Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Regeneron Pharmaceuticals, Inc. (REGN)

Company Dividend Discount ModelIndustry: BiotechnologySector: Healthcare

Valuation Snapshot

Stable Growth$1,534.24 - $8,261.79$3,011.96
Multi-Stage$851.62 - $932.32$891.23
Blended Fair Value$1,951.60
Current Price$562.27
Upside247.09%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,578.00
(-) Cash Dividends Paid (M)277.60
(=) Cash Retained (M)4,300.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)915.60572.25343.35
Cash Retained (M)4,300.404,300.404,300.40
(-) Cash Required (M)-915.60-572.25-343.35
(=) Excess Retained (M)3,384.803,728.153,957.05
(/) Shares Outstanding (M)110.20110.20110.20
(=) Excess Retained per Share30.7233.8335.91
LTM Dividend per Share2.522.522.52
(+) Excess Retained per Share30.7233.8335.91
(=) Adjusted Dividend33.2336.3538.43
WACC / Discount Rate7.79%7.79%7.79%
Growth Rate5.50%6.50%7.50%
Fair Value$1,534.24$3,011.96$8,261.79
Upside / Downside172.87%435.68%1,369.36%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,578.004,875.575,192.485,529.995,889.446,272.266,460.42
Payout Ratio6.06%22.85%39.64%56.43%73.21%90.00%92.50%
Projected Dividends (M)277.601,114.122,058.213,120.334,311.825,645.035,975.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.79%7.79%7.79%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,023.941,033.651,043.35
Year 2 PV (M)1,738.511,771.621,805.05
Year 3 PV (M)2,422.312,491.852,562.70
Year 4 PV (M)3,076.343,194.653,316.33
Year 5 PV (M)3,701.553,880.334,065.96
PV of Terminal Value (M)81,886.2285,841.3689,947.87
Equity Value (M)93,848.8798,213.45102,741.26
Shares Outstanding (M)110.20110.20110.20
Fair Value$851.62$891.23$932.32
Upside / Downside51.46%58.51%65.81%

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