REGN
Regeneron Pharmaceuticals, Inc.$774.66
Unclear
Target $772.68
Report: Mar 13, 2026Healthcare • Biotechnology • Mature CompounderSnapshot
Decision-first overview with recommendation, valuation anchor, and current setup.
Company Overview
Research Snapshot
Price History
Pelican View
Current$774.66-0.3%
Rec: UnclearConviction: High
Entry Target
$594.37
(23% below current)
Fair Value
$772.68
(0% below current)
Stop Loss
$476.49
(38% below current)
Position Size
Half
Time Horizon
Long-Term (3+ Years)
Key Metrics
Live Snapshot
Market Data
52 Week High$821.11
52 Week Low$476.49
Avg. 3 Month Volume742K
Efficiency
LTM Gross Margin85.4%
LTM EBITDA Margin40.6%
LTM EBIT Margin36.8%
LTM Operating Margin24.9%
LTM ROA11.5%
LTM ROE14.8%
LTM ROIC15.6%
LTM ROCE15.1%
Capital Structure
Market Cap (MM)$81.7B
Enterprise Value (MM)$81.3B
Shares Outstanding103.10M
Total Debt (MM)$2.71B
Cash & Equivalents (MM)$3.12B
LTM Net Debt (MM)$-412.20M
LTM Net Debt/EBITDA-0.1x
Growth
TTM Rev. Growth1.0%
Last 3-Yr Rev. CAGR5.6%
Last 3-Yr EBITDA CAGR3.4%
Last 3-Yr EPS CAGR2.1%
Valuation
Street Target Price$862.74
LTM EV/Revenue5.7x
LTM EV/Gross Profit6.6x
LTM EV/EBIT15.4x
LTM EV/EBITDA14.0x
LTM P/E18.1x
LTM EV/FCF19.9x
LTM P/FCF20.0x
LTM P/TB2.1x
LTM P/B2.6x
Dividend Yield0.5%
Payout Ratio8.2%
Executive SummarySituation: Current price is $774.66 versus fair value $772.68 (-0.3% expected return), and valuation confidence is stable. Debate: Bull case depends on FDA approval for EYLEA HD prefilled syringe and RVO/monthly dosing (PDUFA late Dec 2025), addressing wholesaler inventory concerns and unlocking 18% QoQ unit demand; validates moat durability vs biosimilars per Q3 +66% HD growth. Bear case centers on EYLEA 2mg biosimilar entry H2 2026 (Amgen/Samsung) erodes pricing power, compressing gross margins -70bps to 85.4% and revenue +1% TTM. Conclusion: Recommendation is Unclear; maintain no position until reliability and catalyst evidence improve.
Bull Case
Dupixent $17.8B FY2025 sales (+32% YoY across 8 indications); EYLEA HD +66% U.S. growth with label expansions; 45-candidate pipeline with 2026 readouts (LIBTAYO/fianlimab H1); 15.6% ROIC >9% WACC sustaining compounding.
Bear Case
EYLEA 2mg -28% Q3 sales from biosimilars (H2 2026 entry); gross margin -70bps to 85.4% on $172.9M write-offs; insider sales $9.3M (57 trades, no buys); operating margin -320bps to 24.9% on R&D +14% to $5.85B.
Key Catalysts
Near-Term (0-6 months)Impact: High
FDA approval for EYLEA HD prefilled syringe and RVO/monthly dosing (PDUFA late Dec 2025), addressing wholesaler inventory concerns and unloc...
Mid-Term (6-18 months)Impact: Critical
Dupixent COPD efficacy readout Q4 2025, adding billions peak sales in underpenetrated indication; differentiates via vestigial pathway safet...
Long-Term (18+ months)Impact: Moderate
Recent Q3 beat (+11.8% stock) and 9 analyst PTs in 60 days (avg $873 +13%) highlight pipeline momentum amid EYLEA transition.
Primary Risks
Concern: High
EYLEA 2mg biosimilar entry H2 2026 (Amgen/Samsung) erodes pricing power, compressing gross margins -70bps to 85.4% and revenue +1% TTM.
Concern: Medium
Manufacturing delays/inventory write-offs ($172.9M FY2025) from filler issues erode operating margins -320bps to 24.9%.
Concern: Medium
Strong stewardship: capital allocation score 3/4 (buybacks 12.2% yield), board M&A experts (Coles: Onyx $10.4B sale; Poon: J&J $16.6B Pfizer...
Recent Activity
2025-10-28SEC Filing (8-K)
+11.82%Regeneron reported third quarter 2025 financial results with 1% revenue growth to $3.75 billion and key pipeline progress including FDA approvals for Libtayo and DB-OTO.
2025-04-29SEC Filing (DEFA14A)
-6.87%Regeneron Pharmaceuticals, Inc. announces 2025 Annual Meeting with proposals including board election, accounting firm ratification, and charter amendments
2024-10-31SEC Filing (8-K)
-9.17%Regeneron reported Q3 2024 financial results with 11% revenue growth to $3.72 billion and FDA approval of Dupixent for COPD.
2023-08-03SEC Filing (8-K)
+5.37%Regeneron reported Q2 2023 financial results with 11% revenue growth to $3.16 billion and strong pipeline progress.
2023-05-04SEC Filing (8-K)
-6.14%Regeneron reports Q1 2023 financial results with $3.16 billion revenues and $7.17 GAAP EPS, highlighting Dupixent COPD trial success
Valuation Table
9.8/10Decision Grade
Scenario Range
$614
Bear
$802
Base
$929
Bull
$775