Regeneron Pharmaceuticals management check
REGN · Health Care · Biotechnology · CEO Leonard S. Schleifer
Filings as of
4 good · 1 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $160, against $201 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.20 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.2% of net income$7.3m of reported pay in fiscal 2025, against $4.5bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $6.7m sold in six months. 45 of 45 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.3% a year over the last three fiscal years. Stock-based pay was 6.9% of revenue in the latest year.
- Good
Is leadership stable?
2 leadership filings in 3 yearsCEO in the pay table: Leonard S. Schleifer. 2 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 24 | 26 | |
| Pay for performance | 60 | 85 | |
| CEO cost | 100 | 44 | |
| Skin in the game | — | — | 46 |
| Dilution | 78 | 68 | |
| Stable leadership | 100 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Biotechnology, by management score. Regeneron Pharmaceuticals is 8th of 60 in its sector.
- 19VRTXVertex Pharmaceuticals86
- 43GILDGilead Sciences82
- 93REGNRegeneron Pharmaceuticals77
- 136AMGNAmgen73
- 199ABBVAbbVie69
- 298INCYIncyte61
- 401MRNAModerna53
- 447BIIBBiogen47
Pay versus performance
From the proxy statement filed April 24, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Leonard S. Schleifer | $7.3m | $39.0m | $7.7m | $160 | $201 | $4.5bn |
| 2024 | Leonard S. Schleifer | $6.8m | −$37.7m | $6.1m | $147 | $156 | $4.4bn |
| 2023 | Leonard S. Schleifer | $8.2m | $141.1m | $6.7m | $182 | $144 | $4.0bn |
| 2022 | Leonard S. Schleifer | $7.0m | $98.8m | $8.1m | $149 | $139 | $4.3bn |
| 2021 | Leonard S. Schleifer | $6.5m | $123.7m | $7.5m | $131 | $124 | $8.1bn |
The board says pay is tied most to stock price. Its other key measures: Stock Price, Regulatory submissions for new products or indications, TSR, Positive data readouts, Non-GAAP diluted EPS, New Investigational New Drug Applications, Approvals of new products or indications.
Insiders and the CEO's stake
Light activity: no buys, $6.7m sold in six months. 45 of 45 sales ran on pre-arranged 10b5-1 plans.
- SoldAndrew J MurphyCo-Chief Scientific Officer · 10b5-1 plan$3.2mOct 14, 2026
- SoldMarion McCourtEVP Commercial · 10b5-1 plan$2.0mSep 3, 2026
- SoldKathryn GuariniDirector · 10b5-1 plan$660kSep 2, 2026
- SoldHuda Y ZoghbiDirector · 10b5-1 plan$640kAug 10, 2026
Leadership and governance on file
- Sep 30, 2026Leadership change8-K 5.02
- Jan 31, 2024Leadership change8-K 5.02
- Sep 8, 2023Leadership change8-K 5.02
- Apr 17, 2023Leadership change8-K 5.02
- Oct 3, 2022Leadership change8-K 5.02
Latest shareholder vote results: Jun 17, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $12.4bn returned to owners in buybacks and dividends, 49% of net income, and $4.2bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.1bn | $12.2bn | $13.1bn | $14.2bn | $14.3bn |
| Net income | $8.1bn | $4.3bn | $4.0bn | $4.4bn | $4.5bn |
| Stock-based pay | $601.7m | $725.0m | $885.0m | $982.8m | $993.7m |
| Buybacks | $1.6bn | $2.1bn | $2.2bn | $2.6bn | $3.4bn |
| Dividends | — | — | $0 | $0 | $370.3m |
| Diluted shares | 112m | 114m | 114m | 115m | 109m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.