REGNREGENERON PHARMACEUTICALS, INC.

Pharmaceutical Preparations

Revenue: $14.3B; 1.0% YoY
Operating margin: 24.9%; 11% YoY
EBITDA: $4.1B; 7.9% YoY
Market cap: $87.6B
Employees: 15,410; $931K revenue each
Net debt / EBITDA: -0.4×; −$1.7B net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
111% of net income
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
77% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$931K · 73rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 34th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$87.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$16.1B	$12.2B	$13.1B	$14.2B	$14.3B	1.0%
Operating income	$8.9B	$4.7B	$4.0B	$4.0B	$3.6B	10%
Net income	$8.1B	$4.3B	$4.0B	$4.4B	$4.5B	2.1%
Operating cash flow	$7.1B	$5.0B	$4.6B	$4.4B	$5.0B	13%
Capex	$552M	$590M	$719M	$756M	$898M	19%
Stock-based comp	$602M	$725M	$885M	$983M	$994M	1.1%
Buybacks	$1.6B	$2.1B	$2.2B	$2.6B	$3.4B	32%
Dividends	—	—	$0	$0	$370M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 17, 2020	Sanofi	SC 13D/A	0.3%	Passive
May 29, 2020	Sanofi	SC 13D/A	21.0%	Passive
Dec 9, 2019	Sanofi	SC 13D/A	21.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $12M · 105
Net: −$12M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$39M	160	201
FY2024	$7M	−$38M	147	156
FY2023	$8M	$141M	182	144
FY2022	$7M	$99M	149	139
FY2021	$6M	$124M	131	124