Regeneron Pharmaceuticals, Inc. (REGN) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Regeneron Pharmaceuticals, Inc.

Updated on September 26, 2026 · accounts published on July 30, 2026

Reading of September 26, 2026

Regeneron Pharmaceuticals holds $55.98 per share in net cash (fiscal 2025) and trades 8 % below its 52-week high after a 42 % gain in 12 months.

• Is Regeneron Pharmaceuticals expensive or cheap? Its market value is 9.5× its cash (fiscal 2025), far above the 1.5× to 3× range considered reasonable in biotech.
• How is the business doing? Revenue grew just 1.0 % over the last 12 months, and ROIC fell to 8.5 % in fiscal 2025, its weakest year of the decade.
• How strong is the balance sheet? Debt-to-equity is 0.06 over the last 12 months, and net cash of $55.98 per share (fiscal 2025) equals 7.1 % of the price.
• What to expect from the next earnings? Analysts expect EPS of $15.99 when results come out on October 28, 2026, after a 41 % beat in the last quarter.
• How many months of cash does Regeneron Pharmaceuticals have left? It does not burn cash: operating cash flow was a positive $47.60 per share in fiscal 2025, and debt is only 0.3× cash.

Is Regeneron Pharmaceuticals expensive or cheap?

Regeneron Pharmaceuticals trades at 2.6× book value over the last 12 months. The stock has gained 42 % over that period. It now sits 8 % below its 52-week high of $852.03 and well above its $555.51 low. The cash test is less generous: its market value equals 9.5× the cash it held at the end of fiscal 2025, more than three times the upper end of the biotech range. Over the past decade the quarterly P/E has ranged from 8.4 to 41.2, so the market has priced this business both as a bargain and as a growth story. With revenue barely growing, the 12-month rally means investors are paying for more than today's numbers.

How is the business doing?

Regeneron Pharmaceuticals earned a return on invested capital above 10 % in 9 of the last 10 fiscal years (2016-2025). The exception is fiscal 2025, when ROIC fell to 8.5 %, the lowest of the decade. Revenue tells a similar story, rising only 1.0 % over the last 12 months. Ten years of double-digit returns show that the business knows how to turn capital into profit. The latest year shows that engine slowing down. To justify its 12-month gain, the stock needs coming reports to show growth returning rather than a plateau.

How strong is the balance sheet?

The balance sheet is the strongest part of the case. Over the last 12 months, debt-to-equity is 0.06 and the current ratio is 3.34. The Altman Z-score of 7.5 is well inside the safe zone. At the end of fiscal 2025, Regeneron Pharmaceuticals held $82.27 of cash per share against $26.29 of debt. That leaves $55.98 of net cash per share, or 7.1 % of the current price. Shareholders get little in direct payouts: the dividend yield is 0.5 % over the last 12 months, so returns depend on the share price rather than on income.

What to expect from the next earnings?

Regeneron Pharmaceuticals has beaten EPS estimates in 7 of the last 8 quarters. On July 30, 2026 it reported EPS of $14.29 against $10.16 expected, a 41 % surprise. For the quarter it reports on October 28, 2026, the consensus is $15.99. The full-year 2026 EPS estimate from 15 analysts has held at $54.51 over the last 11 days, and the revenue consensus has barely moved either. Of the 49 analysts covering the stock, 34 rate it a buy, 15 a hold and none a sell. With estimates this stable, the size of the surprise will set the tone.

How many months of cash does Regeneron Pharmaceuticals have left?

Most small biotechs lose money, so a P/E says little about them. Investors look at cash runway and pipeline spending instead. On that checklist, Regeneron Pharmaceuticals passes the survival tests easily. It generated $47.60 of operating cash per share in fiscal 2025, and its debt equals 0.3× its cash, well inside the 1× considered manageable. The other two tests fail. R&D spending equals 7.1 % of market value, below the 10 % the sector treats as active. Market value is 9.5× cash, against a reasonable range of 1.5× to 3×. Cash is not the concern. What the price depends on is whether current research spending can deliver the next leg of growth.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.