROE

14.4%

P/B-Verhältnis

2.26

P/FCF

19.04

Bruttomarge

-

ROIC

8.4%

Rentabilitäts-Radar

Wertschöpfung (Wettbewerbsvorteil)

ROIC

8.4%

WACC

7.8%

ROIC − WACC

+0.6 pp

Der ROIC liegt etwa auf Höhe der Kapitalkosten: Das Unternehmen deckt gerade eben seine Kapitalkosten.

Fundamentalanalyse-Kriterien

Bestanden (20)

  • EPS shows upward trend
  • Price CAGR 8.13%
  • ROIC 8.4%
  • P/FCF 19.04
  • P/B Ratio 2.26
  • Debt/Equity ratio
  • Operating Margin 24.7%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 13.8%
  • Revenue Growth 5Y 11.0%
  • Analyst Consensus 68% Buy
  • Earnings Surprise avg 16.8%
  • Earnings Quality (OCF/NI) 1.08
  • Share Dilution -5.6%

Nicht bestanden (5)

  • Price below Graham Number
  • DCF valuation (Overvalued)
  • PEG Ratio 3.01
  • Net Margin Trend 27.9% vs 31.4%
  • Piotroski F-Score 4/9

Nicht verfügbar (2)

  • Gross Margin NaN%
  • Dividend Payout NaN%

Piotroski F-Score

4/9

Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit

score
criteria

Gewinnqualität

1.08

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

-5.6%

Aktienrückkäufe. Aktionärsfreundlich

Institutionelle Beteiligungen

Unternehmensführung

Führungsteam

NamePositionAlter
Dr. Leonard S. Schleifer M.D., Ph.D.Co-Founder, President, CEO & Co-Chairman72
Dr. George D. Yancopoulos M.D., Ph.D.Co-Founder, President, Chief Scientific Officer & Co-Chairman65
Mr. Christopher R. Fenimore CPAExecutive VP of Finance & CFO54
Mr. Joseph J. LaRosa J.D.Executive VP, General Counsel & Secretary66
Dr. Andrew J. Murphy Ph.D.Executive VP of Research & Co-Chief Scientific Officer67
Mr. Daniel P. Van PlewExecutive VP and GM of Industrial Operations & Product Supply52
Mr. Rajesh AhujaSenior Vice President of Quality Assurance & Operations-
Mr. Ryan SteinbergerExecutive VP, Chief Digital & Technology Officer-
Mr. Ryan CroweSenior Vice President of Investor Relations & Strategic Analysis-
Ms. Melissa LoznerSenior VP & Chief Compliance Officer-

Prüfungsrisiko

8

Vorstandsrisiko

10

Vergütungsrisiko

9

Aktionärsrechterisiko

10

Teil 2 · Der Preis und der Einstiegszeitpunkt

Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.

Dokumente

  • Jahresbericht (10-K)

    Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.

    Eingereicht am 2026-02-04

    Dokument ansehen
  • Quartalsbericht (10-Q)

    Ein Update zur finanziellen Entwicklung der letzten drei Monate.

    Eingereicht am 2026-07-30

    Dokument ansehen
  • Ad-hoc-Meldung (8-K)

    Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.

    Eingereicht am 2026-09-30

    Dokument ansehen

via SEC EDGAR

Ertragshistorie

via SEC EDGAR

Latest News

Recent headlines for REGN, sourced from Markets Gazette.

  • 12h agoPOSITIVE
    Regeneron riceve da Sanofi 1 miliardo di dollari nell'ambito dell'accordo ampliato nell'immunologia

    Regeneron Pharmaceuticals Inc. has secured $1 billion from Sanofi as part of an expanded immunology collaboration. This deal, building on their long-standing partnership in antibody development, now incorporates several next-generation, long-acting antibodies. The substantial upfront payment and expanded scope signal strong confidence in Regeneron's pipeline and its potential for future revenue generation. Investors will view this as a significant validation of the company's research and development capabilities, potentially boosting its valuation and market position in the competitive biotechnology sector.

  • 5/20/2026POSITIVE
    $100 Invested In Regeneron Pharmaceuticals 20 Years Ago Would Be Worth This Much Today

    An investment of $100 in Regeneron Pharmaceuticals Inc. 20 years ago would have grown significantly by today, highlighting the company's substantial long-term growth trajectory. While specific figures are not provided in the title, the implication of substantial wealth creation suggests strong performance in drug development, regulatory approvals, and market penetration over the past two decades. This historical performance underscores Regeneron's potential as a long-term investment, driven by innovation in biotechnology and successful commercialization of its therapies.

  • 5/18/2026NEGATIVE
    Why Is Regeneron Stock Sinking Monday?

    Regeneron Pharmaceuticals Inc. (REGN) saw its stock price decline on Monday following the announcement that its melanoma combination therapy failed to meet its primary endpoint in a clinical trial when compared against Merck & Co.'s Keytruda. While the high-dose arm of Regeneron's treatment did show longer progression-free survival, the overall trial results were not sufficient to achieve statistical significance. This setback in a key oncology indication could impact future revenue projections and investor sentiment, raising concerns about the drug's competitive positioning.

  • 3/12/2026POSITIVE
    In 2036, Investors Will Regret Not Loading Up on This Multibagger in the Making

    Regeneron Pharmaceuticals Inc. is positioned for significant future growth, driven by the success of its Dupixent drug and its robust scientific pipeline. The company's ability to expand its product portfolio suggests strong potential for future revenue streams and market expansion. Investors are advised that the current valuation may represent a compelling entry point for long-term gains, as the company's innovation and commercial success are expected to drive substantial returns by 2036.

  • 3/4/2026NEUTRAL
    P/E Ratio Insights for Regeneron Pharmaceuticals

    This article analyzes the price-to-earnings (P/E) ratio of Regeneron Pharmaceuticals Inc. (REGN), offering a comparative and historical look at the multiple. While no specific financial figures or market forecasts are presented, the focus on valuation implies investors should consider the P/E as a key tool for assessing the stock's attractiveness. P/E analysis is crucial for understanding whether the market is correctly pricing the company's future growth prospects against its current earnings. Without further details, the signal remains neutral but highlights an area for fundamental analysis.

  • 2/25/2026POSITIVE
    2 Reasons Regeneron Stock Could Crush the Market for the Next 10 Years

    Regeneron Pharmaceuticals, a specialist in the pharmaceutical sector, is exhibiting strong momentum that could extend over the next decade. Analysis suggests the stock has the potential to significantly outperform the broader market for the next ten years, building on its robust performance over the past six months. This positive momentum indicates a solid market position and long-term growth prospects, making it an attractive opportunity for investors seeking exposure to the biopharmaceutical sector with an expanding and innovative company.

via Markets Gazette