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REGN

Regeneron Pharmaceuticals, Inc.Close $649.76EOD only
Max Pain
$710.00
Next expiry May 22, 2026
Expected Move
±$7.45
1.1% from close
Price Gap
+60.24
Distance to max pain
IV Rank
0
Low premium
P/C OI
1.15
Slightly put-heavy
Consensus
4/4
Partial coverage
Published snapshot: May 20, 2026 close
End-of-day snapshot

This page reflects REGN options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 20, 2026 close
REGN Earnings Report
Analysis based on market close March 31, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Earnings Verdict

Earnings expected ~April 29 (inferred). IV elevated for May 1 expiration (49.3%), creating crush opportunity. Historical pattern shows strong EPS beats but limited data. Gamma pinning near $730-$750 suggests mean reversion pressure.

Confidence:
6.5 / 10
base 5; +1 strong historical beat rate; +0.5 elevated IV term structure; +0.5 gamma pinning regime; -0.5 limited recent earnings history
Most important: IV term structure shows clear kink at May 1 expiration (49.3% vs 44.3% before), confirming earnings timing. Historical 75% beat rate with average 27% surprise magnitude.
📊Historical EPS beats: +6%, +23%, +53%, -3% (avg +20% surprise)
⚖️Spot $772.64 vs MP $745 = +3.7% overhang suggests mean reversion pressure
🎯Gamma flip $730 aligns with high OI put strike - key support level

Regime Classification

Vol Regime
Normal (IV 44%)
Gamma Regime
Pinning (GEX +$0.5M — mean-reverting)
Flow Regime
Mixed (net prem +$4.9M, P/C 0.84)
Spot vs MP
Above max pain by 3.7% (spot $772.64 vs MP $745)
Gamma flip: ~$730.00 — Below $730, dealers amplify moves due to put OI concentration

Earnings Overview

Next earnings: 2026-04-29 (29 days)inferred

Expected moves:

  • 5/01 (31d): ±$82.65 (10.7%)

IV Setup

Term structure: Clear kink at May 1 expiration (49.3% vs 44.3% on 4/24, 47.7% on 5/8)

Crush estimate: ~15 vol pts, back to ~34% (post-earnings typical IV)

Skew: Mixed flow with net premium positive but heavy put flow at $1000-$1020 strikes

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Cannot calculate from provided data (no price moves)

Directional bias: 3/4 quarters beat EPS estimates

Key Levels

1$730 gamma flip
2$745 max pain
3EM: $690-$855
4$1000 heavy put flow

Flow Highlights

Massive put flow at $1000 ($1.65M) and $1020 ($1.95M) - net negative premium

Institutional hedging or downside protection for elevated strikes

Strong call flow at $610-$680 strikes ($400K-$800K net premium each)

Bullish positioning in lower strikes, possibly protective puts or defined risk plays

Strategies

Short Iron Condor (IV Crush)
Sell $690/$655P x $855/$890C 5/01
Credit: $8.00-$12.00
Max loss: $43.00
Max gain: $10.00
BE: 682.0 / 863.0
Trigger: Enter 5-7 days before earnings when IV > 48%
Capitalizes on elevated IV at May 1 expiration with defined risk. Strikes calibrated to EM boundaries with buffer.
Outperforms: Stock stays within 10.7% EM bounds, IV crushes 15+ points
Underperforms: Gap exceeds EM by >30% ($625 or $900+)
Long Put Spread (Defensive)
Buy $750P / Sell $700P 5/01
Max loss: $50.00
Max gain: $200.00
BE: $730.00
Trigger: Enter if stock rallies above $800 pre-earnings
Targets mean reversion to max pain ($745) and gamma flip ($730). High OI at $730 put provides support.
Outperforms: Stock drops below $730 (gamma flip level)
Underperforms: Stock stays above $750 or gaps up
Calendar Spread (Theta + Vega)
Sell $772.5C 5/01 / Buy $772.5C 6/18
Credit: $5.00-$8.00
Max loss: Unlimited above short strike
Max gain: $8.00
BE: Complex - depends on IV differential
Trigger: Enter when May 1 IV > 48% and June IV < 43% (current 49.3% vs 42.2%)
Exploits IV differential between earnings and post-earnings expirations. Benefits from crush in near-term IV.
Outperforms: Stock pins near $772.5, May IV crushes more than June IV
Underperforms: Large gap move or June IV rises relative to May

Risk Assessment

!Gap risk: 10.7% EM is substantial ($82.65). Historical beats suggest upside bias but limited sample size.
!IV crush: Estimated 15-point crush could erode long premium positions quickly.
!Liquidity: Moderate OI (31,712) but concentrated in specific strikes ($730, $1100).
!Gamma flip at $730 creates acceleration zone below that level.

What to Watch

?IV trajectory into earnings - watch for further spike above 50%
?Spot vs $745 max pain - pinning pressure likely
?Unusual activity in $1000+ puts for institutional hedging clues
How to Use These Reports
This earnings reflects the market close on March 31, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.