Regeneron PHARMACEUTICALS, Inc. (REGN) intrinsic value & 10-year financials
Regeneron PHARMACEUTICALS, Inc. (REGN) has a Graham intrinsic value of $1,377.79 per share. At $790.74 on Oct 17, 2026, the stock trades 43% below that value. Over the last 10 fiscal years revenue grew 12.8% a year to $14.3B, with an average return on invested capital of 23.2%.
- Graham intrinsic value
- $1,377.79
- Share price (Oct 17, 2026)
- $790.74
- Price vs Graham value
- 43% below
- Market cap
- $85.9B
- Revenue (FY2025)
- $14.3B
- Revenue growth (10-yr CAGR)
- 12.8%
- ROIC (10-yr avg)
- 23.2%
- Free cash flow (FY2025)
- $4.1B
REGN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $14.3B | $4.5B | $41.48 | $4.1B | 24.9% | 10.1% |
| FY2024 | $14.2B | $4.4B | $38.34 | $3.7B | 28.1% | 13.2% |
| FY2023 | $13.1B | $4.0B | $34.77 | $3.9B | 30.9% | 15.8% |
| FY2022 | $12.2B | $4.3B | $38.22 | $4.4B | 38.9% | 21.1% |
| FY2021 | $16.1B | $8.1B | $71.97 | $6.5B | 55.7% | 52.7% |
| FY2020 | $8.5B | $3.5B | $30.52 | $2.0B | 42.1% | 30.4% |
| FY2019 | $7.9B | $2.1B | $18.46 | $2.0B | 28.1% | 18.9% |
| FY2018 | $6.7B | $2.4B | $21.29 | $1.8B | 37.8% | — |
| FY2017 | $5.9B | $1.2B | $10.34 | $1.0B | 35.4% | — |
| FY2016 | $4.9B | $895.5M | $7.70 | $961.5M | 27.4% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Regeneron Pharmaceuticals is a consistent compounder, expanding top-line revenue at 12.8% annually over the past decade.
Regeneron Pharmaceuticals has earned high returns on invested capital, averaging 23.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Regeneron Pharmaceuticals has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Regeneron Pharmaceuticals is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1377.79 per share.