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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Regeneron Pharmaceuticals Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio data begins with missing values in early 2020, then shows an initial decline from 15.09 in March 2021 to a low of 8.37 in March 2022. This is followed by a notable rise, peaking at 27.88 in September 2024. Toward the end of the series, the ratio decreases, reaching 13.29 by June 2025. This trend indicates a period of increasing market valuation relative to earnings through 2023 and 2024, followed by a correction or normalization in 2025.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio mirrors the P/E trend closely, starting at 14.82 in March 2021, declining steadily to 7.55 in March 2022, then rising significantly to a peak of 30.86 in September 2024. Afterwards, it declines again to 15.42 in June 2025. The substantial increase and subsequent decline suggest fluctuations in market expectations of operating profitability or changes in operating performance relative to share price.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio begins at 6.24 in March 2021, followed by a consistent downward trend, bottoming out at 4.20 in March 2022. Thereafter, it shows a gradual increase, stabilizing around the 7.84 to 8.93 range between March 2023 and September 2024. Subsequently, it declines again to 4.17 by June 2025. This behavior suggests varying investor sentiment regarding revenues, initially valuing sales less, then more highly during 2023 and 2024, before reverting to lower multiples.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio starts relatively high at 5.33 in March 2020, climbing to 7.34 in June 2020, and then gradually declines to 3.60 by December 2021. It fluctuates modestly around mid-3 to 4 range during 2022 and 2023, before declining further to 1.98 by June 2025. The overall downward trend reflects decreasing market valuation relative to net asset value, possibly indicating increased conservatism or asset base growth outpacing share price increases.
Price to Earnings (P/E)
Regeneron Pharmaceuticals Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price of the company showed notable fluctuations over the observed period, beginning at 574.37 US$ in the first quarter of 2020 and reaching a peak of 1,093.14 US$ in the third quarter of 2024. Throughout 2020, the share price experienced moderate volatility, with values dipping below the initial level by the end of that year. A general upward trend prevailed from early 2021 through most of 2023, with some minor setbacks during certain quarters. After peaking in late 2024, the share price declined significantly in the subsequent quarters, ending at 558.87 US$ by mid-2025, which represents a value lower than the starting point in 2020.
Earnings per share (EPS) data begins in the first quarter of 2021, showing consistent profitability with an initial value of 32.79 US$. EPS increased substantially during 2021, reaching over 65 US$ by the last quarter. The highest recorded EPS was 74.4 US$ in the first quarter of 2022, followed by a downward trend through 2022 and 2023, stabilizing around the high 30s to low 40s US$. There was a modest recovery in EPS toward the end of the period, with figures ending close to 42 US$ in mid-2025. This pattern indicates strong earnings growth in the early period, with some normalization and stabilization in recent years.
The price-to-earnings (P/E) ratio reflected an inverse relationship relative to EPS growth and share price fluctuations. Initially available in the first quarter of 2021 at 15.09, the P/E ratio decreased as EPS rose sharply, reaching its lowest point near 8.37 by the first quarter of 2022. As EPS began to stabilize and share price increased, the P/E ratio rose steadily through 2023 and peaked around 27.88 in the third quarter of 2024. Following this, the ratio dropped again to approximately 13.29 by mid-2025. This trend suggests that the market valuation relative to earnings was compressed during periods of rapid EPS increase and expanded when EPS growth slowed and share price rose.
Overall, the financial data reveals cycles of growth and correction in stock price and earnings, with an initial phase of strong earnings improvement followed by a period of valuation expansion. The recent decline in share price alongside relatively stable EPS and a falling P/E ratio indicates reevaluation by investors, possibly in response to broader market conditions or company-specific factors affecting valuation multiples.
Price to Operating Profit (P/OP)
Regeneron Pharmaceuticals Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024
+ Income from operationsQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data indicates that the share price exhibited a general upward movement from the first quarter of 2020 through the end of 2023, with notable peaks and fluctuations. After starting at $574.37 at the end of March 2020, the share price reached a peak of $936.33 in December 2023. However, from 2024 onward, the share price demonstrates a downward trend, declining from $937.61 in the second quarter of 2024 to $558.87 by the second quarter of 2025. This suggests a period of growth followed by a correction or decline in the market valuation over the most recent periods.
Operating profit per share (OPPS) data is available starting from the first quarter of 2021, showing a peak of $82.78 in the second quarter of 2022, suggesting a strong profitability phase during this period. After this peak, OPPS decreased steadily to a low of $34.96 in the second quarter of 2024. Following this decline, OPPS experienced mild fluctuations, remaining relatively stable in the range of $35 to $38 from the third quarter of 2024 through the second quarter of 2025. This pattern implies that profitability improved markedly before undergoing a significant reduction and then stabilizing at a lower level.
The price-to-operating profit ratio (P/OP) demonstrates an increasing trend over the period where data is available. It started at 14.82 in the first quarter of 2021, decreased to a low of 7.55 by the first quarter of 2022, indicating the market was valuing the company's operating profit more favorably at that time. However, from mid-2022, the P/OP ratio progressively increased, peaking at 30.86 in the third quarter of 2024. This rising ratio, especially in conjunction with the reduced OPPS, may indicate that the share price was high relative to the operating profits during this later period, signaling potential overvaluation or investor optimism despite declining profitability. By the second quarter of 2025, the P/OP ratio slightly decreased to 15.42, concurrent with a falling share price and stabilized OPPS, suggesting some market correction.
Overall, the company experienced a phase of increasing share price and operating profit per share during 2021 and early 2022, which corresponded with low P/OP ratios, indicating strong market confidence aligned with operational performance. From mid-2022 onward, a divergence appeared where operating profit per share declined while the share price initially continued to increase, inflating the P/OP ratio significantly. This pattern reversed in 2024 when the share price started falling sharply, aligning more closely with the decreased operating profits and causing the P/OP ratio to retreat. These trends suggest changing market perceptions and operational challenges affecting the company during the most recent quarters.
Price to Sales (P/S)
Regeneron Pharmaceuticals Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated significant fluctuations over the observed periods. Initially, it increased from $574.37 as of March 31, 2020, reaching a peak near $780.86 by December 31, 2022. Following this peak, the share price generally continued to rise, reaching its highest point at $1,093.14 in September 30, 2024. However, subsequent quarters showed a notable decline, with the price falling to $558.87 by June 30, 2025. This trend indicates periods of strong investor interest and volatility, with a marked downturn after the peak in late 2024.
- Sales Per Share
- Sales per share data begins from March 31, 2021, at $79.31 and exhibits a gradual increase throughout most periods. The value peaked at $150.28 by June 30, 2022, showing a period of notable growth. Afterward, a decline followed, reducing sales per share to approximately $111.35 by March 31, 2023. A subsequent slow but steady recovery is observed, with values rising once again to reach $134.11 by June 30, 2025. This pattern reflects variable sales performance with a peak followed by a correction and gradual improvement.
- Price-to-Sales (P/S) Ratio
- The Price-to-Sales ratio exhibited variability in line with the share price and sales per share movements. It initially declined from 6.24 at March 31, 2021, to a low of 4.2 by March 31, 2022, coinciding with increasing sales per share and a relatively stable share price. Thereafter, the ratio increased sharply to 7.01 by December 31, 2022, continuing to rise to a peak of 8.93 around September 30, 2024. This peak aligns with the highest share price in the same period, signaling elevated market valuations relative to sales. The ratio then declined to 4.17 by June 30, 2025, paralleling the drop in share price and suggesting market revaluation or correction.
- Overall Insights
- Over the reported period, the share price and Price-to-Sales ratio demonstrate significant volatility, with periods of strong growth punctuated by marked corrections. Sales per share increased steadily until mid-2022, then fell back before a gradual recovery, indicating fluctuations in revenue or operational performance. The divergence and subsequent convergence of share price and sales per share suggest shifts in market sentiment and valuation multiples. The high P/S ratios around late 2023 to 2024 imply elevated investor expectations during those periods, which later adjusted downward in line with price decreases. These patterns collectively point to an environment of dynamic market conditions and evolving company performance metrics.
Price to Book Value (P/BV)
Regeneron Pharmaceuticals Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 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 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrates a fluctuating trend over the observed periods, with notable variations. Initially, the share price rose from $574.37 in March 2020 to a peak of $647.63 in September 2021, followed by a period of volatility with a significant increase reaching a high of $1093.14 in June 2024. Post this peak, the share price declines steadily to $558.87 by June 2025. This pattern indicates periods of strong market optimism followed by corrections or reduced investor confidence in the most recent quarters.
The book value per share (BVPS) shows a consistent upward trajectory throughout the entire time frame. Starting at $107.83 in March 2020, the BVPS increased steadily each quarter, reaching $282.48 by June 2025. This indicates continuous growth in the company’s net asset value on a per-share basis, reflecting possible retained earnings accumulation, asset appreciation, or both.
The price-to-book value (P/BV) ratio reveals a declining trend overall, illustrating changes in market valuation relative to the company’s book value. Early in the period, the P/BV ratio peaked at 7.34 in June 2020, signifying a high market premium over book value. Post this peak, the ratio gradually decreased with some minor fluctuations, falling below 2.0 to reach 1.98 by June 2025. This suggests a market valuation that is becoming more aligned with or even undervaluing the company’s book value, potentially reflecting market caution or tempered investor expectations despite the steady growth in book value.
In summary, while the company’s fundamental book value per share has consistently grown, the share price has experienced more volatility with a pronounced peak followed by a significant decline. The diminishing price-to-book ratio corroborates this observation, indicating a weakening market premium relative to the growing book value. This combination of trends may suggest evolving investor sentiment, possibly driven by broader market conditions, operational performance, or outlook considerations impacting the valuation multiples investors are willing to assign.