Regeneron Pharmaceuticals, Inc. (REGN) financials
NASDAQ · Healthcare · Biotechnology · 15,410 employees · CEO Leonard S. Schleifer
- Price
- $927.89 +13.33%
- Market cap
- $95.5B
- Enterprise value
- $94.6B
- Last report
- Q3 '26 filed 2026-10-30
- Next report
- 2027-01-28 EPS est. $24.25
Revenue (TTM)$16.9B+18.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)29.5%+3.7 pp vs a year agoOperating income $4.99B
Net income (TTM)$4.82B+5.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.59B-13.6% vs a year agoCapex $1.02B
Diluted EPS (TTM)$45.26+8.4% vs a year agoSum of the last 4 quarters
Net cash$6.59B+14.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $95.5B EV $94.6B
- Revenue
- $16.9B Trailing 12 months
- Revenue growth
- +28% FY2026 consensus
- Profit margin
- 28.5% Net income / revenue, TTM
- P/E
- 19.8× Forward 14.4× (FY2026)
- P/S
- 5.7× Price / sales, TTM
- EV / EBITDA
- 15.1× TTM
- Free cash flow
- $3.59B Trailing 12 months
- Net income
- $4.82B Trailing 12 months
- Revenue estimate
- $18.4B FY2026 consensus
- Earnings
- 2027-01-28 Revenue est. $5.75B
- Dividend
- $3.70 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-30): revenue beat by 11.6%, EPS beat by 21.6%Revenue $5.12B vs $4.58B expected (+11.6%); EPS $20.07 vs $16.51 (+21.6%).
- Revenue growth accelerating: 36.3% year on yearQ3 '26 revenue $5.12B, against an average of 9.8% over the four quarters before.
- Operating margin 29.5% (TTM), +3.7 pp on a year agoOperating income grew 35.3% while revenue grew 18.6%.
- 12.2% of pre-tax profit is non-operatingPre-tax income $5.69B vs operating income $4.99B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 6.0% of revenue (a year ago 6.4%)$1.02B invested in the last 4 quarters (+11.2% on a year earlier). Free cash flow $3.59B = 74.5% of net income.
- Returned $3.42B to shareholders = 95.3% of free cash flowBuybacks $3.04B (a year earlier $3.74B), dividends $383M, stock-based pay $1.01B (TTM).
- Diluted share count down 1.5% in a year106M diluted shares in Q3 '26, 107M a year earlier.
- Net cash $6.59BCash + short-term investments $9.3B, debt incl. leases $2.71B; a year ago net cash $5.74B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $5.12B | $3.75B | +36.3% |
| Gross margin | 88.8% | 86.1% | +2.7 pp |
| Operating income | $2.05B | $1.03B | +99.5% |
| Operating margin | 40.0% | 27.3% | +12.7 pp |
| Net income | $1.95B | $1.46B | +33.5% |
| Diluted EPS | $18.45 | $13.62 | +35.5% |
| Operating cash flow | $1.78B | $1.62B | +10.2% |
| Capex | $300M | $201M | +49.1% |
| Free cash flow | $1.48B | $1.42B | +4.6% |
| R&D | $1.82B | $1.56B | +16.6% |
| Stock-based compensation | $256M | $237M | +7.9% |
Reported vs consensus
2026-10-30| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $5.12B | $4.58B | +11.6% |
| EPS (as estimated) | $20.07 | $16.51 | +21.6% |
From the report of 2026-10-30 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Collaboration Revenue | $3B | +52.4% | 58.7% | $9.33B | +33.9% | |
| Product | $1.81B | +13.7% | 35.3% | $6.66B | +0.3% | |
| Product and Service, Other | $310M | +56.4% | 6.1% | $913M | +41.9% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $1.1B | -1.1% | 87.7% | $6.32B | – | |
| Rest Of World | $154M | +5.5% | 12.3% | $815M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.61B
- Capex
- -$1.02B
- Buybacks
- -$3.04B
- Dividends
- -$383M
- Acquisitions
- -$300K
- Net debt issued
- $0
- Stock-based compensation
- $1.01B
- Free cash flow
- $3.59B
- Returned to shareholders / FCF
- 95.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 19.8× | 17.0× | 8.3× – 23.7× |
| EV / EBITDA | 15.1× | 14.0× | 6.9× – 20.0× |
| EV / Sales | 5.6× | 5.7× | 4.1× – 7.1× |
| Price / FCF | 26.6× | 18.8× | 10.2× – 25.6× |
| Price / Book | 2.8× | 3.2× | 2.6× – 3.6× |
| FCF yield | 3.8% | 5.8% | 3.9% – 9.8% |
| Return on invested capital | 10.9% | 17.3% | 8.5% – 34.9% |
| Return on equity | 15.1% | 21.4% | 14.4% – 43.0% |
Analysts
Consensus target $859.63 (-7.4%)
range $750.00 – $1,030.00 · rating Buy
Strong buy0
Buy35
Hold14
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $18.4B | +28.0% | $64.64 | +55.8% | 14.4× | 10 |
| FY2027 | $19.7B | +7.2% | $67.95 | +5.1% | 13.7× | 9 |
| FY2028 | $21.3B | +8.1% | $75.38 | +10.9% | 12.3× | 7 |
| FY2029 | $22.9B | +7.6% | $82.91 | +10.0% | 11.2× | 2 |
| FY2030 | $24.5B | +6.8% | $89.99 | +8.5% | 10.3× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 218 figures Regeneron Pharmaceuticals, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $2.88B2025-12-31 | $2.53B | +13.8% | $2.88B | $2.53B | +13.8% |
| Accounts Payable, Current | $1.14B | $904M | +26.2% | $939M | $790M | +18.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $7.58B | $5.69B | +33.3% | $5.74B | $6.21B | -7.6% |
| Accrued Liabilities and Other Liabilities | $3.59B | $2.98B | +20.7% | $2.88B | $2.53B | +13.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$198M | $69M | -386.2% | $77.5M | -$7.9M | +1,081.0% |
| Additional Paid in Capital | $15.2B | $13.8B | +10.0% | $14B | $12.9B | +8.9% |
| Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -$165M | $159M | -204.2% | $474M | $7.9M | +5,900.0% |
| Amortization of Intangible Assets | – | – | – | $179M | $129M | +38.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $247M | $241M | +2.6% | $1B | $997M | +0.5% |
| Assets | $44.4B | $40.2B | +10.5% | $40.6B | $37.8B | +7.4% |
| Assets, Current | $20.8B | $18B | +15.7% | $18B | $18.7B | -3.4% |
| Assets, Fair Value Disclosure | $17.8B | – | – | $17.9B | $16.9B | +5.9% |
| Business Combination, Contingent Consideration, Liability | $10.3M2025-12-31 | $52.3M | -80.3% | $10.3M | $52.3M | -80.3% |
| Capital Expenditures Incurred but Not yet Paid | $41.6M | $50.8M | -18.1% | $179M | $152M | +17.9% |
| Cash and Cash Equivalents, at Carrying Value | $3.66B | $2.51B | +46.0% | $3.12B | $2.49B | +25.3% |
| Cash and Cash Equivalents, Fair Value Disclosure | $2.64B | – | – | $2.12B | $1.45B | +46.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.67B | $2.51B | +46.1% | $3.12B | $2.49B | +25.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.21B | $498M | +142.3% | $635M | -$249M | +355.1% |
| Common Stock, Dividends, Per Share, Declared | $0.94 | $0.88 | +6.8% | – | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.79B | $1.48B | +21.0% | $4.59B | $4.49B | +2.3% |
| Contract with Customer, Liability, Current | $750M | $546M | +37.4% | $553M | $628M | -11.9% |
| Contract with Customer, Liability, Noncurrent | $220M | $219M | +0.5% | $209M | $186M | +12.4% |
| Costs and Expenses | $3.07B | $2.73B | +12.5% | $10.8B | $10.2B | +5.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.01B | $1.09B | -7.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $479M | $43.1M | +1,011.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.51B | $1.12B | +34.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $19.8M | -$11.1M | +278.4% |
| Debt Securities, Available-for-sale | $15B | $15.5B | -3.2% | $15.7B | $14.3B | +9.7% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $4M | $93.2M | -95.7% | $98.5M | $30.1M | +227.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $168M | $6M | +2,698.3% | $2.5M | $39M | -93.6% |
| Debt Securities, Available-for-sale, Amortized Cost | $15.2B | $15.4B | -1.6% | $15.6B | $14.3B | +8.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $573M2025-09-30 | $1.67B | -65.6% | $1.22B2024-12-31 | $4.16B | -70.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $4M2025-09-30 | $25.2M | -84.1% | $18M2024-12-31 | $107M | -83.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $13.9B2025-09-30 | $12.3B | +12.6% | $12.2B2024-12-31 | $7.85B | +55.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $2M2025-09-30 | $800K | +150.0% | $21M2024-12-31 | $9M | +133.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $9.38B | $9.52B | -1.5% | $10.2B | $7.8B | +31.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $5.64B | $5.94B | -5.0% | $5.49B | $6.52B | -15.9% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $14.5B2025-09-30 | $14B | +3.3% | $13.4B2024-12-31 | $12B | +11.5% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $6M2025-09-30 | $26M | -76.9% | $39M2024-12-31 | $116M | -66.3% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$845M | -$936M | +9.7% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $75.3M | $183M | -58.9% |
| Deferred Income Tax Assets, Net | $4.54B | $3.85B | +17.9% | $4.08B | $3.31B | +23.0% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$785M | -$757M | -3.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$15.5M | -$4.9M | -216.3% |
| Deferred Tax Assets, Gross | $4.08B2025-12-31 | $3.41B | +19.7% | $4.08B | $3.41B | +19.7% |
| Deferred Tax Assets, Net | $4.08B2025-12-31 | $3.31B | +23.0% | $4.08B | $3.31B | +23.0% |
| Deferred Tax Assets, Other | $49.9M2025-12-31 | $43M | +16.0% | $49.9M | $43M | +16.0% |
| Deferred Tax Assets, Property, Plant and Equipment | $193M2025-12-31 | $145M | +32.7% | $193M | $145M | +32.7% |
| Deferred Tax Assets, Tax Credit Carryforwards | $79.6M2025-12-31 | $84.1M | -5.4% | $79.6M | $84.1M | -5.4% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $452M2025-12-31 | $420M | +7.7% | $452M | $420M | +7.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $159M2025-12-31 | $185M | -14.2% | $159M | $185M | -14.2% |
| Deferred Tax Liabilities, Unrealized Gains on Trading Securities | $1.9M2025-12-31 | $93M | -98.0% | $1.9M | $93M | -98.0% |
| Defined Contribution Plan, Cost | – | – | – | $95.7M | $90.2M | +6.1% |
| Depreciation, Depletion and Amortization | $121M | $137M | -11.5% | $544M | $483M | +12.6% |
| Dividends, Common Stock | $98.3M | $93.4M | +5.2% | $377M | – | – |
| Earnings Per Share, Basic | $19.16 | $14.09 | +36.0% | $43.07 | $40.90 | +5.3% |
| Earnings Per Share, Diluted | $18.45 | $13.62 | +35.5% | $41.48 | $38.34 | +8.2% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $500K | -$400K | +225.0% | $300K | -$700K | +142.9% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $1.1B | – | – |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01