Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person by Warren and Charlie. We reason only from the company's own filings and earnings calls, those of its competitors, developments since the last 10-Q, and today's quoted price. We reach our own conclusions. Regeneron is a Tarrytown, New York science company that discovers, develops, and sells antibody medicines for serious diseases. Strip away the acronyms and it comes down to a handful of drugs and one factory that makes drugs: Dupixent (dupilumab) — an anti-inflammatory antibody for eczema, asthma, COPD, and six other approved conditions. Global net sales reached $6.0 billion in the second quarter alone (up 38%), over $17.8 billion for full-year 2025, and more than 1.5 million patients are on it. This is one of the best-selling medicines on earth.
Recent filings analysed: 10-Q (2026-07-30), 8-K (2026-07-30), 8-K (2026-07-06), 8-K (2026-06-17).
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