Biogen vs Regeneron Pharmaceuticals
Regeneron Pharmaceuticals is the larger business, with $14.34bn of revenue in fiscal 2025 against $9.89bn for Biogen (1.5 times as much). Biogen grew faster (2.2% against 1.0%). Regeneron Pharmaceuticals kept more of each dollar of sales as profit: a net margin of 31.4% against 13.1%. Regeneron Pharmaceuticals carries less debt relative to equity (6.4% against 36.0%).
| Latest fiscal year | BiogenBIIB, 2025 | Regeneron PharmaceuticalsREGN, 2025 |
|---|---|---|
| Revenue | $9.89bn | $14.34bn |
| Revenue growth | 2.2% | 1.0% |
| Net income | $1.29bn | $4.50bn |
| Operating margin | — | 24.9% |
| Net margin | 13.1% | 31.4% |
| Return on equity | 7.4% | 14.9% |
| Free cash flow | $2.05bn | $4.08bn |
| Cash | $3.01bn | $3.12bn |
| Total debt | $6.57bn | $1.99bn |
| Debt to equity | 36.0% | 6.4% |
| Dividend per share | — | — |
| Dividend yield | — | 0.4% |
| Share buybacks | — | $3.44bn |
| Employees | 7,500 | 15,410 |
| Market value | $36.79bn | $102.62bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 87 (Strong) | 86 (Strong) |
| Insider trades, 12 months | 1 buys, 4 sales | 0 buys, 105 sales |