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).
Historical Valuation Ratios (Summary)
Regeneron Pharmaceuticals Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates a notable downward trend from early 2021 until the end of 2021, decreasing from 13.27 to 8.37. Following this period, a consistent rise is evident throughout 2022 and the first half of 2024, peaking at 27.88 in September 2024. After reaching this peak, the ratio declines steadily, falling to 13.29 by the third quarter of 2025 before a slight increase to 15.03 at the end of the period. This suggests that market expectations of earnings growth improved significantly after 2021 but experienced some moderation in the latter stages of the timeline.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio aligns closely with the P/E pattern, starting at 13.32 in early 2021 and falling to its lowest point of 7.55 by the end of 2021. It then rises notably, reaching its highest value of 30.86 in mid-2024. Subsequently, the ratio decreases steadily through 2024 and 2025, ending at 18.65. The range reflects a heightened valuation of operating profit post-2021, followed by a period of correction or stabilization.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a gradual downward trajectory in 2021, dropping from 5.78 to 4.20 by the year's end. From early 2022, the ratio rises steadily, peaking at 8.93 in mid-2024, a significant increase compared to prior years. After this peak, a marked decline occurs, with the ratio falling to 4.17 by late 2025, before a slight rebound to 4.83. This pattern suggests elevated market valuations relative to sales during 2023 and early 2024, followed by a reversion toward more conservative levels.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio trends downward from 4.44 at the beginning of 2021 to 3.60 by year-end 2021. It then fluctuates modestly throughout 2022 and early 2023, with a small peak around 4.27 in mid-2024. After this, the ratio declines steadily, reaching the lowest point of 1.98 in late 2025, before a minor uptick to 2.22. This declining trend indicates a diminishing market valuation relative to the company's book value over the observed period, especially pronounced in the later years.
Price to Earnings (P/E)
Regeneron Pharmaceuticals Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 105,099,464 | 105,987,442 | 107,965,497 | 109,324,682 | 109,889,531 | 110,234,529 | 110,185,503 | 109,761,896 | 108,946,984 | 108,558,718 | 109,710,254 | 109,325,532 | 108,901,935 | 109,008,322 | 109,846,194 | 108,539,282 | 107,543,018 | 106,955,379 | 106,543,805 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (in thousands) | 1,460,000) | 1,391,600) | 808,700) | 917,700) | 1,340,600) | 1,432,300) | 722,000) | 1,159,600) | 1,007,800) | 968,400) | 817,800) | 1,197,100) | 1,315,700) | 852,100) | 973,500) | 2,229,000) | 1,632,200) | 3,098,900) | 1,115,200) | ||||||
| Earnings per share (EPS)2 | 43.56 | 42.07 | 41.67 | 40.36 | 42.36 | 39.20 | 35.01 | 36.02 | 36.63 | 39.60 | 38.12 | 39.68 | 49.31 | 52.17 | 72.22 | 74.40 | 65.05 | 58.02 | 37.58 | ||||||
| Share price1, 3 | 654.48 | 558.87 | 568.91 | 716.72 | 838.20 | 1,093.14 | 937.61 | 936.33 | 818.79 | 771.45 | 753.88 | 780.86 | 738.68 | 608.77 | 660.86 | 622.36 | 647.63 | 602.47 | 498.68 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 15.03 | 13.29 | 13.65 | 17.76 | 19.79 | 27.88 | 26.78 | 25.99 | 22.35 | 19.48 | 19.77 | 19.68 | 14.98 | 11.67 | 9.15 | 8.37 | 9.96 | 10.38 | 13.27 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | 159.78 | 92.57 | 77.73 | 79.59 | 69.16 | 62.04 | 48.26 | 63.84 | 38.27 | 30.55 | 34.43 | 22.62 | 19.16 | 19.44 | 21.64 | 22.07 | 27.34 | 30.62 | 39.63 | ||||||
| Amgen Inc. | 24.59 | 23.15 | 25.49 | 38.24 | 40.68 | 53.65 | 44.38 | 23.14 | 18.09 | 16.31 | 16.18 | 19.56 | 21.00 | 20.03 | 22.23 | 21.05 | 21.91 | 22.56 | 19.20 | ||||||
| Bristol-Myers Squibb Co. | 15.38 | 17.46 | 18.29 | — | — | — | — | 12.27 | 13.01 | 15.93 | 19.43 | 23.97 | 23.71 | 24.14 | 25.64 | 20.92 | — | — | — | ||||||
| Danaher Corp. | 44.52 | 39.84 | 36.51 | 38.12 | 48.49 | 45.39 | 42.59 | 39.09 | 24.76 | 29.99 | 25.00 | 25.65 | 26.65 | 32.73 | 32.15 | 29.94 | 38.81 | 37.87 | 39.26 | ||||||
| Eli Lilly & Co. | 43.36 | 43.95 | 67.76 | 77.63 | 96.05 | 109.42 | 120.94 | 135.24 | 110.43 | 76.21 | 65.16 | 50.08 | 55.53 | 51.05 | 45.29 | 40.66 | 40.07 | 40.34 | 28.77 | ||||||
| Gilead Sciences Inc. | 18.18 | 21.68 | 20.62 | 296.57 | 925.87 | 89.29 | 166.76 | 16.17 | 17.10 | 17.88 | 17.75 | 22.68 | 29.30 | 18.66 | 17.25 | 12.36 | 11.44 | 16.83 | 277.25 | ||||||
| Johnson & Johnson | 18.51 | 18.02 | 17.14 | 26.92 | 27.19 | 10.11 | 9.46 | 10.73 | 10.12 | 33.35 | 33.43 | 22.97 | 23.52 | 24.98 | 23.95 | 20.93 | 23.98 | 25.51 | 28.35 | ||||||
| Merck & Co. Inc. | 11.00 | 12.30 | 11.98 | 13.49 | 20.98 | 20.73 | 140.05 | 893.99 | 56.85 | 86.53 | 22.92 | 19.21 | 16.41 | 13.36 | 15.70 | 14.78 | 28.65 | 34.23 | 28.00 | ||||||
| Pfizer Inc. | 14.06 | 13.09 | 17.22 | 18.42 | 37.00 | — | — | 73.42 | 16.60 | 9.42 | 7.44 | 7.58 | 8.81 | 9.56 | 11.11 | 11.76 | 14.03 | 20.05 | 20.15 | ||||||
| Thermo Fisher Scientific Inc. | 32.45 | 26.56 | 24.55 | 32.03 | 34.78 | 37.81 | 36.21 | 35.65 | 29.57 | 37.01 | 34.99 | 30.55 | 27.64 | 31.09 | 28.15 | 27.35 | 29.43 | 24.63 | 23.23 | ||||||
| Vertex Pharmaceuticals Inc. | 29.11 | 26.43 | — | — | — | — | 26.34 | 30.42 | 28.09 | 27.49 | 27.34 | 23.02 | 24.62 | 23.12 | 26.50 | 26.55 | 22.09 | 26.26 | 20.45 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ No. shares of common stock outstanding
= (1,460,000,000 + 1,391,600,000 + 808,700,000 + 917,700,000)
÷ 105,099,464 = 43.56
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 654.48 ÷ 43.56 = 15.03
5 Click competitor name to see calculations.
The analyzed quarterly financial data reveals various trends and fluctuations across key financial indicators over the observed periods.
- Share Price
-
The share price exhibited a steady upward trend from early 2021 through mid-2024, increasing from approximately $499 to a peak exceeding $1,090 by mid-2024. This growth suggests strong market confidence or positive operational performance during this interval. However, following this peak, the share price declined significantly, falling to below $570 toward the end of 2025 before experiencing a modest recovery to about $654. This pattern indicates increased market volatility or changes in perceived company value in the latter periods.
- Earnings Per Share (EPS)
-
The EPS showed an initial rise from 37.58 in March 2021 to a high near 74.4 in December 2021, reflecting improved profitability. Subsequently, EPS trended downward through 2022, reaching approximately 35 by the end of the year. During 2023 and into 2024, the EPS remained relatively stable, fluctuating generally between 35 and 42. In 2025, a slight upward movement was observed, with EPS increasing to about 43.56 by September. This trend suggests earnings remained robust but experienced some cyclical variability after the initial peak in 2021.
- Price-to-Earnings (P/E) Ratio
-
The P/E ratio declined sharply early on, moving from over 13 at the start of 2021 to a low around 8.37 by the end of 2021, coinciding with rising EPS and moderately increasing share price. This initial contraction reflects an attractive valuation relative to earnings during that period. However, from 2022 onward, the P/E ratio expanded significantly, reaching peaks above 27 in mid-2024. This expansion occurred even as EPS stabilized or declined slightly, indicating share price growth outpacing earnings increases and possibly reflecting heightened investor expectations or speculative pricing. Following this peak, the P/E ratio decreased steadily through 2025 to levels near 13, aligning with the share price decline and moderate EPS growth, suggesting a move toward more conservative valuation levels.
Overall, the data points to a period of strong earnings growth ending in late 2021, followed by earnings stabilization at a lower level. The share price generally mirrored early earnings growth but later exhibited increased volatility, peaking mid-2024 and then retreating. The P/E ratio trends indicate shifting market sentiment, from initial undervaluation to premium valuation before returning to more moderate levels during the final periods. These fluctuations may reflect external market conditions, company-specific developments, or changes in investor expectations over the analyzed timeframe.
Price to Operating Profit (P/OP)
Regeneron Pharmaceuticals Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 105,099,464 | 105,987,442 | 107,965,497 | 109,324,682 | 109,889,531 | 110,234,529 | 110,185,503 | 109,761,896 | 108,946,984 | 108,558,718 | 109,710,254 | 109,325,532 | 108,901,935 | 109,008,322 | 109,846,194 | 108,539,282 | 107,543,018 | 106,955,379 | 106,543,805 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in thousands) | 1,026,800) | 1,079,500) | 591,700) | 990,200) | 1,179,500) | 1,069,600) | 751,400) | 972,900) | 1,111,000) | 1,016,500) | 946,700) | 1,146,800) | 1,223,700) | 1,109,900) | 1,258,500) | 2,639,700) | 1,847,200) | 3,347,200) | 1,112,700) | ||||||
| Operating profit per share2 | 35.09 | 36.24 | 35.48 | 36.50 | 36.16 | 35.42 | 34.96 | 36.87 | 38.74 | 39.92 | 40.35 | 43.35 | 57.22 | 62.89 | 82.78 | 82.43 | 69.50 | 62.46 | 37.44 | ||||||
| Share price1, 3 | 654.48 | 558.87 | 568.91 | 716.72 | 838.20 | 1,093.14 | 937.61 | 936.33 | 818.79 | 771.45 | 753.88 | 780.86 | 738.68 | 608.77 | 660.86 | 622.36 | 647.63 | 602.47 | 498.68 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 18.65 | 15.42 | 16.03 | 19.63 | 23.18 | 30.86 | 26.82 | 25.39 | 21.13 | 19.32 | 18.68 | 18.01 | 12.91 | 9.68 | 7.98 | 7.55 | 9.32 | 9.65 | 13.32 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | 42.20 | 31.76 | 32.37 | 37.26 | 25.63 | 26.99 | 22.62 | 24.34 | 16.55 | 15.26 | 16.15 | 14.78 | 14.52 | 14.12 | 14.57 | 14.21 | 12.41 | 13.12 | 17.23 | ||||||
| Amgen Inc. | 19.86 | 18.71 | 20.31 | 21.55 | 27.68 | 27.12 | 23.97 | 19.69 | 15.45 | 13.71 | 14.25 | 13.40 | 14.89 | 14.08 | 15.88 | 16.24 | 16.73 | 17.48 | 15.26 | ||||||
| Bristol-Myers Squibb Co. | 10.25 | 11.07 | 13.65 | — | — | — | — | 13.53 | 14.14 | 16.24 | 17.09 | 18.29 | 17.79 | 18.62 | 20.32 | 19.84 | — | — | — | ||||||
| Danaher Corp. | 33.80 | 30.79 | 28.49 | 30.56 | 39.52 | 38.14 | 37.52 | 35.64 | 23.61 | 27.01 | 21.31 | 20.97 | 20.71 | 25.91 | 26.48 | 25.14 | 32.12 | 30.83 | 32.62 | ||||||
| Eli Lilly & Co. | 34.60 | 35.19 | 53.43 | 63.73 | 79.30 | 88.66 | 99.34 | 109.75 | 93.27 | 69.42 | 59.60 | 43.88 | 46.48 | 39.20 | 36.49 | 35.70 | 37.21 | 42.01 | 31.17 | ||||||
| Gilead Sciences Inc. | 14.06 | 17.00 | 14.96 | 85.65 | 143.05 | 36.80 | 51.26 | 12.05 | 12.16 | 11.57 | 11.21 | 14.21 | 16.27 | 11.02 | 10.78 | 7.76 | 7.27 | 8.88 | 18.31 | ||||||
| Johnson & Johnson | 19.83 | 19.04 | 17.74 | 18.20 | 18.65 | 17.54 | 16.96 | 17.78 | 15.69 | 18.91 | 18.26 | 17.62 | 19.64 | 20.45 | 21.06 | 18.68 | 18.99 | 20.14 | 21.12 | ||||||
| Merck & Co. Inc. | 9.67 | 10.57 | 10.37 | 11.60 | 18.67 | 18.41 | 75.94 | 138.56 | 33.75 | 44.67 | 18.53 | 15.55 | 13.85 | 11.72 | 14.29 | 15.39 | 30.71 | 38.03 | 30.14 | ||||||
| Pfizer Inc. | 10.07 | 9.49 | 11.27 | 11.92 | 27.24 | — | — | 121.63 | 17.49 | 9.17 | 6.74 | 6.80 | 7.82 | 9.11 | 11.49 | 13.30 | 16.37 | 19.83 | 22.85 | ||||||
| Thermo Fisher Scientific Inc. | 28.40 | 23.62 | 21.64 | 27.65 | 29.74 | 32.66 | 31.40 | 31.16 | 25.59 | 31.55 | 29.54 | 25.30 | 21.43 | 23.99 | 21.84 | 21.07 | 23.87 | 19.77 | 18.53 | ||||||
| Vertex Pharmaceuticals Inc. | 26.79 | 24.50 | — | — | — | — | 25.25 | 28.74 | 25.14 | 23.33 | 22.03 | 17.75 | 19.41 | 18.11 | 22.13 | 22.35 | 18.14 | 23.06 | 18.68 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Income from operationsQ3 2025
+ Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024)
÷ No. shares of common stock outstanding
= (1,026,800,000 + 1,079,500,000 + 591,700,000 + 990,200,000)
÷ 105,099,464 = 35.09
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 654.48 ÷ 35.09 = 18.65
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated a general upward trajectory from March 2021 to June 2024, starting at $498.68 and reaching a peak of $1,093.14. This increase experienced some volatility, with notable dips occurring around September 2024 and December 2024, where the share price fell to $838.20 and $716.72 respectively. Subsequently, the price declined further until June 2025, hitting a low of $558.87, before recovering slightly to $654.48 by September 2025.
- Operating Profit Per Share (OPPS) Dynamics
- Operating profit per share showed a rise from $37.44 in March 2021 to a peak of $82.78 in March 2022. Following this peak, there was a steady decline through December 2022, reaching $43.35. From March 2023 onward, OPPS stabilized around the mid-30s to high-30s range, hovering between $34.96 and $40.35, with minimal fluctuation observed up to September 2025.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio decreased significantly from 13.32 in March 2021 to its lowest point of 7.55 in December 2021. After this period, it began an ascending trend, rising sharply to 30.86 by June 2024, indicating a higher share price relative to operating profit per share. Despite a subsequent decline, the ratio remained elevated, ending at 18.65 in September 2025. This suggests that the market valuation per unit of operating profit increased notably post-2021 peak.
- Overall Insights
- The data reveals contrasting trends between the company's operating profitability and its market valuation. While operating profit per share peaked early and gradually normalized at a lower level, the share price experienced prolonged growth followed by a decline, reflecting increased market optimism initially and later adjustment. The rising P/OP ratio during most of the period indicates investors were willing to pay a premium above the operating profit, especially between late 2021 and mid-2024. The recent downward movement in both share price and P/OP ratio might reflect recalibration of market expectations in line with more stable operating profits.
Price to Sales (P/S)
Regeneron Pharmaceuticals Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 105,099,464 | 105,987,442 | 107,965,497 | 109,324,682 | 109,889,531 | 110,234,529 | 110,185,503 | 109,761,896 | 108,946,984 | 108,558,718 | 109,710,254 | 109,325,532 | 108,901,935 | 109,008,322 | 109,846,194 | 108,539,282 | 107,543,018 | 106,955,379 | 106,543,805 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in thousands) | 3,754,300) | 3,675,600) | 3,028,700) | 3,789,200) | 3,720,700) | 3,547,100) | 3,145,000) | 3,434,300) | 3,362,700) | 3,158,100) | 3,162,100) | 3,414,400) | 2,936,200) | 2,857,200) | 2,965,100) | 4,951,700) | 3,452,800) | 5,138,500) | 2,528,700) | ||||||
| Sales per share2 | 135.56 | 134.11 | 130.46 | 129.91 | 126.01 | 122.37 | 118.89 | 119.51 | 120.22 | 116.72 | 112.75 | 111.35 | 125.89 | 130.51 | 150.28 | 148.07 | 125.93 | 115.79 | 86.33 | ||||||
| Share price1, 3 | 654.48 | 558.87 | 568.91 | 716.72 | 838.20 | 1,093.14 | 937.61 | 936.33 | 818.79 | 771.45 | 753.88 | 780.86 | 738.68 | 608.77 | 660.86 | 622.36 | 647.63 | 602.47 | 498.68 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 4.83 | 4.17 | 4.36 | 5.52 | 6.65 | 8.93 | 7.89 | 7.84 | 6.81 | 6.61 | 6.69 | 7.01 | 5.87 | 4.66 | 4.40 | 4.20 | 5.14 | 5.20 | 5.78 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | 6.40 | 5.97 | 5.68 | 6.04 | 6.38 | 6.02 | 5.32 | 5.72 | 4.52 | 4.74 | 4.60 | 4.61 | 4.44 | 4.28 | 4.76 | 4.53 | 3.73 | 3.80 | 4.07 | ||||||
| Amgen Inc. | 4.99 | 4.57 | 4.61 | 4.88 | 5.53 | 5.68 | 5.93 | 5.78 | 5.34 | 5.14 | 5.14 | 5.17 | 5.85 | 5.35 | 5.21 | 5.10 | 5.04 | 5.37 | 5.68 | ||||||
| Bristol-Myers Squibb Co. | 1.93 | 1.85 | 2.08 | 2.36 | 2.38 | 2.20 | 1.99 | 2.19 | 2.40 | 2.81 | 3.10 | 3.29 | 3.39 | 3.39 | 3.41 | 3.16 | 2.85 | 3.44 | 3.28 | ||||||
| Danaher Corp. | 6.43 | 5.66 | 5.77 | 6.23 | 7.95 | 8.10 | 7.90 | 7.76 | 5.63 | 6.77 | 5.76 | 5.79 | 5.66 | 6.59 | 6.68 | 6.37 | 7.91 | 7.72 | 7.27 | ||||||
| Eli Lilly & Co. | 13.44 | 11.39 | 15.36 | 18.25 | 19.67 | 20.64 | 20.66 | 20.77 | 17.18 | 16.78 | 13.38 | 10.96 | 11.46 | 9.99 | 9.47 | 8.01 | 8.62 | 9.16 | 6.88 | ||||||
| Gilead Sciences Inc. | 5.16 | 4.76 | 4.31 | 4.98 | 4.18 | 3.41 | 2.97 | 3.40 | 3.69 | 3.61 | 3.70 | 3.86 | 3.64 | 2.84 | 2.86 | 2.85 | 3.11 | 3.30 | 3.31 | ||||||
| Johnson & Johnson | 5.04 | 4.51 | 4.19 | 4.26 | 4.55 | 4.44 | 4.25 | 4.43 | 4.01 | 4.84 | 4.60 | 4.34 | 4.69 | 4.80 | 5.00 | 4.66 | 4.69 | 5.08 | 5.09 | ||||||
| Merck & Co. Inc. | 3.26 | 3.17 | 3.27 | 3.60 | 4.03 | 4.56 | 5.26 | 5.43 | 4.42 | 4.62 | 5.16 | 4.71 | 4.25 | 3.87 | 4.12 | 3.96 | 4.32 | 4.05 | 4.23 | ||||||
| Pfizer Inc. | 2.20 | 2.20 | 2.17 | 2.32 | 2.60 | 3.00 | 2.86 | 2.61 | 2.51 | 2.58 | 2.32 | 2.37 | 2.63 | 2.77 | 3.00 | 3.18 | 4.04 | 4.78 | 4.84 | ||||||
| Thermo Fisher Scientific Inc. | 4.87 | 4.05 | 3.73 | 4.73 | 5.04 | 5.55 | 5.14 | 4.99 | 4.05 | 4.87 | 4.81 | 4.73 | 4.40 | 5.40 | 5.20 | 5.39 | 6.45 | 5.54 | 5.13 | ||||||
| Vertex Pharmaceuticals Inc. | 9.13 | 8.42 | 10.41 | 10.78 | 12.12 | 12.35 | 10.39 | 11.16 | 10.10 | 9.73 | 9.68 | 8.56 | 9.26 | 8.85 | 8.17 | 8.21 | 6.74 | 7.82 | 8.81 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ No. shares of common stock outstanding
= (3,754,300,000 + 3,675,600,000 + 3,028,700,000 + 3,789,200,000)
÷ 105,099,464 = 135.56
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 654.48 ÷ 135.56 = 4.83
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price exhibited an overall upward trajectory from March 2021 through June 2024, rising from approximately $499 to just over $1093. This increase reflects significant investor confidence or perceived growth prospects during this interval. However, after peaking in mid-2024, the share price experienced a decline, falling to around $558 by June 2025, before partially recovering to approximately $654 at the end of the period. This pattern suggests a period of volatility and possible market corrections following the earlier gains.
- Sales Per Share
- Sales per share increased steadily from $86.33 in March 2021 to $135.56 by September 2025, indicating consistent growth in the company's revenue generation on a per-share basis. While there were minor fluctuations in some quarters, the general trend remained positive, reflecting operational expansion or higher sales efficiency over time.
- Price-to-Sales (P/S) Ratio
- The P/S ratio showed more variability across the quarters. Initially, it declined from 5.78 in March 2021 to a low of 4.20 by December 2021, suggesting that the share price growth was not keeping pace with sales growth. Thereafter, the P/S ratio increased sharply to reach peaks above 8.9 by mid-2024, reflecting a period when the market valuation expanded disproportionately relative to sales. Following this peak, the ratio declined substantially towards 4.17 by mid-2025, consistent with the observed share price decrease and indicating a market reassessment of valuation relative to sales.
In summary, the data reflects a period of strong share price appreciation and sales growth up to mid-2024, accompanied by an elevated P/S ratio indicating an expanding market premium. Subsequently, there is evidence of valuation contraction and share price correction, while sales per share continued to progress moderately. This dynamic could imply shifting investor sentiment and changing market conditions impacting the company's valuation.
Price to Book Value (P/BV)
Regeneron Pharmaceuticals Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 105,099,464 | 105,987,442 | 107,965,497 | 109,324,682 | 109,889,531 | 110,234,529 | 110,185,503 | 109,761,896 | 108,946,984 | 108,558,718 | 109,710,254 | 109,325,532 | 108,901,935 | 109,008,322 | 109,846,194 | 108,539,282 | 107,543,018 | 106,955,379 | 106,543,805 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | 30,957,800) | 29,938,900) | 29,387,600) | 29,353,600) | 29,325,900) | 28,205,800) | 26,991,100) | 25,973,100) | 24,904,400) | 24,017,900) | 23,495,200) | 22,664,000) | 21,438,800) | 20,687,800) | 19,914,700) | 18,768,800) | 17,258,000) | 15,127,300) | 11,977,000) | ||||||
| Book value per share (BVPS)2 | 294.56 | 282.48 | 272.19 | 268.50 | 266.87 | 255.87 | 244.96 | 236.63 | 228.59 | 221.24 | 214.16 | 207.31 | 196.86 | 189.78 | 181.30 | 172.92 | 160.48 | 141.44 | 112.41 | ||||||
| Share price1, 3 | 654.48 | 558.87 | 568.91 | 716.72 | 838.20 | 1,093.14 | 937.61 | 936.33 | 818.79 | 771.45 | 753.88 | 780.86 | 738.68 | 608.77 | 660.86 | 622.36 | 647.63 | 602.47 | 498.68 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 2.22 | 1.98 | 2.09 | 2.67 | 3.14 | 4.27 | 3.83 | 3.96 | 3.58 | 3.49 | 3.52 | 3.77 | 3.75 | 3.21 | 3.65 | 3.60 | 4.04 | 4.26 | 4.44 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | — | — | 229.63 | 102.40 | 58.73 | 48.87 | 36.12 | 29.97 | 20.61 | 20.62 | 19.68 | 15.52 | 16.06 | 16.76 | 16.59 | 16.53 | 15.20 | 16.23 | 14.91 | ||||||
| Amgen Inc. | 17.91 | 20.63 | 24.36 | 26.61 | 22.86 | 28.34 | 33.25 | 24.94 | 17.87 | 19.19 | 23.95 | 35.01 | 39.30 | 54.46 | 138.87 | 18.51 | 14.95 | 15.72 | 14.57 | ||||||
| Bristol-Myers Squibb Co. | 5.01 | 5.06 | 5.70 | 6.98 | 6.60 | 6.01 | 5.49 | 3.35 | 3.72 | 3.97 | 4.46 | 4.88 | 4.85 | 4.90 | 5.07 | 4.07 | 3.48 | 4.15 | 3.73 | ||||||
| Danaher Corp. | 3.05 | 2.60 | 2.70 | 3.00 | 3.68 | 3.82 | 3.51 | 3.47 | 2.78 | 3.65 | 3.33 | 3.64 | 3.77 | 4.36 | 4.36 | 4.16 | 5.11 | 4.82 | 4.46 | ||||||
| Eli Lilly & Co. | 33.55 | 33.19 | 47.74 | 57.93 | 56.45 | 59.24 | 57.94 | 65.80 | 49.10 | 44.75 | 33.11 | 29.36 | 33.27 | 34.00 | 29.75 | 25.28 | 30.85 | 38.00 | 25.41 | ||||||
| Gilead Sciences Inc. | 6.85 | 6.96 | 6.42 | 7.36 | 6.36 | 5.15 | 4.61 | 4.01 | 4.50 | 4.63 | 4.72 | 4.90 | 4.63 | 3.82 | 3.91 | 3.65 | 3.94 | 4.41 | 4.40 | ||||||
| Johnson & Johnson | 5.86 | 5.20 | 4.79 | 5.30 | 5.69 | 5.37 | 5.20 | 5.48 | 4.92 | 5.79 | 6.00 | 5.37 | 6.04 | 6.01 | 6.36 | 5.90 | 6.10 | 6.51 | 6.51 | ||||||
| Merck & Co. Inc. | 4.04 | 4.12 | 4.32 | 4.99 | 5.73 | 6.53 | 8.00 | 8.68 | 6.35 | 6.96 | 6.38 | 6.07 | 5.63 | 5.12 | 5.44 | 5.05 | 5.76 | 5.73 | 7.30 | ||||||
| Pfizer Inc. | 1.49 | 1.59 | 1.50 | 1.68 | 1.70 | 1.92 | 1.74 | 1.75 | 1.80 | 2.04 | 2.14 | 2.48 | 2.83 | 3.21 | 3.37 | 3.35 | 3.69 | 3.78 | 3.27 | ||||||
| Thermo Fisher Scientific Inc. | 4.18 | 3.46 | 3.24 | 4.09 | 4.36 | 4.96 | 4.80 | 4.57 | 3.88 | 4.84 | 4.99 | 4.83 | 4.46 | 5.47 | 5.23 | 5.18 | 6.51 | 5.75 | 5.25 | ||||||
| Vertex Pharmaceuticals Inc. | 6.18 | 5.60 | 7.01 | 7.24 | 8.24 | 8.64 | 5.71 | 6.26 | 5.90 | 5.98 | 6.18 | 5.50 | 6.18 | 6.19 | 5.95 | 6.16 | 5.04 | 5.69 | 6.29 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 30,957,800,000 ÷ 105,099,464 = 294.56
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 654.48 ÷ 294.56 = 2.22
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrates a generally upward trajectory from March 2021 through June 2024, starting at $498.68 and reaching a peak of $1,093.14. Notable surges occur between June 2023 and June 2024. However, following this peak, the share price experiences a significant decline, dropping to $558.87 by June 2025 before showing a modest recovery to $654.48 in September 2025.
- Book Value per Share (BVPS) Trend
- The BVPS shows a consistent and steady increase throughout the entire period, rising from $112.41 in March 2021 to $294.56 in September 2025. This steady growth indicates ongoing accumulation of equity on a per-share basis, reflecting the company's increasing net asset value over time.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio displays a declining trend from 4.44 in March 2021 to a low of 1.98 in June 2025, indicating that the share price is becoming less expensive relative to its book value over these years. This decline is especially pronounced after December 2023, with the ratio dropping below 3.0 and reaching near 2.0 by mid-2025. The ratio then experiences a slight increase to 2.22 by September 2025, coinciding with the modest recovery in share price.
- Overall Insights
- The data suggests that while the company's intrinsic value, as measured by BVPS, steadily grows, the market valuation (share price) becomes more volatile, particularly evident in the sharp decline from mid-2024 to mid-2025. This results in a compressed valuation multiple, with the stock trading closer to its book value by mid-2025 compared to earlier periods. Such a trend may reflect changing market perceptions, increased risk factors, or shifts in investor sentiment despite solid equity growth. The partial rebound in share price and P/BV toward late 2025 might indicate stabilization or renewed investor confidence.