At a glance
Regeneron Pharmaceuticals Inc is worth $99.44B, about 23 times its fiscal 2025 earnings. Revenue grew 1.0% to $14.34B in fiscal 2025, with 31.4% kept as profit; over 5 years it has grown 11.0% a year. It pays a 0.38% dividend yield, and returned $12.38B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +48.2% over the past year with dividends reinvested and +8.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 12.6% in the 2020 crash (S&P 500: 33.7%) and 25.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 4 months after the lows.
The business in plain English
Regeneron Pharmaceuticals is a biotechnology company that invents, develops, manufactures and sells medicines for serious diseases. These include eye disease, allergic and inflammatory conditions, cancer, high cholesterol and rare disorders. Its main products are EYLEA HD and EYLEA, injections for wet age-related macular degeneration and other retinal diseases. Dupixent treats eczema (atopic dermatitis), asthma, the lung disease COPD and related conditions. Libtayo treats certain lung and skin cancers. Its own plants are in Rensselaer, New York, and Limerick, Ireland.
Revenue was $14.3 billion in fiscal 2025. Just over half, 51.1%, was collaboration revenue. This is money from partnerships, including Regeneron's share of profits on drugs sold with Sanofi and Bayer. Sanofi is its partner on Dupixent and Kevzara. Bayer is its partner on EYLEA HD and EYLEA outside the US. Another 44% came from net product sales of drugs Regeneron sells itself, led by EYLEA HD and EYLEA in the US. Other revenue made up 4.9%.
The US is the biggest market for its top drugs. In 2025, US sales of both Dupixent and the EYLEA family were larger than sales in the rest of the world. Sales depend on coverage from insurers, pharmacy benefit managers, Medicare and Medicaid. A small number of customers account for a significant share of revenue. Revenue grew 1% in 2025. Combined EYLEA HD and EYLEA sales fell, while Dupixent kept growing.
Price history
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REGN +48.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Collaboration revenue | $7.33B | 51.1% |
| Net product sales | $6.31B | 44% |
| Other revenue | $702.6M | 4.9% |
| Other products | $10.1M | 0.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $5.12B, up 36.3% from a year earlier, and net income was $1.95B (+33.5%).
- For fiscal 2025, revenue was $14.34B (+1.0% year over year; +11.0% a year from FY2020 to FY2025) with a 31.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.0% good |
|---|---|
| Operating margin | 24.9% good |
| Free cash flow margin | 28.4% good |
| Return on equity (FY2025) | 14.4% watch |
| Return on assets (FY2025) | 11.1% good |
| Net cash (cash minus debt) | $16.87B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.50B | $3.51B | $2.00B |
| FY2021 | $16.07B | $8.08B | $6.53B |
| FY2022 | $12.17B | $4.34B | $4.42B |
| FY2023 | $13.12B | $3.95B | $3.88B |
| FY2024 | $14.20B | $4.41B | $3.66B |
| FY2025 | $14.34B | $4.50B | $4.08B |
Valuation snapshot
| Market value | $99.44B |
|---|---|
| P/E ratio | 23.2 |
| Dividend yield | 0.38% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| REGN price data to Nov 2, 2026 | +25.0% | +48.2% | +5.8% | +8.7% | +10.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +25.0% |
| 2025 | +8.9% |
| 2024 | -18.9% |
| 2023 | +21.7% |
| 2022 | +14.3% |
| 2021 | +30.7% |
| 2020 | +28.7% |
| 2019 | +0.5% |
| 2018 | -0.7% |
| 2017 | +2.4% |
| 2016 | -32.4% |
| 2015 | +32.3% |
| 2014 | +49.0% |
| 2013 | +60.9% |
| 2012 | +208.6% |
| 2011 | +68.8% |
| 2010 | +35.8% |
| 2009 | +31.7% |
| 2008 | -24.0% |
| 2007 | +20.3% |
| 2006 | +26.2% |
| 2005 | +72.6% |
| 2004 | -37.4% |
| 2003 | -20.5% |
| 2002 | -34.3% |
| 2001 | -20.1% |
| 2000 | +176.6% |
| 1999 | +72.9% |
| 1998 | -13.9% |
| 1997 | -46.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 29.2% over that stretch · deepest drop along the way 49.9%, back to its old high 9.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 13.7% over that stretch · deepest drop along the way 12.6%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 16.1% over that stretch · deepest drop along the way 25.8%, back to its old high 3.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 103 sales ($11.0M), 103 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jan 7, 2026 | Bonnie L Bassler Director | sell (plan) | $1.2M |
| Sep 2, 2026 | Marion McCourt EVP Commercial | sell (plan) | $1.0M |
| Sep 3, 2026 | Marion McCourt EVP Commercial | sell (plan) | $970K |
| Aug 10, 2026 | Huda Y Zoghbi Director | sell (plan) | $640K |
| Feb 9, 2026 | Jason Pitofsky SVP Controller | sell (plan) | $438K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.37% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 4.4% | May 30, 2025 |
| FMR LLC | 3.2% | Jun 30, 2025 |
ETFs with the most weight in REGN
| MNTL Tema Neuroscience and Mental Health ETF | 8.06% |
| IBB iShares Biotechnology ETF | 7.49% |
| IBBQ Invesco Nasdaq Biotechnology ETF | 7.34% |
| PINK Simplify Health Care ETF | 6.44% |
| BBH VanEck Biotech ETF | 5.29% |
| PBE Invesco Biotechnology & Genome ETF | 4.56% |
| IDNA iShares Genomics Immunology and Healthcare ETF | 3.95% |
| HELX Franklin Genomic Advancements ETF | 3.58% |
What could go wrong
- Heavy reliance on EYLEA and Dupixent. Regeneron's annual report says it is substantially dependent on EYLEA HD, EYLEA and Dupixent. Combined EYLEA HD and EYLEA sales fell in 2025, and total revenue grew only 1%.
- Partners Sanofi and Bayer hold key rights. Collaboration revenue was 51.1% of 2025 revenue. Sanofi partners on Dupixent, and Bayer partners on EYLEA HD and EYLEA outside the US. If either deal ends or a partner falls short, results could suffer.
- Rivals and lower-cost biosimilars. Competing drugs may work better or cost less. Lost or limited patents and biosimilars (lower-cost near-copies of biologic drugs) have cut short Regeneron's sole right to sell some products before and could again.
- Drug pricing and reimbursement pressure. Sales depend on coverage and copay help from insurers, pharmacy benefit managers, Medicare and Medicaid. US federal and state price controls or tighter coverage rules could reduce prices or sales.
- Limited manufacturing capacity. Regeneron relies on its plants in Rensselaer, New York, and Limerick, Ireland, plus contract manufacturers. A disruption, or capacity that falls short of rising demand, could interrupt supply.
- Trial failures or safety problems. Drug development is costly, slow and uncertain. Failed studies or serious side effects could delay approvals, block new uses for existing drugs, or lead regulators to revoke or limit approvals.
Recent events
- Quarterly results released
- Major agreement signed; Quarterly results released; Other company announcement
- Executive or board change
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Regeneron started paying a dividend in fiscal 2025: $3.41 per share, or $370.3 million, after paying none in 2023 or 2024. That used just 8.2% of earnings and 9.1% of free cash flow (cash left after capital spending). There is no record of increases yet. The yield was 0.45% as of October 28, 2026, so an income investor would get most of any return from share price changes, not payouts. Share buybacks are the main way it returns cash: $12.0 billion over fiscal 2021–2025.
In market crashes the stock has mostly held up. It gained 13.7% while the market fell in early 2020, and 16.1% through the 2022 bear market, though it dipped 25.8% along the way. In the 2008 financial crisis it fell 49.9% before recovering by January 2010. Company-specific news can hurt more: its deepest drop in the three years to October 28, 2026 was 59.7%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Regeneron make money?
Mostly through partnerships and its own drug sales. Regeneron's revenue was $14.3 billion in fiscal 2025. Collaboration revenue made up 51.1%. It includes Regeneron's share of profits on drugs developed with Sanofi and Bayer, such as Dupixent. Net product sales of drugs Regeneron sells itself made up 44%, led by EYLEA HD and EYLEA in the US. Other revenue was 4.9%. Net income was $4.5 billion. That gave a net margin (profit as a share of revenue) of 31.4%.
What is Regeneron's biggest drug?
Dupixent, measured by 2025 worldwide net sales of drugs Regeneron discovered. Dupixent is sold in collaboration with Sanofi for eczema, asthma, COPD and other inflammatory conditions. Its sales were more than double the combined sales of EYLEA HD and EYLEA. The EYLEA family treats retinal diseases such as wet age-related macular degeneration. In 2025, sales of the newer EYLEA HD rose while older EYLEA fell, so the combined total declined from 2024. Sales of Libtayo, a cancer drug, also grew.
Does Regeneron pay a dividend?
Yes, since fiscal 2025. Regeneron paid no dividends in 2023 or 2024. In 2025 it paid $3.41 per share, about $370 million in total and 8.2% of earnings. The dividend yield (yearly dividend divided by share price) was 0.45% as of October 29, 2026, so the income is small. Share buybacks are far larger. Regeneron spent $12.0 billion buying back its own stock from fiscal 2021 through 2025, including $3.4 billion in 2025.
Does Regeneron share Dupixent with Sanofi?
Yes. Regeneron discovered Dupixent and works on it with Sanofi under a collaboration. It does the same with Kevzara, a rheumatoid arthritis drug. For the cholesterol drug Praluent, Regeneron handles the US and Sanofi the rest of the world. Partnership income, including Bayer's role with EYLEA outside the US, is reported as collaboration revenue. That was 51.1% of 2025 revenue. The annual report warns that Regeneron could be materially harmed if the Sanofi Antibody Collaboration ended or Sanofi materially breached it.
How has Regeneron stock performed over the long term?
Unevenly. Based on price alone, the shares returned 26% in the year to October 29, 2026. They averaged 5.2% a year over five years and 8.8% a year over ten years. The stock fell 18.9% in 2024 and rose 8.95% in 2025. In the three years to that date, its deepest drop from a peak was 59.7%. The annual report calls the stock price extremely volatile. The price-to-earnings ratio (share price divided by yearly earnings per share) was 19.7, based on 2025 earnings.