# Regeneron Pharmaceuticals (REGN)

Sector: Biotechnology

| Field | Value |
|---|---|
| Price | $919.96 |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-10 |
| Next earnings | 2027-01-29 (estimate) |

Analysts: Bullish

Picks: Research only

Discount category: Close to intrinsic value

## In short

The market doubts that Regeneron can replace lost EYLEA sales and depend less on Dupixent, and EYLEA HD growth with new approvals such as cemdisiran through 2027 can close the gap.

## Themes and gap

- Themes: Regulation and courts (regulation-legal)
- Gap type: Can close (closable)
- Why: The FDA decision on cemdisiran in November 2026 and the Q4 2026 report, expected in late January 2027, show whether new medicines and EYLEA HD offset the fall of EYLEA.

## About

Regeneron Pharmaceuticals is a U.S. biotechnology company. It invents, develops and sells medicines for eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases and rare diseases. Its own products include EYLEA HD and EYLEA for eye diseases, Libtayo for cancer, Praluent and Evkeeza. It develops Dupixent with Sanofi, which records Dupixent sales and shares the profit with Regeneron. Bayer sells EYLEA outside the United States. Regeneron has about 50 product candidates in clinical development. Total revenues were $5.1 billion in Q3 2026.

## Thesis

The market doubts that Regeneron can replace lost EYLEA sales and grow after its present products age. EYLEA has had biosimilar competition in the United States since its regulatory exclusivity ended in May 2024, and its U.S. sales fell 41% in Q3 2026. Much of the profit now comes from Dupixent through the Sanofi collaboration, so the company depends on one medicine. Total revenues rose 36% to $5.1 billion in Q3 2026, and non-GAAP EPS rose 70% to $20.07, because Regeneron fully repaid the Sanofi Development Balance by the end of Q2 2026. For the gap to close, three things must be true. EYLEA HD growth must offset the fall of EYLEA, as in Q3 2026, when combined U.S. sales fell only 1%. Dupixent sales must keep growing at a double-digit rate. New medicines must reach the market, such as cemdisiran in generalized myasthenia gravis, with an FDA target action date in November 2026, and Ordspono in lymphoma, with a target action date in February 2027. The Q4 2026 report, expected in late January 2027, gives the next earnings test. If these tests pass, the gap can close within one to two years.

## Checkpoints

- Oct 30, 2026: Q3 2026 results. Status: Passed. Watch: Higher Sanofi collaboration revenue after the repayment of the Development Balance and EYLEA HD growth that offsets EYLEA pass; a larger fall in combined EYLEA sales fails. Outcome: Sanofi collaboration revenue rose 68% to $2,724 million, non-GAAP EPS rose 70% to $20.07 and combined U.S. sales of EYLEA HD and EYLEA fell only 1%.
- Nov 2026: FDA decision on cemdisiran in generalized myasthenia gravis. Status: Pending. Watch: FDA approval by the target action date passes; a complete response letter or a delay fails.
- Jan 29, 2027 (estimate): Q4 2026 results. Status: Pending. Watch: Continued EYLEA HD growth, double-digit Dupixent growth and higher Sanofi collaboration revenue pass; a sharp fall in EYLEA HD sales or lower Sanofi profits fail.
- Feb 2027: FDA decision on Ordspono in lymphoma. Status: Pending. Watch: FDA approval of Ordspono in relapsed or refractory diffuse large B-cell lymphoma passes; a complete response letter or a delay fails.

## Balance sheet

- Cash: $18.9B
- Debt: $2.0B
- Net cash: $16.9B

At September 30, 2026, Regeneron had cash and marketable securities of $18,858.5 million. Long-term debt was $1,987.0 million, and finance lease liabilities were $720.0 million. Free cash flow was $2,904.3 million in the first nine months of 2026, after capital expenditures of $771.0 million. The company bought back $2.3 billion of its stock in the first nine months of 2026 and had $2.2 billion left under its repurchase programs at September 30, 2026. It pays a quarterly dividend of $0.94 per share. In October 2026, it received a $1.0 billion up-front payment from Sanofi. Stockholders' equity was $33,498.5 million.

As of 2026-09-30.

Sources:

- https://www.sec.gov/Archives/edgar/data/872589/000087258926000032/exhibit991q32026.htm
- https://www.sec.gov/Archives/edgar/data/872589/000087258926000034/regn-20260930.htm

## Dividends

- Dividend yield: 0.4% (last 12 months, at the current price)
- Paid per share, last 12 months: $3.70 (4 payments)
- Current annual rate: $3.76 ($0.94 x 4 a year)
- Payout ratio: 8% of the earnings of the last fiscal year (the year ended 2025-12-31)
- Latest ex-dividend date: 2026-08-18, $0.94 per share

Dividends per share by year: 2016: $0.00, 2017: $0.00, 2018: $0.00, 2019: $0.00, 2020: $0.00, 2021: $0.00, 2022: $0.00, 2023: $0.00, 2024: $0.00, 2025: $3.52.

Source: company filings and market data, read on 2026-11-09.

## Recent events

- 2026-10-30: Regeneron reported Q3 2026 results. Total revenues rose 36% to $5,116 million. Dupixent global net sales, which Sanofi records, rose 35% to $6.5 billion. U.S. sales of EYLEA HD rose 62% to $699 million, and U.S. sales of EYLEA fell 41% to $400 million. Libtayo global sales rose 51% to $550 million. GAAP EPS was $18.45, and non-GAAP EPS was $20.07. The FDA approved Pasatru for fibrodysplasia ossificans progressiva in August 2026. The board declared a dividend of $0.94 per share.
- 2026-10-06: Regeneron and Sanofi amended their antibody collaboration to add several next-generation, long-acting antibodies. Regeneron received a $1.0 billion up-front payment, which it will recognize as collaboration revenue in Q4 2026. It can receive up to $7.0 billion more in milestones, and the companies share costs and profits equally on the new programs.
- 2026-07-30: Regeneron reported Q2 2026 results. Total revenues rose 17% to $4,291 million, and non-GAAP EPS was $14.29, including a negative effect of $0.99 from acquired IPR&D. The Sanofi Development Balance was fully repaid by the end of Q2 2026. The FDA accepted the cemdisiran application in generalized myasthenia gravis under priority review, with a target action date in November 2026. In May 2026, a Phase 3 trial of fianlimab with cemiplimab in melanoma did not reach its primary endpoint.

## Latest news and filings

- Last earnings: 2026-10-30 (8-K: https://www.sec.gov/Archives/edgar/data/872589/000087258926000032/)
- Next earnings: 2027-01-29 (expected; the company has not confirmed it)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-10-30 | 10-Q | Quarterly report for the period ended Sep 30, 2026 | 2026-09-30 | regn-20260930 | https://www.sec.gov/Archives/edgar/data/872589/000087258926000034/regn-20260930.htm |
| 2026-10-30 | 8-K | Earnings release |  | regn-20261030 | https://www.sec.gov/Archives/edgar/data/872589/000087258926000032/regn-20261030.htm |
| 2026-10-06 | 8-K | New material agreement and Earnings release |  |  | https://www.sec.gov/Archives/edgar/data/872589/000110465926113895/tm2627077d1_8k.htm |
| 2026-09-30 | 8-K | Change of directors or officers |  |  | https://www.sec.gov/Archives/edgar/data/872589/000110465926112340/tm2626090d1_8k.htm |
| 2026-07-30 | 10-Q | Quarterly report for the period ended Jun 30, 2026 | 2026-06-30 | regn-20260630 | https://www.sec.gov/Archives/edgar/data/872589/000087258926000025/regn-20260630.htm |
| 2026-07-30 | 8-K | Earnings release |  | regn-20260730 | https://www.sec.gov/Archives/edgar/data/872589/000087258926000023/regn-20260730.htm |
| 2026-07-06 | 8-K | Earnings release |  |  | https://www.sec.gov/Archives/edgar/data/872589/000110465926080562/tm2619682d1_8k.htm |
| 2026-06-17 | 8-K | Shareholder vote results |  |  | https://www.sec.gov/Archives/edgar/data/872589/000110465926075127/tm2618117d1_8k.htm |
| 2026-04-29 | 10-Q | Quarterly report for the period ended Mar 31, 2026 | 2026-03-31 | regn-20260331 | https://www.sec.gov/Archives/edgar/data/872589/000087258926000016/regn-20260331.htm |
| 2026-02-04 | 10-K | Annual report for the period ended Dec 31, 2025 | 2025-12-31 | regn-20251231 | https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm |

Every filing on SEC EDGAR (CIK 872589): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000872589&type=&dateb=&owner=include&count=40

## Risks

- High: EYLEA has biosimilar competition in the United States and other markets, and more biosimilars are expected. U.S. sales of EYLEA fell 41% in the first nine months of 2026. EYLEA HD does not have regulatory exclusivity in the United States, so biosimilars can also affect it.
- High: Regeneron depends on Dupixent. Sanofi collaboration revenue was $2,724 million of total revenues of $5,116 million in Q3 2026. A slowdown in Dupixent sales, new competition or a change in the collaboration can lower profit a lot.
- Medium: Clinical trials can fail. In May 2026, a Phase 3 trial of fianlimab in melanoma did not reach its primary endpoint. The company expects GAAP R&D costs of $6.600 billion to $6.735 billion in 2026.
- Medium: Changes to U.S. drug pricing rules, payor decisions and tariffs can lower the prices or sales of its medicines.
- Low: Holders of Class A stock have ten votes per share and held 15.2% of the combined voting power at September 30, 2026. They can influence elections of directors and large transactions.

## Links

- Page: https://picks.utilarium.app/company/REGN/
- History of changes: https://picks.utilarium.app/company/REGN/history/
- JSON with full history: https://picks.utilarium.app/data/company/REGN.json

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