Insight Guru Inc.
10/21/2026 | Press release | Distributed by Public on 10/21/2026 15:38
Are You Overpaying For Regeneron Stock Versus Its Rivals
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Regeneron Pharmaceuticals (REGN) grew revenue 9.3% over its latest four fiscal quarters. That pace outstripped four of the five large drugmakers in its peer group. Its price ranks lower. Counting Regeneron, four companies in the table had no quarterly loss. Among them, Regeneron has the second-lowest price to earnings. You would expect faster growth to cost more, not less. So how does the price of Regeneron stock compare with a rival growing just as fast?
Regeneron Buyers Pay Less Than Amgen Buyers
Regeneron trades at 19.2 times its earnings over the four quarters ended June 30, 2026. Amgen (AMGN) trades at 27.1 times. Both are biotechnology companies, and Amgen grew revenue 9.1% over the same quarters, trailing just behind Regeneron. The same growth costs a Regeneron buyer much less. Amgen turns more of its revenue into operating profit, posting 30.0% against 26.9% at Regeneron, but this margin gap is narrow beside the gap in price.
| REGN | AMGN | MRK | BMY | ABBV | PFE | |
|---|---|---|---|---|---|---|
| Four Fiscal Quarters | ended 2026-06-30 (Q3 FY2025 to Q2 FY2026) | ended 2026-06-30 (Q3 FY2025 to Q2 FY2026) | ended 2026-06-30 (Q3 FY2025 to Q2 FY2026) | ended 2026-06-30 (Q3 FY2025 to Q2 FY2026) | ended 2026-06-30 (Q3 FY2025 to Q2 FY2026) | ended 2026-06-28 (Q3 FY2025 to Q2 FY2026) |
| Market Value (USD billion) | 83 | 237 | 366 | 126 | 511 | 172 |
| P/E | 19.2 | 27.1 | 115.4 (not in the P/E rank) | 13.6 | 81 | 39.6 (not in the P/E rank) |
| Revenue Growth | 9.3% | 9.1% | 4.6% | 3.1% | 10.4% | -0.2% |
| Operating Margin | 26.9% | 30% | 10.5% | 28.1% | 33.9% | 26.7% |
| Share Price Change, 2025-10-17 to 2026-10-20 | 40.4% | 51% | 80% | 47.7% | 29.7% | 31.5% |
Data as of 10/20/2026. Revenue growth, operating margin and the net income in the P/E are for each company's four fiscal quarters in the first row; revenue growth is against the four quarters before. A P/E marked "not in the P/E rank" belongs to a company whose net income was below zero in at least one of those four quarters.
Among other peers with a ranked price to earnings, AbbVie (ABBV) grew faster than Regeneron and trades at a higher price to earnings. Bristol Myers Squibb (BMY) grew more slowly and costs less. Merck (MRK) and Pfizer (PFE) each reported a net loss in two of their latest four quarters, leaving their price to earnings out of the ranking. Over the past year, Amgen shares also rose more, gaining 51.0% against 40.4% for Regeneron.
Where Regeneron's Revenue Comes From
Partners supply about half of Regeneron's revenue. Collaboration revenue reached $7.33 billion in fiscal 2025, making up 51.1% of the company's total. The Sanofi partnership is the largest piece. Management said on the July 30 call that this collaboration brought in a quarterly high of $2.2 billion in fiscal Q2 2026. Regeneron and Sanofi share Dupixent, and Sanofi reported Dupixent sales of $6 billion that quarter, up 38% at constant exchange rates.
Regeneron's own largest drug is shrinking. EYLEA revenue fell to $2.75 billion in fiscal 2025, down from $4.77 billion a year earlier. Management said on the July 30 call that U.S. EYLEA sales were falling mainly because patients are moving to a newer version, EYLEA HD, and because of competition. EYLEA HD sales rose to $1.64 billion from $1.2 billion. That $0.44 billion gain covers far less than the $2.02 billion EYLEA lost. This decline is the clearest worry for anyone buying Regeneron at its lower price.
Can Regeneron Keep Growing As EYLEA Shrinks?
So far it has. Regeneron's revenue grew 19.0% from a year earlier in fiscal Q1 2026. Growth stayed in double digits in fiscal Q2 2026, landing at 16.7%.
Management expects more pressure on EYLEA. On the July 30 call, management said demand for EYLEA should fall by a low to mid-teens percentage each quarter in the second half of 2026 as several competing copies of the drug, known as biosimilars, launch. Against that, management expects Sanofi collaboration revenue to step up from fiscal Q3 2026, when a development balance owed to Sanofi is fully repaid and Regeneron starts recording its full share of the profits.
Regeneron grows about as fast as Amgen and costs less. The price appears to assume that EYLEA's losses will keep pulling against what the Sanofi partnership brings in. Revenue has kept growing so far, but no reported quarter yet covers the second half of 2026, when management expects that EYLEA pressure to build. Sanofi collaboration revenue and EYLEA sales are the figures to watch in the report expected on or around October 30, 2026.
Does This Mean You Should Act On REGN?
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Insight Guru Inc. published this content on October 21, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 21, 2026 at 21:38 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]