Regeneron Pharmaceuticals, Inc. (REGN)

Industry: Biotechnology Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
HTBX	1	Heat Biologics, In	6,455,285	-	-	8.23	8.23	2.06	-
CELG	2	Celgene Corporatio	16,982	11.93	9.19	9.93	7.76	8.87	7.80
REGN	3	Regeneron Pharmace	14,248	12.73	11.81	10.23	9.41	14.23	15.30
VRTX	4	Vertex Pharmaceuti	11,723	27.24	25.59	20.81	19.14	20.44	22.40
950210.KS	5	Prestige BioPharma	11,056	49.02	49.02	-	-	-	-
688235.SS	6	BeOne Medicines Lt	6,328	43.16	43.16	5.92	5.92	2.69	10.88
ALXN	7	Alexion Pharmaceut	6,262	49.36	36.23	35.23	34.68	12.87	9.06
6160.HK	8	BeOne Medicines AG	6,252	541.45	541.45	100.70	100.70	52.26	186.67
2269.HK	9	WuXi Biologics (Ca	5,276	14.53	5.73	7.99	3.38	8.80	4.05
JAZZ	10	Jazz Pharmaceutica	4,882	-	-	30.12	39.52	33.72	-
INCY	11	Incyte Corporation	4,813	13.96	13.96	8.43	8.43	8.22	11.28
ARGX.BR	12	argenx SE	4,611	32.20	32.20	72.71	72.71	46.31	117.00
1177.HK	13	Sino Biopharmaceut	3,929	22.34	21.63	14.29	14.25	11.61	14.04
603233.SS	14	DaShenLin Pharmace	3,809	16.41	16.04	8.77	7.77	13.41	13.01
207940.KS	15	Samsung Biologics	3,729	44.47	32.93	23.31	15.80	24.44	24.25
22UA.F	16	BioNTech SE	3,702	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	24.79	23.61	9.93	8.43	11.61	11.28
Full Range Median Multiple	29.72	28.90	14.29	14.25	12.87	13.01
Industry Multiple	72.17	68.93	26.65	26.02	18.90	38.22
Market Implied Multiple	16.59	15.40	13.33	12.26	18.54	19.92
Company (REGN) Multiple	12.73	11.81	10.23	9.41	14.23	15.30
(*) Net Income / EBITDA / Revenue	4,578	4,932	5,712	6,213	4,107	3,822
Winsorized Enterprise Value	N/A	N/A	56,712	52,362	47,666	43,126
Full Range Median Enterprise Value	N/A	N/A	81,611	88,532	52,870	49,737
(-) Net Debt	199	199	199	199	199	199
Winsorized Equity Value	113,485	116,448	56,513	52,163	47,467	42,927
Full Range Median Equity Value	136,062	142,509	81,412	88,332	52,671	49,538
(/) Shares Outstanding	104	104	104	104	104	104
Winsorized Fair Value	$1,095.20	$1,123.81	$545.39	$503.41	$458.09	$414.27
Full Range Median Fair Value	$1,313.09	$1,375.31	$785.68	$852.47	$508.31	$478.07
Current Price	$733.04	$733.04	$733.04	$733.04	$733.04	$733.04
Upside / Downside	49.41%	53.31%	-25.60%	-31.33%	-37.51%	-43.49%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$766.64	$786.67	$381.77	$352.38	$320.66	$289.99
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy