Regeneron dividend: cash coverage and yield
Regeneron pays a $0.94 quarterly dividend, or $3.76 annualized. Its $3,765.2 million of free cash flow covered the $370.3 million paid in 2025.
How much does Regeneron pay in dividends?
Dividends rise cautiously in the base case from $4.00 to $4.24 and $4.52 per share. The bear holds them at $3.76, the current annualized rate from a $0.94 quarterly dividend. The bull reaches $4.24, $4.72 and $5.20. Free cash flow was $3,765.2 million and net cash was $5,288.0 million, supporting increases, but the dividend has only a short history.
The company increasingly returned cash to owners. Shareholder payouts rose from $1,645.4 million in 2021 to $3,808.9 million in 2025. Regeneron began regular quarterly dividends in February 2025 and paid $370.3 million that year; buybacks used another $3,438.6 million. A buyback purchases shares, reducing the number of shares that divide future earnings. That can help each remaining share, but only if Regeneron does not overpay.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 6,400 (5,400 / 7,000) | 7,100 (5,000 / 8,000) | 7,700 (4,600 / 9,200) |
| Shares (millions) | 100 (102 / 99.80) | 98.30 (101 / 97.00) | 96.30 (99.70 / 94.40) |
| Dividends per share | 4.00 (3.76 / 4.24) | 4.24 (3.76 / 4.72) | 4.52 (3.76 / 5.20) |
Is Regeneron’s dividend covered by its cash?
Free cash flow subtracts investment in productive assets from operating cash. On the broader definition used here, $1,213.7 million of capital spending left $3,765.2 million of free cash flow. Regeneron’s own measure was $4,080.5 million because it excluded purchased intangible rights. Those rights included the $155.0 million voucher and $160.3 million of Libtayo contingent consideration.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 3,765.2 | 3,538.9 | 3,667.6 | 3,398.0 | 6,529.4 |
| − Dividends paid | 370.3 | 0 | 0 | 0 | 0 |
| − Share buybacks | 3,438.6 | 2,603.3 | 2,235.0 | 2,082.8 | 1,645.4 |
| = Free cash flow not paid out | 935.6 | 1,432.6 | 1,315.2 | 4,884.0 | |
| Paid to shareholders | 3,808.9 | 2,603.3 | 2,235.0 | 2,082.8 | 1,645.4 |
| Paid out, % of free cash flow | 101.2% | 73.6% | 60.9% | 61.3% | 25.2% |
What is Regeneron’s dividend yield at its share price?
At $788.48 and 19.5x trailing earnings, the price implies about $40.43 per share. A forward P/E of 12.6x implies about $62.58 per share. If the definitions match, investors are assuming roughly 55% earnings growth, even though the forward number has not yet been earned.
| Today (Oct 16, 2026) | |
|---|---|
| Share price | 788.48 |
| P/E, last 12 months (calculated) | 19.5x |
| Dividend yield (calculated) | 0.5% |
What this means. Enterprise value is lower than market value because the company has more cash and short-term investments than debt, making the business effectively cheaper after using that cash.