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Regeneron Pharmaceuticals, Inc. (REGN)

適正価値
HealthcareBiotechnologyUnited States

ファンダメンタル

69

株価

$736.25

時価総額

$81.95B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

セグメント別売上高

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.

競争優位性(moat)

特許・ライセンス · 狭い

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.

需要を左右する要因

ディフェンシブ

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.

主なリスク

  • 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.

強気材料

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.

弱気材料

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 2026年8月18日

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.

貸借対照表と流動性

売上高

$15.53B

直近12か月(2026/6/30まで)

純利益

$4.33B

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$4.08B

自己資本合計

$31.26B

負債合計

$9.30B

流動比率

3.34

利払い倍率

69.37

負債/EBITDA

0.66

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$913.53

現在株価

$736.25

安全マージン

+19.4%

適正価値レンジ

$593.80 - $1233.27

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$850.88
ディスカウンテッド・キャッシュフロー(DCF):$1609.16
利益倍率(P/E):$540.47
グレアムの成長公式:$751.91
収益力価値(EPV):$358.04
正当化されたP/B:$725.24
配当割引モデル(ゴードン):$89.44
P/FFO(運用から生まれる資金):$855.60
中間サイクル利益:$993.96
売上高倍率:$577.41
アナリスト・コンセンサス:買い (26B / 12H / 0S)
直近の決算サプライズ:+36.51%

バリュエーション指標

P/E レシオ

18.78

ROE

14.4%

P/B レシオ

2.26

P/FCF

19.04

粗利益率

-

ROIC

8.4%

収益性レーダー

価値創造(経済的モート)

ROIC

8.4%

WACC

7.8%

ROIC − WACC

+0.6 pp

ROICはおおむね資本コストと同水準です。企業はかろうじて資本コストを賄えている状態です。

ファンダメンタル分析基準

合格(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%

不合格(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

データなし(2)

  • Gross Margin NaN%
  • Dividend Payout NaN%

Piotroski F-スコア

4/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.08

高品質:利益はキャッシュに裏付けられている

株式希薄化

-5.6%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
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-

監査リスク

8

取締役会リスク

10

報酬リスク

9

株主権利リスク

10

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-04

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-07-30

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-30

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for REGN, sourced from Markets Gazette.

  • 18h 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