Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Regeneron Pharmaceuticals Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation ratios from March 2022 through June 2026 demonstrate a synchronized cycle of expansion and correction. A consistent upward trend across all metrics is observable leading into mid-2024, followed by a sharp contraction through the first half of 2025, and a period of moderate recovery thereafter.
- Price to Earnings (P/E)
- The P/E ratio exhibited a strong upward trajectory, rising from 9.15 in March 2022 to a peak of 27.88 in June 2024. A significant correction occurred thereafter, with the ratio falling to 13.65 by March 2025, before stabilizing and ending the period at 17.56 in June 2026.
- Price to Operating Profit (P/OP)
- Similar to the earnings ratio, the P/OP ratio grew from 7.98 in March 2022 to a high of 30.86 in June 2024. This metric experienced a steep decline to 15.42 by June 2025, followed by a gradual increase to 19.78 by June 2026.
- Price to Sales (P/S)
- The P/S ratio increased from 4.40 in March 2022 to its maximum value of 8.93 in June 2024. A subsequent downward adjustment brought the ratio to 4.17 by June 2025, with a final observed value of 4.89 in June 2026.
- Price to Book Value (P/BV)
- The P/BV ratio remained relatively stable in the first half of the period, peaking at 4.27 in June 2024. It then underwent a pronounced decline to a low of 1.98 in June 2025, before recovering to 2.40 by June 2026.
Overall, the metrics suggest a period of aggressive valuation expansion that peaked in June 2024, followed by a correction that reset valuation multiples to levels closer to those observed in early 2022, with a slight upward trend returning in the final quarters of the observed period.
Price to Earnings (P/E)
Regeneron Pharmaceuticals Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (in thousands) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation of the common stock exhibits a distinct cyclical pattern characterized by a period of aggressive multiple expansion followed by a sharp correction and a subsequent stabilization phase between March 2022 and June 2026.
- Price-to-Earnings (P/E) Trend Analysis
- The P/E ratio experienced a steady and significant increase from a low of 9.15 in March 2022 to a peak of 27.88 in June 2024. This expansion indicates a period where the market was willing to pay a higher premium for each dollar of earnings. Following this peak, a rapid contraction occurred, with the ratio falling to 13.29 by June 2025, before entering a gradual recovery phase to reach 17.56 by June 2026.
- Earnings Per Share (EPS) Dynamics
- Earnings per share showed a marked decline in the first two years of the observed period, falling from $72.22 in March 2022 to a low of $35.01 in March 2024. Subsequent to this decline, EPS demonstrated resilience and stability, fluctuating within a narrow band between $39.20 and $43.56 from June 2024 through June 2026.
- Share Price Correlation
- The share price mirrored the trajectory of the P/E ratio more closely than that of the EPS. The price climbed from $660.86 in March 2022 to a maximum of $1,093.14 in June 2024. A significant valuation correction followed, with the price dropping to $558.87 by June 2025. The final year of the period shows a recovery trend, with the price returning to $738.34 by June 2026.
- Valuation Insights
- The data reveals a divergence between fundamental earnings and market valuation. While EPS stabilized after March 2024, the P/E ratio and share price underwent extreme volatility. The period between March 2022 and March 2024 was characterized by falling earnings but rising valuations, whereas the period from June 2024 to June 2025 saw a valuation collapse despite stable earnings.
Price to Operating Profit (P/OP)
Regeneron Pharmaceuticals Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Income from operations (in thousands) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of the common stock, as measured by the Price to Operating Profit (P/OP) ratio, exhibited significant volatility between March 2022 and June 2026. The period is characterized by a sharp expansion in the valuation multiple, followed by a substantial correction and a subsequent phase of stabilization.
- Operating Profit per Share Trends
- A consistent downward trend in operating profit per share is observed from March 2022, where it stood at 82.78 US$, falling to a low of 33.84 US$ by December 2025. The most rapid decline occurred throughout 2022 and 2023. From March 2024 onward, operating profits entered a period of relative stagnation, oscillating within a narrow band between approximately 34.00 US$ and 37.00 US$.
- Share Price Fluctuations
- The share price demonstrated a bullish trajectory from early 2022, peaking at 1,093.14 US$ in June 2024. This peak was followed by a sharp contraction, with the price reaching a period low of 558.87 US$ by June 2025. A moderate recovery is evident in the final year of the analysis, with the price climbing back to 738.34 US$ by June 2026.
- P/OP Ratio Dynamics
- The P/OP ratio experienced a dramatic increase from 7.98 in March 2022 to a peak of 30.86 in June 2024. This expansion was driven by the inverse correlation between rising share prices and declining operating profits per share. Following the June 2024 peak, the ratio underwent a significant correction, dropping to 15.42 by June 2025, primarily due to the sharp decline in share price while operating profits remained flat. In the subsequent period, the ratio stabilized, ending at 19.78 in June 2026.
The overall data indicates that the valuation multiple was heavily influenced by market sentiment and share price volatility rather than operational performance, as the P/OP ratio expanded and contracted aggressively while operating profits remained relatively stable after the initial 2022-2023 decline.
Price to Sales (P/S)
Regeneron Pharmaceuticals Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenues (in thousands) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory of the common stock exhibits a distinct cycle of expansion and contraction between March 2022 and June 2026. The Price to Sales (P/S) ratio initially trended upward, peaking in mid-2024 before undergoing a significant correction and subsequent stabilization.
- Price to Sales Ratio Trends
- The P/S ratio began at 4.40 in March 2022 and experienced a sustained increase, reaching a maximum of 8.93 by June 30, 2024. This period represents a significant valuation expansion. Following this peak, a sharp contraction occurred, with the ratio falling to 4.17 by June 30, 2025. The final year of the analyzed period shows a moderate recovery and stabilization, ending at 4.89 in June 2026.
- Share Price Volatility
- The fluctuations in the P/S ratio were primarily driven by high volatility in the share price. The price rose from 660.86 USD in March 2022 to a peak of 1,093.14 USD in June 2024. A subsequent steep decline saw the share price drop to 558.87 USD by June 2025, which directly triggered the contraction in the valuation ratio. A recovery phase followed, with the price climbing back to 738.34 USD by June 2026.
- Sales per Share Performance
- In contrast to the share price, sales per share demonstrated a more stable and eventually consistent growth pattern. After an initial decline from 150.28 USD in March 2022 to a low of 111.35 USD in December 2022, sales per share entered a period of steady quarterly improvement. By June 30, 2026, sales per share reached 150.89 USD. This consistent growth in fundamental revenue per share acted as a counterbalance during the share price correction of 2024-2025, preventing a more severe collapse of the P/S ratio.
- Valuation Divergence
- A notable divergence is observed between June 2023 and June 2024, where the P/S ratio increased from 6.61 to 8.93 despite sales per share growing at a much slower rate. This suggests that the valuation during this window was driven by market sentiment or price appreciation rather than proportional growth in sales. Conversely, the period between June 2024 and June 2025 saw the P/S ratio drop even as sales per share continued to rise, indicating a market-driven recalibration of the stock's value relative to its revenue.
Price to Book Value (P/BV)
Regeneron Pharmaceuticals Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through June 2026 reveals a divergence between the steady growth of internal book value and the volatility of the market share price, resulting in a significant contraction of the Price to Book Value (P/BV) ratio over the observed period.
- Book Value Per Share (BVPS) Growth
- A consistent and linear upward trend is observed in the book value per share. Starting at 181.30 US$ in March 2022, the BVPS grew uninterrupted every quarter, reaching 308.01 US$ by June 2026. This represents a steady accumulation of equity and asset growth relative to the number of shares outstanding.
- Share Price Volatility
- The share price exhibited significant fluctuations compared to the stability of the BVPS. The price reached a peak of 1,093.14 US$ in June 2024 before entering a period of decline, hitting a low of 558.87 US$ in June 2025. A partial recovery followed, with the price stabilizing between 686.36 US$ and 738.34 US$ in the first half of 2026.
- P/BV Ratio Dynamics
- The P/BV ratio remained relatively stable between 3.21 and 3.96 from March 2022 through December 2023. The ratio peaked at 4.27 in June 2024, coinciding with the maximum share price. However, a sharp contraction occurred thereafter, with the ratio dropping to a period low of 1.98 by June 2025. This decline indicates that the market's valuation premium over the company's accounting book value decreased substantially.
- Valuation Correlation
- The compression of the P/BV ratio from a high of 4.27 to a range of 2.29 to 2.40 by mid-2026 suggests a shift in investor sentiment or a market correction. While the underlying book value continued to strengthen, the market price failed to maintain the same rate of growth, leading to a lower multiple of book value being applied to the stock.