# Regeneron Pharmaceuticals Inc. (REGN) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/REGN/thesis · /stocks/REGN/memo

## Financial Snapshot

---
ticker: REGN
step: 04
generated: 2026-05-12
source: quick-research
---

### Regeneron Pharmaceuticals Inc. (REGN) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25v24) |
|--------|--------|--------|--------|--------|-------------|
| Revenue | $12.17B | $13.12B | $14.20B | $14.34B | +1.0% |
| Gross Margin (GAAP) | ~85% | ~85% | ~80% | ~78% | -200 bps |
| Operating Margin (Non-GAAP) | ~45% | ~43% | ~40% | ~38% | -200 bps |
| Net Income (GAAP) | $4.34B | $3.95B | $4.41B | ~$4.0B | -10% |
| EPS (diluted, GAAP) | $38.07 | $35.49 | $38.69 | ~$36 | -7% |
| EPS (diluted, non-GAAP) | $46.99 | $43.78 | $45.50 | ~$42 | -8% |

Note: Reported revenue understates economic exposure — Sanofi-recorded Dupixent global sales of $17.8B in 2025 generated material profit share to Regeneron above the reported $14.3B line.

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$5.5B |
| Capex | ~$700M |
| Free Cash Flow | ~$4.8B |
| Cash & Investments | $19.4B (one of the strongest biotech balance sheets) |
| Total Debt | $2.7B |
| Net Cash | +$16.7B |

#### Capital Return
- **Initiated first-ever quarterly dividend in FY2025**
- Total buyback authorization: ~$4.5B (recently expanded)
- Capital allocation now formally returning meaningful cash to shareholders for the first time in company history

#### Key Ratios (approximate, May 2026)
- P/E (TTM, GAAP): ~22x | EV/EBITDA: ~16x | FCF Yield: ~6%
- Revenue Growth (TTM): ~+1% | Non-GAAP Operating Margin: ~38%
- ROE: ~14% | Cash / Market Cap: ~24%
- 2026 GAAP gross margin guidance: 77–78%

#### Product Mix (FY2025 highlights)
- **EYLEA HD: ~$1.6B** (+36% YoY, capturing ~half of Eylea franchise)
- **EYLEA (legacy): ~$2.7B** (-42% YoY under biosimilar pressure)
- **Dupixent global (Sanofi-recorded): $17.8B**, with Q1 2026 +30.8% globally
- **Libtayo: >$1.2B** (+40% YoY in FY2024)
- Praluent, Evkeeza, Veopoz, Arcalyst, Inmazeb: smaller contributors

#### Growth Profile
Regeneron is in the middle of two transitions:
1. **Eylea franchise**: Successfully shifting from legacy 2mg (under biosimilar pressure) to high-dose HD 8mg with longer dosing intervals — HD now captures >50% of US volume. The franchise total has stabilized as HD growth offsets legacy decline.
2. **Pipeline diversification**: From dependency on Eylea + Dupixent to a broader portfolio including Libtayo, the fianlimab + Libtayo combo (potential $5B+ melanoma franchise), bispecifics in B-cell malignancies (odronextamab, linvoseltamab), and a growing genetic medicines pipeline via the Intellia partnership.

Management guided 2026 R&D spending to $5.9–6.1B, with ≥4 FDA approvals expected. 18 Phase 3 program starts planned through 2026.

#### Forward Estimates
**2026 guidance:** GAAP gross margin 77–78%. R&D spend $5.9–6.1B. Consensus FY2026 revenue: ~$15.5–16B (low single-digit growth); non-GAAP EPS: ~$45–48. Bull-side scenarios pencil in successful fianlimab + Libtayo readout creating a major new oncology franchise (+$5B by 2028), bispecific approvals in lymphoma / myeloma adding $1–2B revenue, and continued Dupixent indication expansion. Bear-side scenarios bake in faster EYLEA biosimilar erosion, Vabysmo share gains in retinal, and slower bispecific commercial ramp.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/REGN/fundamental

## Navigation

- Overview: /stocks/REGN
- Financials (this page): /stocks/REGN/financials
- Thesis: /stocks/REGN/thesis
- Investment Memo: /stocks/REGN/memo
- Coverage universe: /stocks