Regeneron stock snapshot on 2 December 2025
Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) is trading around $742 per share in late U.S. trading on December 2, 2025, after moving between roughly $731 and $749 during the session and opening close to $742. [1]
Key valuation and trading metrics:
- Market cap: about $76 billion [2]
- Trailing EPS: ~$41.6; P/E ~17.8, forward P/E ~16.6 [3]
- 52‑week range:$476.49 – $800.99 [4]
- Dividend: annualized $3.52 per share (quarterly $0.88), yield ~0.47% at current prices; the next dividend is payable on December 5, 2025 to holders as of November 20. [5]
- Balance sheet: very low debt (debt‑to‑equity ~0.09) and strong liquidity (current ratio ~4.1, quick ratio ~3.7). [6]
Over the past month, REGN has rallied sharply. Zacks notes the stock has gained about 21.5% in a month, while a fresh Simply Wall St piece highlights a 15.1% 30‑day return and 33% gain over 90 days, framing a powerful rebound from earlier weakness. [7]
Today’s headline drivers: gene‑editing deal and the Eylea HD comeback
1. Gene‑editing collaboration with Tessera Therapeutics
The most eye‑catching news on December 2 is Regeneron’s newly announced global collaboration with Tessera Therapeutics to develop TSRA‑196, an in vivo gene‑editing therapy for Alpha‑1 Antitrypsin Deficiency (AATD). [8]
Key terms and implications:
- TSRA‑196 aims to be a “one‑and‑done” treatment that directly corrects the SERPINA1 mutation that causes AATD, a monogenic disease affecting lungs and/or liver in roughly 200,000 people across the U.S. and Europe. [9]
- Regeneron will pay $150 million upfront (cash plus equity) and up to $125 million in near‑ and mid‑term milestones. [10]
- Regeneron and Tessera will share development costs and future profits 50/50 worldwide. [11]
- Tessera plans to file an IND and multiple CTAs by year‑end 2025, with first‑in‑human studies expected to begin in 2026, building on promising preclinical data showing durable, high‑fidelity editing in animals with limited off‑target effects. [12]
For investors, this expands Regeneron’s toolkit beyond antibodies and classic gene therapy into cutting‑edge gene writing, positioning REGN alongside CRISPR‑space peers but with a large‑cap balance sheet and a diversified commercial base.
Analysts have responded positively. Bernstein reiterated an “Outperform” rating and an $818 price target following the Tessera announcement, citing the collaboration as a value‑enhancing strategic move. [13]
2. Eylea HD label expansion: a 5% one‑day surge
The other major storyline heading into December 2 is the revival narrative for Eylea via Eylea HD:
- Regeneron recently secured FDA approval for a label expansion of Eylea HD (aflibercept 8 mg) to treat macular edema following retinal vein occlusion (RVO), with dosing up to every eight weeks after an initial monthly phase—the first therapy in this indication with such an extended schedule. [14]
- A detailed feature from NAI500 notes the stock staged a single‑day surge of more than 5%, breaking a nearly two‑year downtrend driven by pressure on legacy Eylea from Roche’s Vabysmo and Amgen’s biosimilar Pavblu. [15]
- The article frames Eylea HD as a strategic pivot, not just a higher dose: it sidesteps immediate biosimilar price pressure and matches or exceeds competitors on dosing convenience, potentially stabilizing the franchise. [16]
Regeneron’s own Q3 report shows the transition in numbers: Eylea HD U.S. net sales rose 10% to $431 million, but combined Eylea HD + Eylea U.S. sales fell 28% to $1.11 billion, reflecting continued share loss for the older formulation as patients migrate to HD under intense competition. [17]
Taken together, the Tessera deal and Eylea HD momentum form the backbone of today’s Regeneron stock narrative: defending the core ophthalmology business while planting a flag in next‑generation genetic medicines.
Q3 2025 earnings recap: beat on earnings, flat revenue but strong franchises
Although the quarter closed in October, Q3 2025 figures still frame how investors interpret today’s news:
- Total revenue:$3.75 billion, up 1% year‑over‑year, roughly in line with the company’s GlobeNewswire earnings release. [18]
- Non‑GAAP EPS:$11.83 vs. $12.46 a year earlier; despite the year‑on‑year dip, this was ~20–23% above consensus (Street estimates were around $9.6–$9.7). [19]
- Revenue beat: Analysts had expected roughly $3.57–$3.59 billion, so the top line beat by about 5%. [20]
Product and collaboration highlights:
- Dupixent (with Sanofi): Global net sales recorded by Sanofi increased 27% to $4.86 billion in Q3, driving a 28% rise in Sanofi collaboration revenue for Regeneron. [21]
- Eylea HD & Eylea: Eylea HD U.S. net sales climbed 10% to $431m, but total Eylea‑franchise U.S. sales fell 28% to $1.11bn, reflecting both competitive pressure and transition to HD. [22]
- Libtayo: Global Libtayo net sales jumped 26% to $365m, with strong growth ex‑U.S. following expanded indications and label wins. [23]
An analysis from StockStory underscores that revenue was flat year‑on‑year but beat expectations, while adjusted EPS beat by 22.7%, even as operating margins compressed compared with prior years. [24]
Regeneron also updated 2025 guidance, tightening ranges for R&D and SG&A while targeting non‑GAAP gross margins of roughly 86% and a non‑GAAP tax rate around 12%, and trimming capital expenditure guidance to $850–$890m. [25]
From a capital‑allocation standpoint:
- The company invested nearly $5 billion in R&D and capex during the first nine months of 2025, largely in the U.S. [26]
- It generated around $3.2 billion in free cash flow over that period and repurchased ~$2.8 billion of stock, with another $2.16 billion remaining under existing buyback authorizations at the end of Q3. [27]
At today’s Evercore 8th Annual Healthcare Conference appearance, management reiterated its focus on shareholder returns, with conference commentary indicating a plan to return around $4 billion in 2025 via dividends and repurchases. [28]
Fresh regulatory wins: Dupixent’s new EU indication and broader pipeline progress
Beyond ophthalmology, Regeneron’s growth engine relies heavily on Dupixent and an expanding late‑stage pipeline.
On November 25, 2025, Sanofi and Regeneron announced that the European Commission approved Dupixent as the first targeted medicine in over a decade for moderate‑to‑severe chronic spontaneous urticaria (CSU) in patients 12+ years who remain symptomatic despite antihistamines and are naïve to anti‑IgE therapy. [29]
This adds yet another blockbuster‑grade indication:
- Industry commentary describes the EU CSU decision as providing a new first‑line targeted treatment option and underscores the drug’s steadily broadening label set. [30]
Regeneron’s Q3 release also highlighted positive Phase 3 data in several late‑stage programs:
- Trials in generalized myasthenia gravis, fibrodysplasia ossificans progressiva (FOP) and cat and birch allergies, plus updated pivotal data in children with profound genetic hearing loss (DB‑OTO). [31]
Combined with the Tessera gene‑editing pact, these updates reinforce the story that Regeneron is re‑loading its late‑stage pipeline beyond its current commercial trio of Dupixent, Eylea/Eylea HD and Libtayo.
Institutional activity, dividend and buybacks: what the smart money is doing
A cluster of 13F‑related headlines on December 2 provides a window into institutional sentiment:
- Sepio Capital boosted its REGN stake by 16.8% in Q2 to 3,957 shares (about $2.1 million). [32]
- Mackenzie Financial Corp raised its position by 51.5% to more than 101,000 shares (~$53 million), now owning roughly 0.10% of the company. [33]
- Distillate Capital Partners trimmed its holdings by 11.1% to ~28,000 shares (~$14.7m), and Quadrant Capital Group cut its position by 25.6% to about 2,000 shares (~$1.05m). [34]
Across these reports, MarketBeat estimates that about 83% of Regeneron’s shares are held by institutions and hedge funds, underlining deep “smart money” involvement in the name. [35]
On the income side, Regeneron’s relatively new dividend is modest but growing:
- Quarterly dividend: $0.88 per share (annual $3.52), with payout ratio around 8–9%, leaving ample reinvestment capacity. [36]
Combined with multi‑billion‑dollar buybacks, REGN is now firmly positioning itself as a capital‑return story as well as a growth story.
What Wall Street is saying: REGN stock forecasts and price targets
Recent analyst and model‑driven forecasts cluster in a relatively tight band around the mid‑$700s:
- StockAnalysis compiles 23 analysts with an average rating of “Buy” and a 12‑month target of about $775, implying ~4–5% upside from current levels. [37]
- MarketWatch lists an average “Overweight” recommendation, a mean target of $775.67 and about 30 active ratings. [38]
- MarketBeat finds 3 Strong Buys, 16 Buys, 8 Holds and 1 Sell, for a consensus “Moderate Buy” and an average price target near $758. [39]
- A recent Directorstalk deep‑dive similarly cites 19 Buy, 7 Hold, 1 Sell ratings and a target range from $627 up to $910, while noting REGN trades above its 50‑ and 200‑day moving averages but with an RSI near 32, suggesting the stock is closer to oversold than overbought on that metric. [40]
- In today’s Investing.com note, Bernstein reaffirmed Outperform with an $818 target post‑Tessera; Truist is at $798 (Buy); Cantor Fitzgerald at $740 (Overweight); Royal Bank of Canada at $708 (Sector Perform); and Wells Fargo recently raised its target to $700 after the Eylea HD RVO approval. [41]
Simply Wall St’s December 2 narrative pegs fair value around $768.36, about 2–3% above the current price, and labels REGN “slightly undervalued” while stressing both the upside from Eylea HD ramp‑up and the downside risk from Eylea competition and potential regulatory delays. [42]
Overall, the Street remains constructive: REGN is widely viewed as a high‑quality large‑cap biotech with moderate upside over 12 months and substantial long‑term optionality tied to its pipeline.
Key growth drivers to watch into 2026
From an investor‑focused lens, today’s news and recent updates sharpen several medium‑term growth pillars:
- Eylea HD vs. Vabysmo & biosimilars
- The new RVO label with every‑eight‑week dosing gives Eylea HD a differentiated positioning and may slow or reverse share loss to Roche’s Vabysmo, as highlighted by NAI500 and Zacks commentary. [43]
- U.S. settlements with multiple biosimilar challengers push potential U.S. aflibercept biosimilar launches out to at least Q4 2026, providing a clearer runway for Eylea HD. [44]
- Dupixent “mega‑franchise” expansion
- With 27% net‑sales growth in Q3 and new approvals such as EU CSU, Dupixent continues to compound as a multi‑indication autoimmune and allergy franchise. [45]
- Libtayo oncology growth
- Libtayo’s 26% global growth and a new FDA approval as the first and only immunotherapy for high‑risk adjuvant cutaneous squamous cell carcinoma (CSCC), plus a positive EU opinion, extend its reach in immuno‑oncology and support diversification away from eye disease. [46]
- Broader late‑stage pipeline
- Regeneron reports ~45 clinical‑stage candidates, including programs in myasthenia gravis, FOP, allergy biologics, genetic hearing loss, and obesity‑adjacent indications (such as protecting muscle mass in GLP‑1‑treated patients, highlighted in recent commentary). [47]
- Gene‑editing & genetic medicines
- The TSRA‑196 collaboration with Tessera is Regeneron’s most explicit move into in vivo gene editing, complementing earlier platform investments (e.g., CRISPR‑related collaborations) and potentially opening new “one‑time” treatment franchises if clinical data replicate preclinical successes. [48]
- Capital allocation as a growth and support factor
- Strong free cash flow, a growing dividend, and multi‑billion‑dollar buybacks—with management talking about roughly $4 billion returned to shareholders in 2025—give REGN extra flexibility to support the stock during volatility and fund large R&D bets. [49]
Key risks investors should keep in mind
Even amid today’s positive headlines, several risks remain central to the REGN story:
- Eylea erosion and execution risk
- Q3 data show the Eylea franchise still under meaningful pressure, with U.S. Eylea revenue down 41% and total Eylea/Eylea HD revenue down 28% year‑over‑year. [50]
- If Eylea HD cannot offset continued share loss to Vabysmo and biosimilars, core revenues could stagnate or fall despite innovation.
- Manufacturing and regulatory issues
- In October 2025, Regeneron disclosed that its manufacturing partner, Catalent Indiana, received an Official Action Indicated (OAI) letter from the FDA related to a site inspection—while not specific to Eylea HD, it could complicate future manufacturing or regulatory timelines. [51]
- Pricing and policy overhang
- Comments on the Q3 call highlight ongoing uncertainty around U.S. drug‑pricing policy and potential negotiations, which could particularly affect high‑gross‑margin biologics. [52]
- Pipeline and competitive risk
- Many of Regeneron’s late‑stage programs face intense competition (for example, multiple myeloma and obesity‑related targets) and typical clinical‑trial risk; failures or delays could dampen the long‑term growth narrative.
- Valuation and expectation risk
- After a double‑digit percentage rally over 1–3 months, expectations have reset. Simply Wall St notes that most fair‑value models now see only modest undervaluation, suggesting limited near‑term upside if execution is merely “good” rather than exceptional. [53]
Bottom line: how December 2 reshapes the REGN stock story
As of December 2, 2025, Regeneron’s investment story looks meaningfully different from just a few months ago:
- The Tessera gene‑editing collaboration pushes REGN deeper into next‑generation genetic medicines, with a potentially high‑impact AATD program and a 50/50 economics structure. [54]
- The Eylea HD RVO label and the recent 5% one‑day stock pop suggest investors are beginning to buy into a comeback narrative for the company’s flagship eye franchise—even if the turnaround is still a work in progress. [55]
- Dupixent’s EU CSU approval and Libtayo’s growth reinforce Regeneron’s push beyond ophthalmology into broader immunology and oncology markets. [56]
- Wall Street sentiment remains broadly positive, with mostly Buy or Overweight ratings and targets clustering in the $750–$800 range, framing REGN as a high‑quality growth name with moderate 12‑month upside and significant longer‑term optionality. [57]
For news‑oriented and longer‑term investors alike, the takeaway from today’s newsflow is that Regeneron is actively managing the Eylea transition, leaning into gene‑editing and late‑stage biologics, and returning substantial cash to shareholders, all against a backdrop of robust financials and manageable leverage.
Disclaimer: This article is for information and general commentary only and does not constitute financial advice, investment recommendation, or a solicitation to buy or sell any security. Always do your own research and consider consulting a licensed financial adviser before making investment decisions.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. stockanalysis.com, 5. www.globenewswire.com, 6. www.marketbeat.com, 7. www.zacks.com, 8. www.nasdaq.com, 9. www.nasdaq.com, 10. www.nasdaq.com, 11. www.nasdaq.com, 12. www.nasdaq.com, 13. www.investing.com, 14. nai500.com, 15. nai500.com, 16. nai500.com, 17. www.globenewswire.com, 18. www.globenewswire.com, 19. stockstory.org, 20. stockstory.org, 21. www.globenewswire.com, 22. www.globenewswire.com, 23. www.globenewswire.com, 24. stockstory.org, 25. www.globenewswire.com, 26. www.globenewswire.com, 27. www.globenewswire.com, 28. seekingalpha.com, 29. www.globenewswire.com, 30. www.europeanpharmaceuticalreview.com, 31. www.globenewswire.com, 32. www.marketbeat.com, 33. www.marketbeat.com, 34. www.marketbeat.com, 35. www.marketbeat.com, 36. www.marketbeat.com, 37. stockanalysis.com, 38. www.marketwatch.com, 39. www.marketbeat.com, 40. www.directorstalkinterviews.com, 41. www.investing.com, 42. simplywall.st, 43. nai500.com, 44. www.globenewswire.com, 45. www.globenewswire.com, 46. www.globenewswire.com, 47. www.globenewswire.com, 48. www.nasdaq.com, 49. www.globenewswire.com, 50. www.globenewswire.com, 51. www.globenewswire.com, 52. www.investing.com, 53. simplywall.st, 54. www.nasdaq.com, 55. nai500.com, 56. www.globenewswire.com, 57. stockanalysis.com
