Regeneron Pharmaceuticals, Inc. REGN
Regeneron remains a hold: the stock has rallied sharply to $803 with RSI at 77.3 (deeply overbought) and trades at a ~18% PE premium to the peer median (19.2x vs 16.3x), despite operating income declining for four straight years from $8.95B in 2021 to $3.58B in 2025 and 2025 revenue of $14.34B representing just ~1% growth over 2024. Multiple securities class action lawsuits tied to the failed Phase 3 Fianlimab-Libtayo melanoma trial—which triggered an ~$11B market cap wipeout—create legal overhang, and insiders have been net sellers ($229M over 24 months with no cluster buying).
However, $4.08B in free cash flow, recovering EPS ($41.48 in 2025 vs $34.77 in 2023), and promising GLP-1 pipeline candidates justify staying engaged rather than exiting.
What could go wrong
- Class action litigation outcome. Multiple securities class action lawsuits filed covering Aug 1, 2025–May 15, 2026 period, tied to failed Phase 3 melanoma trial disclosures; lead plaintiff deadline Sept 14, 2026 could produce adverse headlines or settlements.
- Operating margin compression. Operating income has declined every year from $8.95B (2021) to $3.58B (2025) while revenue stayed roughly flat, signaling eroding cost structure or mix shift.
- Technical reversal risk. RSI at 77.3 and stock trading 19% above its 50-day MA ($675.78) leave it vulnerable to a sharp mean-reversion pullback.
- EYLEA franchise erosion. Core EYLEA revenue faces biosimilar and competitive pressure; with top-line growth stalled at ~1%, any acceleration in erosion could be material.
What would change my mind
Where this comes from: FMP annual fundamentals · FMP annual fundamentals · Technical data as of 2026-08-14 · Peer relative composite. Orin's read on REGN; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All REGN filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $4.1B | 0.1% of fund |
| State Street | $3.0B | 0.1% of fund |
| Invesco | $2.5B | 0.2% of fund |
| Jpmorgan Chase & | $2.4B | 0.1% of fund |
| Vanguard Portfolio Management | $2.0B | 0.1% of fund |
| Franklin Resources | $1.7B | 0.4% of fund |
97 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 161 Form 4 filings, net −$242.6M. Of the 50 on hand, 0 were open-market purchases and 37 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about REGN
Orin answers questions about REGN from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 19.0× | 17.8× | 26.4× |
| EV/EBITDA | 14.2× | 14.5× | — |
| P/S | 5.28× | 5.63× | — |
| P/B | 2.6× | 3.4× | — |
Its P/E sits 80th percentile of its own last 5 years (+0.40σ from its own mean).
7.8%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $4.1B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$828
$730 – $1030 · +5% against today's price
- 34 buy or overweight
- 15 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| REGNRegeneron Pharmaceuticals, Inc. | $82B | 19.0× | 14.2× | 84.9% | 27.9% | 14% |
| CICigna Corporation | $70B | 10.9× | 8.1× | 11.7% | 2.3% | 15% |
| CORCencora, Inc. | $60B | 22.9× | 13.5× | 3.7% | 0.8% | 106% |
| ELVElevance Health Inc. | $86B | 17.7× | 13.4× | 39.0% | 2.5% | 11% |
| IDXXIDEXX Laboratories, Inc. | $40B | 36.1× | 25.6× | 62.4% | 25.0% | 72% |
| INCYIncyte Corporation | $25B | 15.3× | 10.4× | 92.6% | 27.7% | 30% |
| ZTSZoetis Inc. | $29B | 11.6× | 9.6× | 70.9% | 27.5% | 69% |
The median is of the 6 peers listed above and nothing else — check it against the column. This company trades 15.2% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $2374 | $607.69 · +291% | 2026-06-10 |
| Levered DCF | $2568 | $607.69 · +323% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.