Regeneron Pharmaceuticals, Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Regeneron's revenue growth has re-accelerated sharply in 2026, with Q1 revenue up 19% YoY to $3.61B and Q2 up 16.7% YoY to $4.29B, a dramatic improvement from the 0.99% full-year growth in FY2025.
The stock has pulled back to $739.57 — just above the 200-day moving average of $735.71 — with an oversold RSI of 39.0, creating an attractive entry after the prior run-up. The newly announced Sanofi collaboration brings a $1.0B upfront payment and up to $7B in milestones for four next-generation immunology antibodies, strategically addressing the looming Dupixent loss-of-exclusivity, while Q2 2026 operating margin of roughly 33% (implied from $1.42B operating income on $4.29B revenue) suggests the multi-year margin compression seen through FY2025 may be stabilizing.
What could go wrong
- Operating margin compression. FY2025 operating margin fell to 25.0% from 28.1% in FY2024 and 44.2% in FY2022, a persistent structural decline that could resume if Q2 2026's improvement does not hold.
- Persistent insider selling. Over the trailing 24 months, insiders executed 72 dispositions with zero open-market acquisitions, netting -$17,311 shares and -$12.8M in value, with recent September 2026 sales by EVP Marion McCourt at $850–$857 per share.
- Technical breakdown risk. Stock is trading below its 50-day MA of $789.53 with a bearish MACD histogram of -4.80; a break below the 200-day MA at $735.71 could trigger further selling.
- Dupixent LOE overhang. The Sanofi deal explicitly addresses Dupixent loss-of-exclusibility, but new antibody assets may not launch until 2030, creating a potential revenue gap.
What would change my mind
Where this comes from: Q1–Q2 2026 results · FY25 fundamentals · technicals, 8 Oct · news, 1 Oct. Orin's read on REGN; not advice.
How has the share price moved?
Up 39.4% over twelve months, from $585.31 on 27 Oct 2025 to $816.10 at the Tue 27 Oct 2026 close. Its highest close in that time was $852.03 on 2 Sep 2026; the last close is 4.2% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 3.0M, on 18 May 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All REGN filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $5.7B | 0.1% |
| Vanguard Capital Management | $4.1B | 0.1% |
| State Street | $3.0B | 0.1% |
| Invesco | $2.5B | 0.2% |
| JPMorgan Chase | $2.4B | 0.1% |
| Vanguard Portfolio Management | $2.0B | 0.1% |
| Franklin Resources | $1.7B | 0.4% |
| Geode Capital Management | $1.6B | 0.1% |
| T. Rowe Price Associates | $953.8M | 0.1% |
| Morgan Stanley | $871.5M | 0.0% |
100 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 191 Form 4 filings; open-market trades net −$16.0M. Of the 50 on hand, 0 were open-market purchases and 35 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 →How is it priced, against its own past and its sector?
Priced at 19.5× its last 12 months of profit (Tue 27 Oct close) — higher than in 4 of its last 5 fiscal years (middle 17.8×); the typical Healthcare company on the NASDAQ is at 20.8×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 19.5×above usual | 17.8× | 20.8× |
| P/S | 5.41×near usual | 5.63× | — |
| EV/EBITDA | 14.5×near usual | 14.5× | — |
| P/B | 2.7×below usual | 3.4× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $857 (from $750 to $1,030) — 5% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$857
$750 – $1,030 · +5% against the last close
- 18 buy or overweight
- 6 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 19.5× its last 12 months of profit. Only 2 of the 3 companies it is compared to made a profit (AMGN 27.6×, BIIB 1.7×), so there is no typical P/E.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| REGNRegeneron Pharmaceuticals, Inc. | $84B | 19.5× | 14.5× | 84.9% | 27.9% | 14% |
| AMGNAmgen Inc. | $242B | 27.6× | 16.2× | 72.7% | 22.9% | 89% |
| BIIBBiogen Inc. | $37B | 1.7× | 22.7× | 50.1% | 3.4% | 5% |
| GILDGilead Sciences, Inc. | $197B | lost money | 165× | 79.6% | −10.6% | −16% |
- GILD: lost money over the last 12 months, so no P/E.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 19.5× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now19.5×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Healthcare companies on the NASDAQ were priced at a typical 20.8× their yearly profit (Tue 27 Oct close).
- Now20.8×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $1,891 a share — 133% above the $809.95 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $1,891 | 133% above $809.95 |
| Levered | $2,047 | 153% above $809.95 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.