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: 2026-09-30), 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 exhibit a distinct cyclical pattern characterized by a period of significant expansion from early 2022 through mid-2024, followed by a sharp contraction in 2025 and a partial recovery through September 2026. This trend is consistent across all primary valuation metrics, suggesting a synchronized shift in market sentiment or a systemic realignment of price relative to fundamental performance.
- Price to Earnings (P/E) Ratio
- A sustained upward trend is observed from March 31, 2022, where the ratio stood at 9.15, peaking at 27.88 by June 30, 2024. This expansion phase indicates a period of increasing market optimism or price appreciation outpacing earnings growth. A significant correction occurred thereafter, with the ratio falling to a low of 13.29 by June 30, 2025, before recovering to 19.93 by September 30, 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored the trajectory of the P/E ratio, climbing from 7.98 in March 2022 to a peak of 30.86 in June 2024. The subsequent decline reached a trough of 15.42 in June 2025. By September 30, 2026, the ratio stabilized at 19.73, suggesting that the valuation relative to core operational profitability has returned to a moderate level after the mid-2024 spike.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a similar growth and contraction cycle, rising from 4.40 in March 2022 to a maximum of 8.93 in June 2024. A sharp decrease followed, with the ratio hitting a low of 4.17 in June 2025. A subsequent recovery phase brought the ratio to 5.68 by September 30, 2026, indicating that the market's valuation of revenue streams experienced a period of volatility before finding a new equilibrium.
- Price to Book Value (P/BV) Ratio
- While exhibiting less volatility than the income-based ratios, the P/BV ratio followed the overall trend, peaking at 4.27 in June 2024. A downward correction led to a period low of 1.98 in June 2025. The ratio concluded the observed period at 2.87 in September 2026, reflecting a general compression of the premium paid over the accounting book value compared to the 2022-2024 period.
Overall, the synchronization of these ratios suggests that the peak in June 2024 represented a valuation ceiling. The subsequent contraction across P/E, P/OP, P/S, and P/BV indicates a broad-based correction in the stock's valuation multiples, which have since begun to stabilize at levels lower than the 2024 peak but higher than the initial 2022 figures.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Price to Earnings (P/E)
Regeneron Pharmaceuticals Inc., historical P/E calculation (quarterly data)
| Sep 30, 2026 | 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 | 103,447,859 | 102,954,988 | 104,839,032 | 105,719,806 | 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 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (in thousands) | 1,948,700) | 1,296,900) | 727,200) | 844,600) | 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) | ||||||
| Earnings per share (EPS)2 | 46.57 | 42.04 | 42.19 | 42.61 | 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 | ||||||
| Share price1, 3 | 927.89 | 738.34 | 686.36 | 775.06 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 19.93 | 17.56 | 16.27 | 18.19 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | — | 68.64 | 97.96 | 94.06 | 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 | ||||||
| Amgen Inc. | — | 25.22 | 22.82 | 25.81 | 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 | ||||||
| Bristol-Myers Squibb Co. | 13.58 | 14.27 | 17.01 | 17.30 | 15.38 | 17.46 | 18.29 | — | — | — | — | 12.27 | 13.01 | 15.93 | 19.43 | 23.97 | 23.71 | 24.14 | 25.64 | ||||||
| Danaher Corp. | 37.99 | 31.43 | 37.32 | 40.93 | 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 | ||||||
| Eli Lilly & Co. | 46.86 | 41.23 | 34.82 | 47.45 | 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 | ||||||
| Gilead Sciences Inc. | — | — | 18.06 | 21.54 | 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 | ||||||
| Johnson & Johnson | 38.56 | 29.70 | 25.87 | 21.66 | 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 | ||||||
| Merck & Co. Inc. | — | 99.98 | 31.27 | 16.79 | 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 | ||||||
| Pfizer Inc. | — | 33.42 | 20.12 | 19.83 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 36.52 | 30.48 | 25.46 | 28.82 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | — | 27.54 | 24.83 | 31.58 | 29.11 | 26.43 | — | — | — | — | 26.34 | 30.42 | 28.09 | 27.49 | 27.34 | 23.02 | 24.62 | 23.12 | 26.50 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
EPS
= (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ No. shares of common stock outstanding
= (1,948,700,000 + 1,296,900,000 + 727,200,000 + 844,600,000)
÷ 103,447,859 = 46.57
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 927.89 ÷ 46.57 = 19.93
5 Click competitor name to see calculations.
The valuation profile of the common stock exhibits three distinct phases: a period of multiple expansion, a sharp corrective contraction, and a subsequent recovery phase. The relationship between share price and earnings per share (EPS) shifted significantly over the analyzed timeframe, resulting in substantial volatility in the price-to-earnings (P/E) ratio.
- Price-to-Earnings (P/E) Ratio Analysis
- A strong upward trend in the P/E ratio is observed from March 2022 to June 2024, with the multiple expanding from 9.15 to a peak of 27.88. This expansion indicates a period where the market valuation grew at a rate significantly exceeding earnings growth. A sharp reversal occurred between June 2024 and June 2025, where the ratio contracted to a low of 13.29. From June 2025 through September 2026, the P/E ratio entered a recovery phase, steadily increasing to 19.93.
- Earnings Per Share (EPS) Trends
- EPS experienced a marked decline during the first two years of the period, falling from 72.22 in March 2022 to a trough of 35.01 in March 2024. Following this decline, earnings entered a period of stabilization and gradual growth, rising consistently from March 2024 to reach 46.57 by September 2026. The late-period increase in EPS provided a fundamental baseline that supported the recovery of the share price.
- Share Price Dynamics
- The share price demonstrated high volatility, peaking at 1,093.14 in June 2024. This peak occurred despite the ongoing decline in EPS, highlighting the impact of multiple expansion on the stock price. A significant correction followed, with the price dropping to 558.87 by June 2025. The final phase of the period shows a robust recovery, with the share price climbing back to 927.89 by September 2026, driven by the combination of rising earnings and a broadening valuation multiple.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Price to Operating Profit (P/OP)
Regeneron Pharmaceuticals Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | 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 | 103,447,859 | 102,954,988 | 104,839,032 | 105,719,806 | 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 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in thousands) | 2,048,200) | 1,293,500) | 642,900) | 879,900) | 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) | ||||||
| Operating profit per share2 | 47.02 | 37.33 | 34.62 | 33.84 | 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 | ||||||
| Share price1, 3 | 927.89 | 738.34 | 686.36 | 775.06 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 19.73 | 19.78 | 19.83 | 22.90 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | — | 25.67 | 23.23 | 26.37 | 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 | ||||||
| Amgen Inc. | — | 19.30 | 16.84 | 21.92 | 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 | ||||||
| Bristol-Myers Squibb Co. | 10.86 | 11.30 | 12.42 | 12.20 | 10.25 | 11.07 | 13.65 | — | — | — | — | 13.53 | 14.14 | 16.24 | 17.09 | 18.29 | 17.79 | 18.62 | 20.32 | ||||||
| Danaher Corp. | 31.53 | 24.54 | 28.93 | 31.54 | 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 | ||||||
| Eli Lilly & Co. | 37.05 | 32.74 | 27.92 | 37.24 | 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 | ||||||
| Gilead Sciences Inc. | — | — | 16.05 | 18.29 | 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 | ||||||
| Johnson & Johnson | 25.09 | 24.10 | 21.40 | 22.95 | 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 | ||||||
| Merck & Co. Inc. | — | 49.74 | 23.37 | 14.44 | 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 | ||||||
| Pfizer Inc. | — | 10.48 | 10.37 | 10.82 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 30.50 | 26.07 | 22.09 | 24.94 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | — | 25.40 | 23.01 | 29.92 | 26.79 | 24.50 | — | — | — | — | 25.25 | 28.74 | 25.14 | 23.33 | 22.03 | 17.75 | 19.41 | 18.11 | 22.13 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Operating profit per share
= (Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025)
÷ No. shares of common stock outstanding
= (2,048,200,000 + 1,293,500,000 + 642,900,000 + 879,900,000)
÷ 103,447,859 = 47.02
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 927.89 ÷ 47.02 = 19.73
5 Click competitor name to see calculations.
The valuation analysis of the Price to Operating Profit (P/OP) ratio reveals three distinct phases: a period of rapid expansion, a sharp correction, and a subsequent phase of stabilization and operational recovery.
- Valuation Expansion Phase (March 2022 – June 2024)
- A consistent upward trend in the P/OP ratio is observed, rising from 7.98 to a peak of 30.86. This expansion was driven by a divergence between market pricing and operational performance; the share price increased from $660.86 to $1,093.14, while operating profit per share concurrently declined from $82.78 to $35.42. This indicates a period where the market assigned an increasingly higher premium to the stock despite a significant contraction in quarterly operating profitability.
- Correction and Contraction Phase (June 2024 – June 2025)
- A significant contraction in the P/OP ratio occurred, falling from the peak of 30.86 to 15.42. This decline was primarily attributed to a sharp reduction in the share price, which reached a low of $558.87. During this interval, operating profit per share remained relatively stagnant, fluctuating within a narrow range between $34.96 and $36.24, suggesting that the valuation correction was driven by market price adjustments rather than further deterioration in operating performance.
- Stabilization and Profit Recovery (June 2025 – September 2026)
- The P/OP ratio entered a phase of relative stability, oscillating between 18.65 and 22.90 before concluding at 19.73. A notable recovery in operational efficiency is observed toward the end of the period, with operating profit per share increasing from $36.24 in June 2025 to $47.02 by September 2026. The share price rebounded to $927.89, indicating a realignment of the stock's market value with improving fundamental operating results.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Price to Sales (P/S)
Regeneron Pharmaceuticals Inc., historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 103,447,859 | 102,954,988 | 104,839,032 | 105,719,806 | 105,099,464 | 105,987,442 | 107,965,497 | 109,324,682 | 109,889,531 | 110,234,529 | 110,185,503 | 109,761,896 | 108,946,984 | 108,558,718 | 109,710,254 | 109,325,532 | 108,901,935 | 109,008,322 | 109,846,194 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in thousands) | 5,115,800) | 4,290,700) | 3,605,400) | 3,884,300) | 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) | ||||||
| Sales per share2 | 163.33 | 150.89 | 142.31 | 135.67 | 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 | ||||||
| Share price1, 3 | 927.89 | 738.34 | 686.36 | 775.06 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 5.68 | 4.89 | 4.82 | 5.71 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | — | 6.73 | 5.67 | 6.50 | 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 | ||||||
| Amgen Inc. | — | 6.08 | 5.02 | 5.66 | 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 | ||||||
| Bristol-Myers Squibb Co. | 2.51 | 2.69 | 2.55 | 2.53 | 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 | ||||||
| Danaher Corp. | 6.42 | 5.01 | 5.56 | 6.02 | 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 | ||||||
| Eli Lilly & Co. | 14.95 | 13.82 | 12.18 | 15.03 | 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 | ||||||
| Gilead Sciences Inc. | 6.88 | 5.44 | 5.69 | 6.34 | 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 | ||||||
| Johnson & Johnson | 6.25 | 6.38 | 5.65 | 6.16 | 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 | ||||||
| Merck & Co. Inc. | — | 4.77 | 4.25 | 4.71 | 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 | ||||||
| Pfizer Inc. | — | 2.27 | 2.38 | 2.46 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 5.45 | 4.58 | 3.86 | 4.34 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | — | 9.64 | 8.82 | 10.40 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
Sales per share
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ No. shares of common stock outstanding
= (5,115,800,000 + 4,290,700,000 + 3,605,400,000 + 3,884,300,000)
÷ 103,447,859 = 163.33
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 927.89 ÷ 163.33 = 5.68
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibited significant volatility between March 2022 and September 2026, characterized by a period of aggressive valuation expansion followed by a sharp correction and a subsequent phase of moderate recovery.
- Valuation Expansion Phase
- From March 2022 to June 2024, the P/S ratio trended upward, rising from 4.40 to a peak of 8.93. This expansion was primarily driven by a substantial increase in the share price, which climbed from $660.86 to $1,093.14 during this window. Despite a temporary decline in sales per share during 2022, the market applied an increasing premium to the company's revenue.
- Valuation Correction Phase
- A pronounced contraction occurred between June 2024 and June 2025, with the P/S ratio falling from its peak of 8.93 to a low of 4.17. This decline was precipitated by a sharp reduction in the share price, which dropped to $558.87 by June 2025. This correction occurred even as sales per share continued a steady upward trajectory, suggesting that the valuation adjustment was driven by market sentiment or price volatility rather than a deterioration in fundamental revenue performance.
- Stabilization and Recovery Phase
- Between June 2025 and September 2026, the P/S ratio demonstrated a recovery trend, closing at 5.68. The share price recovered from its lows to reach $927.89 by the end of the period. During this phase, the valuation moved in tandem with consistent growth in sales per share, which reached its highest recorded level of $163.33 in September 2026.
- Revenue Performance Correlation
- Sales per share displayed a resilient long-term growth pattern, recovering from a low of $111.35 in December 2022 to $163.33 by September 2026. The divergence between the steady growth in sales per share and the fluctuating P/S ratio indicates that the company's market valuation was subject to external price pressures that frequently decoupled from its underlying revenue growth.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Price to Book Value (P/BV)
Regeneron Pharmaceuticals Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 103,447,859 | 102,954,988 | 104,839,032 | 105,719,806 | 105,099,464 | 105,987,442 | 107,965,497 | 109,324,682 | 109,889,531 | 110,234,529 | 110,185,503 | 109,761,896 | 108,946,984 | 108,558,718 | 109,710,254 | 109,325,532 | 108,901,935 | 109,008,322 | 109,846,194 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | 33,498,500) | 31,711,400) | 31,423,600) | 31,256,900) | 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) | ||||||
| Book value per share (BVPS)2 | 323.82 | 308.01 | 299.73 | 295.66 | 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 | ||||||
| Share price1, 3 | 927.89 | 738.34 | 686.36 | 775.06 | 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 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 2.87 | 2.40 | 2.29 | 2.62 | 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 | ||||||
| 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 | ||||||
| Amgen Inc. | — | 18.86 | 19.37 | 22.99 | 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 | ||||||
| Bristol-Myers Squibb Co. | 5.36 | 5.94 | 6.17 | 6.61 | 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 | ||||||
| Danaher Corp. | 3.07 | 2.39 | 2.60 | 2.82 | 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 | ||||||
| Eli Lilly & Co. | 32.09 | 32.51 | 28.21 | 36.91 | 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 | ||||||
| Gilead Sciences Inc. | 16.23 | 13.72 | 7.08 | 8.07 | 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 | ||||||
| Johnson & Johnson | 7.61 | 7.35 | 6.70 | 7.12 | 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 | ||||||
| Merck & Co. Inc. | — | 7.57 | 6.09 | 5.82 | 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 | ||||||
| Pfizer Inc. | — | 1.70 | 1.67 | 1.78 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 4.72 | 4.03 | 3.36 | 3.62 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | — | 5.99 | 5.56 | 6.69 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q3 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 33,498,500,000 ÷ 103,447,859 = 323.82
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 927.89 ÷ 323.82 = 2.87
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 through September 2026 reveals a divergence between the steady growth of intrinsic book value and the volatility of market pricing. While the book value per share maintained a consistent upward trajectory, the price-to-book value (P/BV) ratio experienced significant fluctuations, reflecting changing market sentiment and valuation premiums over the period.
- Book Value per Share (BVPS) Progression
- A consistent and linear increase in book value per share is observed throughout the analyzed timeframe. Starting at 181.30 US$ in March 2022, the BVPS grew incrementally every quarter, reaching 323.82 US$ by September 2026. This trend indicates a steady accumulation of net assets on a per-share basis, independent of market price volatility.
- Share Price Volatility
- The share price exhibited substantial fluctuations, characterized by a sustained increase that peaked at 1,093.14 US$ in June 2024. This peak was followed by a sharp correction, reaching a period low of 558.87 US$ in June 2025. A subsequent recovery trend is evident from July 2025 onward, with the price ascending to 927.89 US$ by September 2026.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio remained relatively stable between 3.21 and 3.96 from March 2022 through December 2023, before reaching a peak of 4.27 in June 2024. A significant contraction followed, with the ratio declining to a low of 1.98 in June 2025. This compression was driven by the combination of declining share prices and a continuing increase in book value. From June 2025 through September 2026, the ratio entered a recovery phase, climbing back to 2.87 as market pricing rebounded.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?