Is the business good?
How good a business is REGN?
Regeneron Pharmaceuticals earns 12% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
12%
Return on invested capital · cost of capital 9.0% · 2.8 points above what the capital costs: growth creates value
- Operating margin
- 25%
Operating margin · Biotechnology median −72% · 12 months to Q2 2026
- Cash conversion
- 0.87×
Cash conversion · 0.86× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- −2.4%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 42% |
| FY2021 | 56% |
| FY2022 | 39% |
| FY2023 | 31% |
| FY2024 | 28% |
| FY2025 | 25% |
Details›
- Operating margin12 months to Q2 2026
- 25%
- Net margin12 months to Q2 2026
- 28%
- Free cash flow margin
- 24%
- R&D as % of revenue
- 40%
- Revenue, trailing twelve months
- $15.5B
- Free cash flow, trailing twelve months
- $3.76B
- Net income, trailing twelve months
- $4.33B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 12%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.