Regeneron Pharmaceuticals (REGN)

NASDAQHealth CareBiotechnologySnapshot 2026-10-15

$790.74-0.70%

Close 2026-10-16 · 1-day change

Read the published Living FV report summary

Investment OutlookAs of Oct 15, 2026

What could strengthen or challenge Regeneron Pharmaceuticals’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+2.1%

+10% or more+5%0%−5%−10% or less

61.24 → 62.54 EPS · FY ending Dec 31, 2027 · 9 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 15, 2026 to Oct 15, 2026: (new ÷ prior − 1). Contributor count changed from 10 to 9; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Living FV™

Living Fair Value by QuarterlyIQ

A valuation that evolves as the business changes.

A published Living FV snapshot is not available yet. The valuation workflow remains discoverable; a market target cannot supply the missing evidence.

View Living FV report and workflow

What the Thesis Depends On

4 key conditions need to be met for the investment thesis to play out.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Control GAAP effective tax rate within 12%-14% in FY26	A supporting condition in Regeneron Pharmaceuticals's published investment case. The stated target is 12%-14%.	Under Pressure	Effective tax rate rises above 14% in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 6 of last 6 quarters. GAAP effective tax rate guidance remains at 12%-14% for 2026. Actual GAAP ETR was 12.5% in 2026-Q1 but increased to 15.1% in 2026-Q2 due to tax benefit changes and unrecognized tax positions. The trajectory shows some deviation above guidance, indicating limited control progress. Delivery assessment Oct 15, 2026
Maintain GAAP gross margin near 77%-80% in FY26	A primary condition in Regeneron Pharmaceuticals's published investment case. The stated target is 77%-80%.	Under Pressure	Gross margin falls below 77% in FY26	Gross margin: 86.56% FY2026-Q2; GAAP. Published target: 77%-80%. Target period is not explicitly aligned with this observation. Source published Jul 30, 202686.563964 percent · calculatedSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 6 of last 6 quarters. GAAP gross margin guidance was lowered from approximately 82% in 2025 to 77%-79% for 2026, reflecting operational challenges including manufacturing interruptions. Actual GAAP gross margin was 76% in 2026-Q1 and improved to 78% in 2026-Q2, indicating progress but still below prior years. The trajectory shows limited progress toward prior higher margins. Delivery assessment Oct 15, 2026
Advance pipeline with new product launches and FDA fast-track designations	FDA fast-track programs speed product approvals.	Intact	Pipeline progress stalls or FDA fast-track designations are lost	73% response rate vs qualitative target Regeneron reported 73% response rate for ubamatamab and expanded its alliance with Sanofi, signaling strong pipeline advancement. Context reviewed through Oct 15, 2026Last status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Regeneron revenue grows at least 11.6% in FY26	Regeneron grows sales about 12% a year with new drug launches.	Intact	YoY revenue growth falls below 7% in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$62.54

$47.46 → $62.54 · observed estimates

FY2027 revenue$18.76B

$17.65B → $18.76B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$47.46	$17,646,861,710	9 / 23
2026-07-25	$47.40	$17,607,941,730	9 / 22
2026-07-26	$53.53	$17,578,938,110	9 / 17
2026-07-27	$47.40	$17,607,941,730	9 / 22
2026-07-28	$47.40	$17,607,941,730	9 / 22
2026-07-29	$53.53	$17,578,939,835	9 / 17
2026-07-30	$47.36	$17,609,494,050	9 / 22
2026-07-31	$48.53	$17,846,008,160	10 / 24
2026-08-01	$58.49	$18,219,832,996	9 / 18
2026-08-02	$50.21	$18,310,875,200	10 / 25
2026-08-03	$58.64	$18,326,999,663	10 / 19
2026-08-04	$58.64	$18,326,999,663	10 / 19
2026-08-05	$50.21	$18,310,875,200	10 / 25
2026-08-06	$58.64	$18,326,999,663	10 / 19
2026-08-08	$50.40	$18,340,113,910	10 / 25
2026-08-09	$50.40	$18,340,113,910	10 / 25
2026-08-10	$58.64	$18,326,999,663	10 / 19
2026-08-12	$58.64	$18,326,999,663	10 / 19
2026-08-13	$58.64	$18,326,999,663	10 / 19
2026-08-14	$58.64	$18,326,999,663	10 / 19
2026-08-15	$58.64	$18,326,999,663	10 / 19
2026-08-16	$58.64	$18,326,999,663	10 / 19
2026-08-17	$58.64	$18,326,999,663	10 / 19
2026-08-18	$58.64	$18,326,999,663	10 / 19
2026-08-19	$58.64	$18,326,999,663	10 / 19
2026-08-20	$60.88	$18,554,459,951	10 / 19
2026-08-21	$60.88	$18,554,451,068	10 / 19
2026-08-22	$60.88	$18,554,451,068	10 / 19
2026-08-23	$60.88	$18,554,451,068	10 / 19
2026-08-24	$60.88	$18,554,451,068	10 / 19
2026-08-25	$60.88	$18,554,451,068	10 / 19
2026-08-26	$60.88	$18,554,451,068	10 / 19
2026-08-27	$60.88	$18,554,451,068	10 / 19
2026-08-28	$60.88	$18,554,451,068	10 / 19
2026-08-29	$60.88	$18,554,451,068	10 / 19
2026-08-30	$60.88	$18,554,451,068	10 / 19
2026-08-31	$60.88	$18,554,451,068	10 / 19
2026-09-01	$60.88	$18,554,451,068	10 / 19
2026-09-02	$60.88	$18,554,451,068	10 / 19
2026-09-03	$60.88	$18,554,298,003	10 / 19
2026-09-04	$60.88	$18,554,298,003	10 / 19
2026-09-05	$60.78	$18,584,275,380	10 / 19
2026-09-06	$60.78	$18,584,275,380	10 / 19
2026-09-07	$60.78	$18,584,275,380	10 / 19
2026-09-08	$60.78	$18,584,275,380	10 / 19
2026-09-09	$60.95	$18,590,569,062	10 / 18
2026-09-10	$61.16	$18,634,668,411	10 / 18
2026-09-11	$61.24	$18,602,653,097	10 / 18
2026-09-12	$61.24	$18,602,653,097	10 / 18
2026-09-13	$61.24	$18,602,653,097	10 / 18
2026-09-14	$61.24	$18,602,653,097	10 / 18
2026-09-15	$61.24	$18,602,653,097	10 / 18
2026-09-16	$61.24	$18,602,653,097	10 / 18
2026-09-17	$61.24	$18,602,658,515	10 / 18
2026-09-18	$61.24	$18,602,658,515	10 / 18
2026-09-19	$61.24	$18,602,658,515	10 / 18
2026-09-20	$61.24	$18,602,658,515	10 / 18
2026-09-21	$61.24	$18,602,658,515	10 / 18
2026-09-22	$61.24	$18,602,658,515	10 / 18
2026-09-23	$61.24	$18,602,658,515	10 / 18
2026-09-24	$61.24	$18,602,658,515	10 / 18
2026-09-25	$61.24	$18,602,658,516	9 / 18
2026-09-26	$61.24	$18,602,651,946	9 / 17
2026-09-27	$61.24	$18,602,651,946	9 / 17
2026-09-28	$61.24	$18,602,651,946	9 / 17
2026-09-29	$61.24	$18,602,646,529	9 / 17
2026-09-30	$61.24	$18,602,646,529	9 / 17
2026-10-01	$61.24	$18,602,646,529	9 / 17
2026-10-02	$61.24	$18,602,646,529	9 / 17
2026-10-03	$61.86	$18,602,494,434	9 / 18
2026-10-04	$61.86	$18,602,494,434	9 / 18
2026-10-05	$61.86	$18,602,494,434	9 / 18
2026-10-06	$61.85	$18,597,481,100	9 / 18
2026-10-07	$62.13	$18,643,219,686	9 / 17
2026-10-08	$62.13	$18,643,219,686	9 / 17
2026-10-09	$62.21	$18,681,132,730	9 / 17
2026-10-10	$62.21	$18,681,132,730	9 / 17
2026-10-11	$62.21	$18,681,111,882	9 / 17
2026-10-12	$62.21	$18,681,111,882	9 / 17
2026-10-13	$62.53	$18,759,995,523	9 / 17
2026-10-14	$62.54	$18,759,995,523	9 / 17
2026-10-15	$62.54	$18,759,995,523	9 / 17

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	23	8	0
2026-06-01	21	8	0
2026-07-01	21	10	0
2026-08-01	18	10	1
2026-09-01	18	9	1
2026-10-01	18	9	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 18 Buy / Strong Buy · 9 Hold · 1 Sell / Strong Sell

1 upgrades0 downgrades6 maintains

Recent actions · Sep 16–Oct 15 · 7 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

UBSOct 14

$978.00New observation · no comparable prior

Raymond JamesOct 8 · prior Apr 22

$910.00 → $911.00+0.1%

RBC CapitalOct 8 · prior Jul 31

$737.00 → $810.00+9.9%

Truist FinancialOct 7 · prior Jul 7

$769.00 → $780.00+1.4%

Morgan StanleyOct 7 · prior Jul 31

$758.00 → $779.00+2.8%

JefferiesOct 1

$930.00New observation · no comparable prior

BMO CapitalOct 1 · prior May 18

$730.00 → $920.00+26.0%

Argus ResearchOct 1

$850.00New observation · no comparable prior

$0$537.90$1075.80

5 raises · 0 cuts · 0 unchanged · 3 without a comparable prior

How this is measured

Sep 16, 2026–Oct 15, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Control GAAP effective tax rate within 12%-14% in FY26Published status: Under Pressure
Maintain GAAP gross margin near 77%-80% in FY26Published status: Under Pressure
Regeneron revenue grows at least 11.6% in FY26Direct metric needs a verified mapping

Next proof point

Oct 30, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.0%Typical daily move · historical

Downside history

-26.0%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Regeneron Pharmaceuticals outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 10, 2026

What kind of bet this is

This investment represents a durable compounder with a focus on maintaining strong product sales and advancing a broad clinical pipeline. The current thesis state is stable, supported by recent positive developments and solid financial performance.

What's priced into Regeneron Pharmaceuticals

The market currently prices REGN as cheap compared to its peers, with a slight expectations gap suggesting that some positive developments may not be fully reflected. The valuation appears justified given the company's strong recent results and stable management.

What the fundamentals likely do

Fundamentals are likely to remain strong, driven by management's focus on key product sales and a robust clinical pipeline. While there is a low probability of missing earnings, the overall risk remains moderate due to the industry's high miss rate.

What Regeneron Pharmaceuticals hinges on

The thesis hinges on several factors, including management's ability to maintain guidance, the performance of sector peers, and broader economic conditions that may impact the healthcare sector. A potential cut in guidance or continued weakness in the jobs report could pose risks.