NASDAQ · Healthcare

Regeneron Pharmaceuticals, Inc.

REGN · Biotechnology

$709.21

▲ 7.79 (1.11%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Regeneron Pharmaceuticals, Inc. at $709.21.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 85.4%

Operating Margin 25.8%

Net Income Margin 31.4%

Fin. Health A

Years to Pay Off Debt 0.6 yrs

Working Capital vs Long-Term Debt $11.7B

Working Capital $13.7B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.34x

Cash Flow B

Free Cash Flow $3.8B

CapEx % of Net Income 26.9%

Owner Earnings $6.3B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $74.4B

Enterprise Value $65.3B

P/E (TTM) 17.31

Dividend Yield 0.51%

Exchange NASDAQ

Key Margins

Gross Profit 85.4%

Operating Margin 25.8%

Net Margin 31.4%

Company Info

Sector Healthcare

Industry Biotechnology

Employees 15343

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Regeneron Pharmaceuticals, Inc. at $709.21.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $709.21, the stock trades at a 33% premium to its Graham Number of $532.13. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 8.4x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Regeneron Pharmaceuticals, Inc.

Regeneron Pharmaceuticals, Inc. discovers, invents, develops, manufactures, and commercializes medicines to treat various diseases worldwide. The company develops product candidates to treat eye, allergic and inflammatory, cardiovascular, metabolic, neurological, infectious, and rare diseases; and cancer, hematologic conditions. It also offers EYLEA injections for wet age-related macular degeneration and diabetic macular edema; myopic choroidal neovascularization; diabetic retinopathy; neovascular glaucoma; retinopathy of prematurity; Dupixent injection to treat atopic dermatitis and asthma; Libtayo injection for metastatic or locally advanced cutaneous squamous cell carcinoma; Praluent injection to treat heterozygous familial hypercholesterolemia (HoFH); and Kevzara solution for rheumatoid arthritis. It has license and collaboration agreement with Bayer for the development and commercialization of EYLEA 8 mg and EYLEA; Alnylam Pharmaceuticals, Inc. to discover, develop, and commercialize RNAi therapeutics for diseases by addressing therapeutic disease targets expressed in the eye and central nervous system; Intellia Therapeutics, Inc. to advance CRISPR/Cas9 gene-editing technology for in vivo therapeutic development for therapies focused on neurological and muscular diseases; Hansoh Pharmaceuticals Group Company Limited to acquire development and commercial rights for HS-20094, a dual GLP-1/GIP receptor; and Tessera Therapeutics, Inc. develops and commercializes TSRA-196, an investigational gene editing therapy for Alpha-1 antitrypsin deficiency. Additionally, the company has a strategic collaboration with Telix Pharmaceuticals Limited to develop and commercialize radiopharmaceutical therapies. The company was incorporated in 1988 and is based in Tarrytown, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	85.4% ▼	86.1%	86.2%	87.2%	N/A
Operating Margin %	25.8% ▼	28.1%	30.9%	38.9%	N/A
Net Income %	31.4% ▲	31.1%	30.1%	35.6%	N/A
Diluted EPS	41.48 ▲	38.34	34.77	38.22	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$40.6B	$37.8B	$33.1B	$29.2B	N/A
Total Debt	$2.7B ↑	$2.7B	$2.7B	$2.7B	N/A
Working Capital	$13.7B ▼	$14.7B	$16.1B	$12.7B	N/A
Years to Pay Debt	0.60	0.61	0.68	0.62	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.8B ▲	$3.5B	$3.7B	$3.4B	N/A
Owner Earnings	$6.3B	$5.8B	$5.3B	$6.3B	N/A
CapEx % of Net Income	26.9%	20.0%	23.4%	37.3%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	114,059	1,329	-26,698	-26,183
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	4,996,200	5,300,700	5,145,800	5,504,300
Total Unusual Items	822,000	17,300	-452,500	-244,700
Total Unusual Items Excluding Goodwill	822,000	17,300	-452,500	-244,700
Net Income From Continuing Operation Net Minority Interest	4,504,900	4,412,600	3,953,600	4,338,400
Reconciled Depreciation	543,700	482,900	421,000	341,400
Reconciled Cost Of Revenue	2,100,700	1,970,500	1,815,800	1,560,400
EBITDA	5,818,200	5,318,000	4,693,300	5,259,600
EBIT	5,274,500	4,835,100	4,272,300	4,918,200
Net Interest Income	673,000	656,200	422,900	100,700
Interest Expense	43,800	55,200	73,000	59,400
Interest Income	716,800	711,400	495,900	160,100
Normalized Income	3,796,959	4,396,629	4,379,402	4,556,917
Net Income From Continuing And Discontinued Operation	4,504,900	4,412,600	3,953,600	4,338,400
Total Expenses	10,640,900	10,211,300	9,070,100	7,434,000
Total Operating Income As Reported	3,577,900	3,990,700	4,047,100	4,738,900
Diluted Average Shares	108,600	115,100	113,700	113,500
Basic Average Shares	104,600	107,900	106,700	107,100
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,504,900	4,412,600	3,953,600	4,338,400
Net Income Common Stockholders	4,504,900	4,412,600	3,953,600	4,338,400
Net Income	4,504,900	4,412,600	3,953,600	4,338,400
Net Income Including Noncontrolling Interests	4,504,900	4,412,600	3,953,600	4,338,400
Net Income Continuous Operations	4,504,900	4,412,600	3,953,600	4,338,400
Tax Provision	725,800	367,300	245,700	520,400
Pretax Income	5,230,700	4,779,900	4,199,300	4,858,800
Other Income Expense	855,700	133,000	-270,700	19,200
Other Non Operating Income Expenses	33,700	14,700	-4,300	8,800
Special Income Charges	-124,100	-101,000	-186,100	-255,100
Other Special Charges	124,100	101,000	186,100	255,100
Restructuring And Mergern Acquisition			186,100	255,100	48,000
Gain On Sale Of Security	946,100	118,300	-266,400	10,400
Net Non Operating Interest Income Expense	673,000	656,200	422,900	100,700
Interest Expense Non Operating	43,800	55,200	73,000	59,400
Interest Income Non Operating	716,800	711,400	495,900	160,100
Operating Income	3,702,000	3,990,700	4,047,100	4,738,900
Operating Expense	8,540,200	8,240,800	7,254,300	5,873,600
Other Operating Expenses	-10,000	53,400	-2,100	-89,900
Research And Development	5,850,200	5,233,000	4,625,100	3,847,600
Selling General And Administration	2,700,000	2,954,400	2,631,300	2,115,900
Gross Profit	12,242,200	12,231,500	11,301,400	10,612,500
Cost Of Revenue	2,100,700	1,970,500	1,815,800	1,560,400
Total Revenue	14,342,900	14,202,000	13,117,200	12,172,900
Operating Revenue	13,640,300	13,687,000	12,581,100	11,807,800

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	33,700	28,200	25,500	22,600
Ordinary Shares Number	105,717	109,617	109,418	109,600
Share Issued	139,417	137,817	134,918	132,200
Total Debt	2,705,900	2,704,400	2,702,900	2,701,400
Tangible Book Value	29,999,500	28,205,000	24,934,500	21,748,500
Invested Capital	33,242,800	31,338,000	27,956,000	24,645,400
Working Capital	13,653,500	14,716,600	16,055,800	12,742,800
Net Tangible Assets	29,999,500	28,205,000	24,934,500	21,748,500
Capital Lease Obligations	720,000	720,000	720,000	720,000
Common Stock Equity	31,256,900	29,353,600	25,973,100	22,664,000
Total Capitalization	33,242,800	31,338,000	27,956,000	24,645,400
Total Equity Gross Minority Interest	31,256,900	29,353,600	25,973,100	22,664,000
Stockholders Equity	31,256,900	29,353,600	25,973,100	22,664,000
Gains Losses Not Affecting Retained Earnings	77,500	-7,900	-80,900	-238,800
Other Equity Adjustments	77,500	-7,900	-80,900	-238,800
Treasury Stock	18,612,800	15,167,400	12,560,400	10,353,300
Retained Earnings	35,797,100	31,672,900	27,260,300	23,306,700
Additional Paid In Capital	13,995,000	12,855,900	11,354,000	9,949,300
Capital Stock	100	100	100	100
Common Stock	100	100	100	100
Total Liabilities Net Minority Interest	9,301,800	8,405,800	7,107,100	6,550,500
Total Non Current Liabilities Net Minority Interest	4,933,400	4,461,500	3,683,700	3,409,200
Other Non Current Liabilities	2,018,800	1,571,400	854,100	638,000
Non Current Deferred Liabilities	208,700	185,700	126,700	69,800
Non Current Deferred Revenue	208,700	185,700	126,700	69,800
Long Term Debt And Capital Lease Obligation	2,705,900	2,704,400	2,702,900	2,701,400
Long Term Capital Lease Obligation	720,000	720,000	720,000	720,000
Long Term Debt	1,985,900	1,984,400	1,982,900	1,981,400
Current Liabilities	4,368,400	3,944,300	3,423,400	3,141,300
Current Deferred Liabilities	553,000	627,700	458,900	477,900
Current Deferred Revenue	553,000	627,700	458,900	477,900
Current Debt And Capital Lease Obligation					719,700
Current Capital Lease Obligation				0	719,700
Payables And Accrued Expenses	3,815,400	3,316,600	2,964,500	2,663,400
Current Accrued Expenses	2,525,100	2,313,900	2,346,200	2,074,200
Payables	1,290,300	1,002,700	618,300	589,200
Dueto Related Parties Current				10,500	287,400
Total Tax Payable	351,300	213,200	11,700	300
Income Tax Payable	351,300	213,200	11,700	300
Accounts Payable	939,000	789,500	606,600	589,200
Total Assets	40,558,700	37,759,400	33,080,200	29,214,500
Total Non Current Assets	22,536,800	19,098,500	13,601,000	13,330,400
Other Non Current Assets	1,821,200	1,136,000	444,100	336,400
Non Current Deferred Assets	4,077,200	3,314,100	2,575,400	1,723,700
Non Current Deferred Taxes Assets	4,077,200	3,314,100	2,575,400	1,723,700
Investments And Advances	10,260,600	8,900,100	5,396,500	6,591,800
Investmentin Financial Assets	10,260,600	8,900,100	5,396,500	6,591,800
Available For Sale Securities	10,260,600	8,900,100	5,396,500	6,591,800
Goodwill And Other Intangible Assets	1,257,400	1,148,600	1,038,600	915,500
Other Intangible Assets	1,257,400	1,148,600	1,038,600	915,500
Net PPE	5,120,400	4,599,700	4,146,400	3,763,000
Accumulated Depreciation	-2,614,300	-2,286,900	-1,978,800	-1,669,200
Gross PPE	7,734,700	6,886,600	6,125,200	5,432,200
Leases	174,400	154,500	133,900	114,300
Construction In Progress	1,890,200	1,721,600	1,345,000	980,500
Other Properties	1,543,700	1,494,500	1,384,500	1,315,300
Machinery Furniture Equipment	741,700	654,600	555,600	487,600
Buildings And Improvements	3,105,900	2,573,200	2,423,100	2,270,000
Land And Improvements	278,800	288,200	283,100	264,500
Current Assets	18,021,900	18,660,900	19,479,200	15,884,100
Other Current Assets	474,800	349,200	386,600	411,200
Current Deferred Assets				521,800	448,500
Prepaid Assets				411,200	332,400
Inventory	3,200,800	3,087,300	2,580,500	2,401,900
Other Inventories	727,500	725,700	522,100	521,800
Finished Goods	190,200	139,800	147,300	98,600
Work In Process	1,641,600	1,342,300	1,121,800	963,100
Raw Materials	641,500	879,500	789,300	818,400
Receivables	5,741,100	6,211,900	5,667,300	5,328,700
Accounts Receivable	5,741,100	6,211,900	5,667,300	5,328,700
Cash Cash Equivalents And Short Term Investments	8,605,200	9,012,500	10,844,800	7,742,300
Other Short Term Investments	5,487,100	6,524,300	8,114,800	4,636,400
Cash And Cash Equivalents	3,118,100	2,488,200	2,730,000	3,105,900

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,765,200	3,538,900	3,667,600	3,398,000
Repurchase Of Capital Stock	-3,970,700	-3,632,400	-2,935,600	-2,528,500
Issuance Of Capital Stock	635,900	1,465,300	1,145,500	1,519,500
Capital Expenditure	-1,213,700	-881,600	-926,400	-1,616,900
Interest Paid Supplemental Data	41,600	52,600	73,100	53,700
Income Tax Paid Supplemental Data		743,000	870,300	1,502,400	1,218,400
End Cash Position	3,123,700	2,489,000	2,737,800	3,119,400
Beginning Cash Position	2,489,000	2,737,800	3,119,400	2,898,100
Effect Of Exchange Rate Changes	300	-700	-400	0
Changes In Cash	634,400	-248,100	-381,200	221,300
Financing Cash Flow	-3,715,400	-2,200,500	-1,790,100	-1,009,000
Cash Flow From Continuing Financing Activities	-3,715,400	-2,200,500	-1,790,100	-1,009,000
Net Other Financing Charges	-10,300	-33,400
Cash Dividends Paid	-370,300	0	0
Common Stock Dividend Paid	-370,300	0	0
Net Common Stock Issuance	-3,334,800	-2,167,100	-1,790,100	-1,009,000
Common Stock Payments	-3,970,700	-3,632,400	-2,935,600	-2,528,500
Common Stock Issuance	635,900	1,465,300	1,145,500	1,519,500
Investing Cash Flow	-629,100	-2,468,100	-3,185,100	-3,784,600
Cash Flow From Continuing Investing Activities	-629,100	-2,468,100	-3,185,100	-3,784,600
Net Other Investing Changes				-230,300
Net Investment Purchase And Sale	587,900	-1,590,100	-2,203,800	-1,937,400
Sale Of Investment	11,546,200	15,027,300	9,442,200	5,550,500
Purchase Of Investment	-10,958,300	-16,617,400	-11,646,000	-7,487,900
Net Business Purchase And Sale	-3,300	-16,500	-54,900	-230,300
Purchase Of Business	-3,300	-16,500	-54,900	-230,300
Net Intangibles Purchase And Sale	-315,300	-125,700	-207,800	-1,026,800
Purchase Of Intangibles	-315,300	-125,700	-207,800	-1,026,800
Net PPE Purchase And Sale	0	20,100	0	0
Sale Of PPE	0	20,100	0	0
Capital Expenditure Reported	-898,400	-755,900	-718,600	-590,100
Operating Cash Flow	4,978,900	4,420,500	4,594,000	5,014,900
Cash Flow From Continuing Operating Activities	4,978,900	4,420,500	4,594,000	5,014,900
Change In Working Capital	532,600	-618,300	-94,100	-243,300
Change In Other Working Capital	-51,700	227,800	37,900	32,400
Change In Payables And Accrued Expense	736,800	735,100	598,600	-138,400
Change In Payable	736,800	735,100	598,600	-138,400
Change In Account Payable	736,800	735,100	598,600	-138,400
Change In Prepaid Assets	-375,300	-407,500	-120,100	-148,600
Change In Inventory	-275,300	-619,700	-271,700	-696,500
Change In Receivables	498,100	-554,000	-338,800	707,800
Changes In Account Receivables	498,100	-554,000	-338,800	707,800
Other Non Cash Items	135,500	36,100	-100	563,000
Stock Based Compensation	993,700	982,800	885,000	725,000
Deferred Tax	-785,400	-757,300	-837,800	-746,400
Deferred Income Tax	-785,400	-757,300	-837,800	-746,400
Depreciation Amortization Depletion	543,700	482,900	421,000	341,400
Depreciation And Amortization	543,700	482,900	421,000	341,400
Amortization Cash Flow		128,900	92,200	37,600
Amortization Of Intangibles		128,900	92,200	37,600
Depreciation		354,100	328,800	303,900
Operating Gains Losses	-946,100	-118,300	266,400	36,800
Gain Loss On Investment Securities	-946,100	-118,300	266,400	36,800
Net Income From Continuing Operations	4,504,900	4,412,600	3,953,600	4,338,400

These metrics estimate what Regeneron Pharmaceuticals, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$532.13

Margin of Safety

Market Cap ÷ Company Value

1.06

P/B Ratio

2.34

Warren's Owner Earnings

$6.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$14.3B

vs > $1.5B revenue

✅ Strong Financial Condition

4.13x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.51%

vs Uninterrupted dividends

❌ Earnings Growth

+8.5% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

17.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.34x P/B (P/E×P/B: 40.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$84.64

Trading at 8.4x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$399.27

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	26.9%	20.0%	23.4%	37.3%	N/A
Repurchase of Capital Stock	-$4.0B	-$3.6B	-$2.9B	-$2.5B	N/A
Free Cash Flow	$3.8B ▲	$3.5B ▼	$3.7B ▲	$3.4B •	N/A •
Warren's Owner Earnings	$6.3B	$5.8B	$5.3B	$6.3B	N/A

Peers & Industry Comparison

Biotechnology — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
REGN	$709.21	$74.4B	17.31	85.4%	31.4%	$14.3B
AMGN Amgen Inc.	$323.85	$174.8B	22.5	71.4%	21.0%	$37.2B
GILD Gilead Sciences, Inc.	$132.69	$164.7B	19.6	78.8%	28.9%	$29.4B
BIIB Biogen Inc.	$187.21	$27.6B	20.1	78.7%	13.8%	$9.9B
VRTX Vertex Pharmaceuticals Incorpor	$429.85	$109.3B	28.1	53.7%	32.9%	$12.0B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

2.03%

Low — management has little skin in the game

Return on Equity (ROE)

14.4%

Adequate — returns are moderate

Return on Assets (ROA)

11.1%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$4.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+0.1% YoY

Debt is roughly stable

Leadership Team

Leonard Schleifer , Ph.

Co-Founder, President, CEO & Co-Chairman

Age 72

Pay: $7,280,549

0.162% of net income

George Yancopoulos , Ph.

Co-Founder, President, Chief Scientific Officer & Co-Chairman

Age 65

Pay: $6,949,469

0.154% of net income

Christopher Fenimore CPA

Executive VP of Finance & CFO

Age 54

Pay: $1,485,636

0.033% of net income

Rajesh Ahuja

Senior Vice President of Quality Assurance & Operations

Ryan Crowe

Senior Vice President of Investor Relations & Strategic Analysis

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	8.81%	9,075,153
Blackrock Inc.	8.48%	8,741,270
State Street Corporation	4.52%	4,660,808
Dodge & Cox Inc.	4.46%	4,596,358
JPMORGAN CHASE & CO	3.82%	3,940,160
Franklin Resources, Inc.	2.48%	2,560,004
Geode Capital Management, LLC	2.45%	2,519,540
FMR, LLC	2.25%	2,319,566

Risk Analysis

Beta (Market Risk)

0.30

Low volatility — more stable than the market

Short Interest

2.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.09x

Conservative balance sheet — low financial risk

Current Ratio

3.56x

Strong liquidity — Graham approved

52-Week Price Range

Low: $476.49 Current: $709.21 High: $821.11

Currently at 68% of 52-week range

360investing