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Regeneron Pharmaceuticals

REGN Nasdaq Biotechnology Financials FY2016–FY2025

Regeneron Pharmaceuticals' revenue rose 1.0% to $14.3 billion in fiscal 2025. Its operating margin was 24.9%, down from 28.1% a year earlier. Free cash flow was $4.1 billion, up 11.3%. It paid out $3.8 billion in dividends and buybacks, 93% of free cash flow. The diluted share count fell 5.7%.

Last close · Oct 23, 2026

$805.02

1.7%
Value it Compare
Revenue Total sales reported in the income statement.
$14.3B
1.0% vs prior year
Operating margin Operating income as a share of revenue.
25.0%
3.2 pts
Net income Profit after all expenses, interest and tax.
$4.5B
2.1%
Free cash flow Cash from operations minus capital spending.
$4.1B
11.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.7%
5.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$85.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.9x
On $40.47 EPS (TTM)

What Regeneron Pharmaceuticals does

No business description yet.

Legal name
REGENERON PHARMACEUTICALS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000872589-26-000008
0000872589

Revenue and margins

Regeneron Pharmaceuticals had $14.3B of revenue in fiscal 2025, up 1.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 20.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.1B in fiscal 2025, 28.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Regeneron Pharmaceuticals returned $3.8B to shareholders in fiscal 2025, 93% of free cash flow. The diluted share count fell 5.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Regeneron Pharmaceuticals yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $5.9B and divides by 108.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.9x · peers 27.3x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Regeneron Pharmaceuticals can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $5.7B$7.7B$10.8B$9.0B$8.6B
Debt incl. finance leases $2.7B$2.7B$2.7B$2.7B$2.7B
Net debt / EBITDA −0.3x−1.0x−1.8x−1.4x−1.4x
Debt / equity 0.1x0.1x0.1x0.1x0.1x
Interest coverage 156.1x79.8x55.4x72.3x81.7x
Current ratio 3.6x5.1x5.7x4.7x4.1x
Quick ratio 3.1x4.3x4.9x4.0x3.4x
Total assets $25.4B$29.2B$33.1B$37.8B$40.6B
Total liabilities $6.7B$6.6B$7.1B$8.4B$9.3B
Shareholders' equity $18.8B$22.7B$26.0B$29.4B$31.3B
Net debt (− = net cash) −$3.0B−$5.0B−$8.1B−$6.3B−$5.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$9.7M

6 insiders

Of sales under plans

100%

$9.7M

DateInsiderTradeSharesPriceValueFiling
Oct 14, 2026 Andrew J MurphyCo-Chief Scientific Officer Sold plan 4,147 $772.70 $3.2M Form 4
Sep 3, 2026 Marion McCourtEVP Commercial Sold plan 1,131 $857.39 $1.0M Form 4
Sep 2, 2026 Kathryn GuariniDirector Sold plan 400 $850.00 $0.3M Form 4
Sep 2, 2026 Marion McCourtEVP Commercial Sold plan 1,215 $850.00 $1.0M Form 4
Aug 10, 2026 Huda Y ZoghbiDirector Sold plan 800 $800.00 $0.6M Form 4
Aug 10, 2026 Kathryn GuariniDirector Sold plan 400 $800.00 $0.3M Form 4
Jul 2, 2026 Arthur F RyanDirector Sold plan 200 $650.15 $0.1M Form 4
May 1, 2026 Arthur F RyanDirector Sold plan 100 $705.24 $0.1M Form 4
Apr 1, 2026 Arthur F RyanDirector Sold plan 100 $777.27 $0.1M Form 4
Mar 2, 2026 Arthur F RyanDirector Sold plan 100 $785.50 $0.1M Form 4
Feb 19, 2026 Huda Y ZoghbiDirector Sold plan 1,638 $781.33 $1.3M Form 4
Feb 9, 2026 Jason PitofskySVP Controller Sold plan 2,036 $778.52 $1.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 84 / 85 / 8
Accruals ratio −2.1%−0.0%−1.2%
Altman Z'' 10.539.679.21

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Regeneron Pharmaceuticals REGN $85.3B 1.0% 25.0% 28.5% 12.7% 19.9x 5
Vertex Pharmaceuticals VRTX $133.7B 8.9% 34.8% 26.6% 31.5% 30.5x 6 Compare →
Biogen BIIB $37.2B 2.2% — 20.7% 7.3% 27.0x 5 Compare →
Gilead Sciences GILD $194.0B 2.4% 34.0% 32.1% 23.0% — 8 Compare →
Amgen AMGN $239.0B 10.0% 24.7% 22.0% 14.4% 27.3x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $4.9B $5.9B $5.1B $6.6B $8.5B $16.1B $12.2B $13.1B $14.2B $14.3B
Gross profit $4.7B $5.7B $4.9B $6.2B — — — — — —
Research and development $2.1B $2.1B $1.5B $2.5B $2.6B $2.9B $3.6B $4.4B $5.1B $5.9B
Operating income $1.3B $2.1B $2.5B $2.2B $3.6B $8.9B $4.7B $4.0B $4.0B $3.6B
Interest expense $7.2M $25.1M $28.2M $30.2M $56.9M $57.3M $59.4M $73.0M $55.2M $43.8M
Pretax income $1.3B $2.1B $2.6B $2.4B $3.8B $9.3B $4.9B $4.2B $4.8B $5.2B
Income tax $434M $880M $109M $313M $297M $1.3B $520M $246M $367M $726M
Net income $896M $1.2B $2.4B $2.1B $3.5B $8.1B $4.3B $4.0B $4.4B $4.5B
Diluted EPS $7.70 $10.34 $21.29 $18.46 $30.52 $71.97 $38.22 $34.77 $38.34 $41.48
Diluted shares 0.12B 0.12B 0.11B 0.11B 0.12B 0.11B 0.11B 0.11B 0.12B 0.11B
Cash flow
Cash from operations $1.5B $1.3B $2.2B $2.4B $2.6B $7.1B $5.0B $4.6B $4.4B $5.0B
Capital expenditure $512M $273M $383M $430M $615M $552M $590M $719M $756M $898M
Free cash flow $974M $1.0B $1.8B $2.0B $2.0B $6.5B $4.4B $3.9B $3.7B $4.1B
Depreciation and amortization $105M $146M $148M $210M $236M $286M $341M $421M $483M $544M
Stock-based compensation $560M $507M $427M $464M $432M $602M $725M $885M $983M $994M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $230M $54.9M $16.5M $3.3M
Share buybacks $0.0M $0.0M $4.4M $276M $5.8B $1.6B $2.1B $2.2B $2.6B $3.4B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $370M
Dividends and buybacks $0.0M $0.0M $4.4M $276M $5.8B $1.6B $2.1B $2.2B $2.6B $3.8B
Balance sheet
Cash and short-term investments $1.0B $1.4B $2.8B $3.2B $3.6B $5.7B $7.7B $10.8B $9.0B $8.6B
Total debt $0.0M $0.0M $0.0M $0.0M $2.0B $2.0B $2.0B $2.0B $2.0B $2.0B
Finance lease liabilities $0.0M $0.0M $0.0M $714M $717M $720M $720M $720M $720M $720M
Current assets $3.2B $4.3B $6.4B $7.7B $9.8B $14.0B $15.9B $19.5B $18.7B $18.0B
Current liabilities $1.2B $1.1B $1.4B $2.1B $2.7B $3.9B $3.1B $3.4B $3.9B $4.4B
Inventory $399M $726M $1.2B $1.4B $1.9B $2.0B $2.4B $2.6B $3.1B $3.2B
Property and equipment, net $2.1B $2.4B $2.6B $2.9B $3.2B $3.5B $3.8B $4.1B $4.6B $5.1B
Total assets $7.0B $8.8B $11.7B $14.8B $17.2B $25.4B $29.2B $33.1B $37.8B $40.6B
Total liabilities $2.5B $2.6B $3.0B $3.7B $6.1B $6.7B $6.6B $7.1B $8.4B $9.3B
Shareholders' equity $4.4B $6.1B $8.8B $11.1B $11.0B $18.8B $22.7B $26.0B $29.4B $31.3B
Margins
Gross margin 96.0% 96.6% 95.4% 93.9% — — — — — —
Operating margin 27.4% 35.4% 49.3% 33.7% 42.1% 55.7% 38.9% 30.9% 28.1% 25.0%
EBITDA margin 29.5% 37.9% 52.1% 36.9% 44.9% 57.5% 41.7% 34.1% 31.5% 28.7%
Net margin 18.4% 20.4% 47.5% 32.3% 41.4% 50.3% 35.6% 30.1% 31.1% 31.4%
FCF margin 20.0% 17.6% 35.2% 30.5% 23.6% 40.6% 36.4% 29.5% 25.8% 28.5%
Returns
Return on capital 29.8% 29.4% 45.4% 26.5% 35.2% 59.8% 25.3% 21.5% 18.0% 12.7%
Return on capital employed 25.3% 31.1% 28.3% 19.2% 26.3% 49.8% 19.9% 14.5% 12.6% 10.2%
Return on equity 22.1% 22.6% 32.8% 21.3% 31.8% 54.2% 20.9% 16.3% 16.0% 14.9%
Return on assets 14.2% 15.2% 23.9% 15.9% 22.0% 37.9% 15.9% 12.7% 12.5% 11.5%
Growth
Revenue growth 18.4% 20.8% −12.4% 27.4% 29.6% 89.1% −24.3% 7.8% 8.3% 1.0%
Net income growth 40.8% 33.8% 104.0% −13.4% 66.1% 129.9% −46.3% −8.9% 11.6% 2.1%
EPS growth 39.5% 34.3% 105.9% −13.3% 65.3% 135.8% −46.9% −9.0% 10.3% 8.2%
FCF growth 49.2% 6.2% 75.2% 10.4% 0.2% 225.9% −32.2% −12.4% −5.4% 11.4%
Share count change 0.9% −0.3% −1.0% −0.2% 0.4% −2.5% 1.2% 0.2% 1.2% −5.7%
Financial health
Net debt / EBITDA −0.7x −0.6x −1.1x −1.0x −0.2x −0.3x −1.0x −1.8x −1.4x −1.4x
Debt / equity 0.0x 0.0x 0.0x 0.1x 0.2x 0.1x 0.1x 0.1x 0.1x 0.1x
Interest coverage 184.8x 82.9x 89.9x 73.2x 62.9x 156.1x 79.8x 55.4x 72.3x 81.7x
Current ratio 2.6x 3.8x 4.5x 3.7x 3.6x 3.6x 5.1x 5.7x 4.7x 4.1x
Quick ratio 2.2x 3.2x 3.7x 3.0x 2.9x 3.1x 4.3x 4.9x 4.0x 3.4x
Capital allocation
Capex / revenue 10.5% 4.6% 7.5% 6.6% 7.2% 3.4% 4.9% 5.5% 5.3% 6.3%
Stock comp / revenue 11.5% 8.6% 8.3% 7.1% 5.1% 3.7% 6.0% 6.8% 6.9% 6.9%
Payouts / FCF 0.0% 0.0% 0.2% 13.8% 291.8% 25.2% 47.1% 57.7% 71.0% 93.3%
Quality scores
Piotroski F-score 4.0 7.0 5.0 4.0 4.0 6.0 5.0 5.0 4.0 5.0
Altman Z'' 5.8 7.6 8.8 8.2 8.1 10.4 10.2 10.5 9.7 9.2
Accruals ratio −9.4% −1.4% 2.4% −2.4% 5.6% 4.7% −2.5% −2.1% −0.0% −1.2%

Source: SEC EDGAR XBRL filings (CIK 0000872589). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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