Regeneron Pharmaceuticals Inc (REGN)
Official siteHEALTHCARE • BIOTECHNOLOGY • NASDAQ
Market Cap: $82.27B
Last updated: Sep 01, 2026 at 5:00 PM ET
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The Drug That Nobody Talks About Enough: Regeneron's Hidden Compounding Machine
Quality meets catalyst: Two regulatory wins in 5 days. Dupixent's AFRS approval + garetosmab Priority Review. Quality Score 98/100. The business is strengthening while the stock trades near fair value. The honest valuation: At $789, REGN is ~1% above Vulcan's $778 BFV. Not cheap. Not expensive. The market has priced in the base case, leaving alpha entirely in when you buy not if. Dupixent is a compounding machine: Seven US indications and growing, co-commercialized with Sanofi. This isn't just an eczema drug, it's a type-2 inflammation platform that funds REGN's entire R&D pipeline. Fortress balance sheet, real tail risk: D/E of 0.1, 120x interest coverage, Altman Z of 7.8. Yet the 5-year max drawdown is -59.7%. Quality doesn't prevent drawdowns. The alpha zone: Buy zone $715–$730 (~9% pullback). Strong buy $625. Current price above both. Set alerts. No chasing. The patient investor wins here.
Part 2 of 3: The Night the Organ Monopoly Proved It Was Real
Tonight's earnings confirmed the thesis: Q4 revenue $160.8M (+32%), FY $605.5M (+37%), 5,139 OCS cases (+38%), 2026 guidance $727M–$757M. TMDX has graduated from speculative disruptor to verified logistics monopoly. The 22-aircraft fleet is the moat: NOP bundled revenue converts device sales into recurring per-case logistics contracts at 60% gross margins. Building this fleet is what the market punished in 2023 and what it's reprici ROIC 12.1% now exceeds WACC 10.2% (+190 bps spread). This was negative during fleet buildout. Value creation is now confirmed, not projected. Healthcare Barbell context: (GILD) Part 1 is the income anchor, low beta, undervalued, 4%+ yield. (TMDX is the growth compounder. (REGN) Part 3 is the pipeline optionality. Three positions, three roles, one coherent thes
Gilead Sciences (GILD): The Fortress Nobody's Paying Attention To
Gilead's $14.3B Biktarvy franchise grew 7% YoY in 2025, proving HIV isn't ex-growth. Total revenues hit $29.4B. The base business alone justifies ~$150 fair value. Yeztugo (twice-yearly HIV prevention) expands TAM from diagnosed patients to at-risk populations. FDA approved June 2025. $800M combined lenacapavir guide for 2026. Arcellx acquisition ($7.8B) adds anito-cel CAR-T for multiple myeloma. FDA decision Dec 23, 2026. Logical Kite extension, but differentiation burden is real. At ~17x forward EPS ($8.45-$8.85 guided), you pay fair value for the base and get oncology pipeline optionality essentially free. 2.1% yield while you wait. Vulcan scores: 93 Overall, 93 Value, 88 Quality, 95 Sentiment. Altman Z 4.6, Piotroski F 7, ROIC 19.6%, 78.7% gross margins. Fortress fundamentals. Part 1 of the Healthcare Barbell series: GILD anchors with defensive cash flows (0.37 beta). Part 2 (TMDX) and Part 3 (REGN) incoming. Invalidation: Biktarvy YoY declines in two consecutive quarters or EPS guides lower.
Incyte’s Earnings: Strong Growth Amid Market Overlook
INCY generates $1.17B annual FCF with 93% gross margins and zero leverage, yet trades at 15.6x earnings. Reverse-DCF implies ~0% growth priced in. Quality Score 100/100 with ROIC 25.4%, Piotroski 8/9, interest coverage 702x, and $3.6B cash. This is fortress-grade biotech. Q4 revenue crushed estimates by 11% ($1.51B vs $1.35B). Full year $5.14B, up 21%. Core business ex-Jakafi grew 53% to $1.26B. Replacement revenue already $1.26B and guided to grow 30% in 2026. Management targets $3-4B core ex-Jakafi by 2030, turning the patent cliff into a slope. Post-earnings pullback breached first buy zone. Three tranches: current levels near $100, $96-$99 (channel support), $88-$92 (200-day defense). Blended fair value ~$155 implies ~55% upside. Four product launches on deck late 2026/early 2027: Jakafi XR, Opzelura moderate AD, Monjuvi sBLA, Povorcitinib.
Government Contracts
Federal contract obligations are bookings recorded by the awarding agency, not recognized revenue. They can exceed 100% of revenue and can be negative when contracts are de-obligated. Source: USAspending.gov prime awards, data through Jul 31, 2026.
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Frequently Asked Questions About REGN
- What is REGN's current dividend yield?
- Regeneron Pharmaceuticals Inc (REGN) has a current dividend yield of 0.46%.
- Does REGN pay dividends?
- Yes, Regeneron Pharmaceuticals Inc pays dividends with a current yield of 0.46%.
- What is REGN's P/E ratio?
- Regeneron Pharmaceuticals Inc has a price-to-earnings (P/E) ratio of 17.65.
- What is REGN's market cap?
- Regeneron Pharmaceuticals Inc (REGN) has a market capitalization of $82.27B with a current stock price of $799.08.
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