Biogen vs Regeneron Pharmaceuticals
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KIRA’s take AI analyst
I put Biogen and Regeneron Pharmaceuticals side by side, using each one’s latest annual report. Here is what stands out:
- Regeneron Pharmaceuticals is the larger business, with $14.3B of revenue in fiscal 2025 against $9.9B for Biogen.
- Biogen grew revenue faster (2.2%, against 1.0%).
- Regeneron Pharmaceuticals turned more of its sales into free cash flow (28.5% FCF margin, against 20.7%).
- Regeneron Pharmaceuticals earned a higher return on the capital invested in it (12.7%, against 7.3%).
- Investors pay more for each dollar of Biogen’s earnings: a P/E of 27.1x against 20.0x for Regeneron Pharmaceuticals.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Biogen
BIIB
1/9
Revenue growth
Regeneron Pharmaceuticals
REGN
7/9
5-year growthNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BIIB FY25 | REGN FY25 |
|---|---|---|
| Size | ||
| Market cap | $37.4B | $85.6B |
| Revenue | $9.9B | $14.3B |
| Free cash flow | $2.1B | $4.1B |
| Net income | $1.3B | $4.5B |
| Growth | ||
| Revenue growth | 2.2% | 1.0% |
| 5-year growth | −6.0% | 11.0% |
| Share count change | 0.8% | −5.7% |
| Profitability | ||
| Gross margin | 75.7% | — |
| Operating margin | — | 25.0% |
| Net margin | 13.1% | 31.4% |
| FCF margin | 20.7% | 28.5% |
| Return on capital | 7.3% | 12.7% |
| Return on equity | 7.4% | 14.9% |
| Balance sheet | ||
| Net debt | $2.5B | −$5.9B |
| Net debt / EBITDA | 1.0x | −1.4x |
| Dividends and buybacks | $0.0M | $3.8B |
| Valuation & quality | ||
| P/E | 27.1x | 20.0x |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.