| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 42 | 20.0x | 17.3x | Around median | |
Growth | 46 | 9.3% | 7.1% | Around median | |
Quality | 78 | 9.1% | 4.5% | Top tier | |
Safety | 91 | — | 2.6x | Top tier | |
Capital Return | 82 | 0.44% | 0.06% | Top tier | |
Momentum | 84 | 36.1% | -1.6% | Top tier | |
Sentiment | 68 | 16 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
48% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 5.00% as of 2026-10-23. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Regeneron Pharmaceuticals develops and markets biologic medicines for eye diseases, immunology, oncology, and rare diseases, with revenue combining product sales and collaboration profit sharing with Sanofi and Bayer. Dupixent is central to its collaboration with Sanofi, while EYLEA HD and EYLEA lead its retinal disease business, and Libtayo supports its oncology business. In quarter 2 of fiscal year 2026 (ended 2026-06-30), EYLEA HD accounted for approximately 60% of net sales in the U.S. eye care franchise, compared with 34% in quarter 2 of fiscal year 2025; this reflects a shift in the mix toward the newer product, but also makes the success of this transition important in countering EYLEA's decline and competition.
Revenue reached $4.3 billion in quarter 2 of fiscal year 2026 (ended 2026-06-30), up 16.7% from the same quarter a year earlier, while net income was $1.3 billion and diluted earnings per share were $12.23. The operating margin was 30.1%, compared with 29.4% in quarter 2 of fiscal year 2025, but net income and earnings per share remained below the $1.4 billion and $12.81 recorded in the comparison period. Performance therefore combines sales growth and an improved operating margin with a failure to translate those gains into growth in reported net income.
Revenue totaled $15.5 billion and net income $4.3 billion for the trailing 12 months through 2026-06-30. According to EL7 data, operating cash flow was $4.7 billion, equivalent to 108% of net income for the same period, while trailing 12-month free cash flow as calculated by EL7 (operating cash flow minus capital expenditures) was $3.8 billion. This cash-generating capacity gives the company room to fund a pipeline of approximately 50 active clinical programs, while trial results and regulatory approvals remain decisive factors in turning research into commercial products.
Q2 FY2026
Last 12 months to 2026-06-30
When: 2026-10-30
Revenue compared with the $4.3 billion level
Operating margin compared with the 30.1% level
The industry multiple valuation is $1103, with a range of $617 to $2163, pricing next year's earnings at a median multiple of 21.1 across 75 companies; the discounted cash flow model yields $1092, with a range of $878 to $1445, measuring the value of cash flows at an 8.7% discount rate. The median target of 11 analysts is $855, with a range of $750 to $1030, reflecting their growth expectations, compared with a no-growth value of $418 that assumes after-tax operating profit remains constant forever at an 8.7% discount rate. The industry multiple and cash flow estimates are close, while the analyst median is below both and the no-growth value is below all of them, highlighting differences in how future earnings, generated cash, and constant profit without expansion are valued. Analyst targets tend toward optimism and cash flow models toward conservatism across the companies covered, but the ordering of Regeneron's values shows that this general tendency does not determine the ranking of valuation methods' results for every company.
Figures in the text are as of 2026-10-19; the live price is shown at the top of the page.
Dupixent contributes to Regeneron through Sanofi collaboration revenue and its share of collaboration profits, so this differs from the drug's global sales reported by Sanofi. On the 2026-07-30 call, the company described a base of more than 1.5 million active patients across 9 approved indications. It announced completion of repayment of the development balance, allowing it to recognize its full share of collaboration profits beginning in quarter 3 of fiscal year 2026. Nevertheless, it expected Dupixent's year-over-year sales growth to moderate in the second half of fiscal year 2026 compared with the first half.
EYLEA HD showed clear progress in quarter 2 of fiscal year 2026 (ended 2026-06-30), as physician demand rose 24% from the previous quarter and it accounted for approximately 60% of the U.S. franchise's net sales, compared with 34% in quarter 2 of fiscal year 2025. Dosing options ranging from every 4 weeks to every 20 weeks support the shift in use to the newer product. However, management expected continued sequential declines in EYLEA demand in the low-to-mid teens in the second half of fiscal year 2026, alongside competition from additional biosimilars. The 2026-09-28 news report cited positive phase 3 results at Kodiak Sciences, making preservation of the franchise's strength a broader challenge than simply moving patients between Regeneron's two products.
Automated analysis for informational purposes only — not investment advice.
Diluted earnings per share compared with the $12.23 level
According to EL7 data, operating cash flow was approximately $4.7 billion, equivalent to 108% of the $4.3 billion in net income for the trailing 12 months through 2026-06-30. Trailing 12-month free cash flow as calculated by EL7 (operating cash flow minus capital expenditures) was $3.8 billion, compared with $3.3 billion in share repurchases for the same period. According to EL7 data, cash and short-term investments totaled $8.0 billion against total debt of $2.0 billion in quarter 2 of fiscal year 2026 (ended 2026-06-30). These figures provide flexibility to support a pipeline of approximately 50 active clinical programs, while the selection of programs and external opportunities continues to influence the return on spending.
cemdisiran targets the C5 protein using small interfering RNA technology to treat generalized myasthenia gravis, with an FDA decision targeted for 2026-11. Management is counting on subcutaneous injections 4 times annually and sustained disease control to differentiate it, but these expectations do not guarantee approval or rapid commercial adoption. On the 2026-07-30 call, management also expected registrational results for its combination with pozelimab in paroxysmal nocturnal hemoglobinuria during quarter 4 of fiscal year 2026. The program therefore represents an opportunity to expand beyond the main products, while competition and regulatory and clinical outcomes remain decisive factors.
Revenue reached $4.3 billion in quarter 2 of fiscal year 2026 (ended 2026-06-30), up 16.7% from the same quarter a year earlier, but diluted earnings per share were $12.23 compared with $12.81 in quarter 2 of fiscal year 2025. Net income was $1.3 billion compared with $1.4 billion, despite an improvement in the operating margin to 30.1% from 29.4%. Diluted shares also declined to 106.0 million from 108.6 million, so the smaller share base did not prevent the decline in earnings per share. These results illustrate the need to monitor reported earnings alongside Dupixent sales growth and EYLEA HD adoption.