MeritValue

REGENERON PHARMACEUTICALS, INC.

REGNdata completeness 100%18 fiscal years on file
The thesis, from the filings

REGENERON PHARMACEUTICALS, INC. earns about 22% on invested capital, far above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $421.05 and $520.29 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$16.1B1$12.2B2$13.1B3$14.2B3$14.3B3
Net income$8.08B4$4.34B5$3.95B6$4.41B6$4.5B6
Operating cash flow$7.08B7$5.01B8$4.59B9$4.42B9$4.98B9
Capital expenditure$551.9M10$590.1M11$718.6M12$755.9M12$898.4M12
Free cash flow (derived)$6.53B7$4.42B8$3.88B9$3.66B9$4.08B9
Total debt$1.98B13$1.98B14$1.98B15$1.98B16$1.99B16
Cash & equivalents$2.89B17$3.11B18$2.73B19$2.49B19$3.12B19
Diluted shares112.2M113.5M113.7M115.1M108.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$2,878.17
your share of equity
Profit it earned you last year
$414.82
Free cash flow it threw off
$375.74
Debt you’d be carrying
$182.86

10 shares is a claim on $2,878.17 of net worth that earned you $414.82 and generated $375.74 of cash last year, against $182.86 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
22% avg · 5y
FY21 45%FY22 20%FY23 16%FY24 15%FY25 15%

It earned about 22% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $421.05 and $520.29 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$481.9
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$3.88B
DCF · Growth Exit 5Y
$520.29
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$3.88B
Earnings Power Value
$421.05
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.41B
  • growthAssumed0.0%
Graham Number
$518.29
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $520.29
The three cases
Bear0.0%$520.29
Base0.0%$520.29
Bull5.0%$643.69

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001804220-24-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001804220-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000872589-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001804220-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001804220-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000872589-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001804220-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001804220-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000872589-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001804220-24-000009 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001804220-25-000011 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0000872589-26-000008 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001804220-23-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001804220-24-000009 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001804220-25-000011 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000872589-26-000008 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001804220-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001804220-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000872589-26-000008 (CashAndCashEquivalentsAtCarryingValue)