CRSP vs REGN: How CRISPR Therapeutics AG and Regeneron Pharmaceuticals Compare (2026)
Short answer
CRSP (CRISPR Therapeutics AG) and REGN (Regeneron Pharmaceuticals) are often compared because they share investment themes, but they are different businesses. CRISPR Therapeutics AG is a Swiss-American biopharmaceutical company headquartered in Zug, Switzerland, with principal research operations in Boston, Massachusetts. Regeneron makes money primarily through two large franchises. Neither is universally better: pick by which thesis you are expressing and what you already own. This is descriptive, not a recommendation.
What does CRISPR Therapeutics AG (CRSP) do?
CRISPR Therapeutics AG is a Swiss-American biopharmaceutical company headquartered in Zug, Switzerland, with principal research operations in Boston, Massachusetts. The company uses its proprietary CRISPR/Cas9 platform to develop gene-based medicines across hemoglobinopathies, oncology, cardiovascular disease, autoimmune conditions, and regenerative medicine. Its first and only commercialized product, Casgevy, is co-developed and co-commercialized with Vertex Pharmaceuticals under a 40/60 profit-sharing structure in which CRISPR retains 40 percent of profits. Revenue has historically been driven by collaboration milestone payments from Vertex rather than product sales, making the financial profile highly lumpy. Beyond Casgevy, the company generates no meaningful product revenue today and funds operations through its cash reserves.
What does Regeneron Pharmaceuticals (REGN) do?
Regeneron makes money primarily through two large franchises. Dupixent, an anti-inflammatory antibody used for eczema, asthma, COPD, and other conditions, is developed and commercialized in collaboration with Sanofi, and Regeneron records its share through Sanofi collaboration revenue (about $1.6 billion in Q1 2026, up roughly 36%). Eylea and the higher-dose Eylea HD treat retinal diseases such as wet age-related macular degeneration and diabetic eye disease, generating combined U.S. net product sales of about $941 million in Q1 2026, with Eylea HD now roughly half of that mix. Libtayo in oncology and a pipeline of nearly 50 clinical candidates round out the revenue base.
CRSP vs REGN: how do they differ?
Both fit overlapping themes, but they are not interchangeable. CRISPR Therapeutics AG is best understood through its own drivers, and Regeneron Pharmaceuticals through its. The useful comparison is which set of drivers and risks you want exposure to.
- CRSP drivers: First-Mover Advantage in Commercial Gene Editing; Casgevy's Long-Term Revenue Potential.
- REGN drivers: Dupixent keeps compounding; A deep, diversified pipeline.
CRSP vs REGN: how they make money and what they cost
CRSP. Because CRISPR Therapeutics has no meaningful product profits yet, traditional earnings-based valuation multiples like P/E are negative and not analytically useful. The company is better evaluated on its cash runway, the pace of Casgevy's commercial adoption, and the risk-adjusted value of its pipeline. Enterprise value of roughly $2.8 billion (market cap less net cash) reflects the market pricing in significant execution uncertainty around both the Casgevy ramp and the broader pipeline, while a wide spread exists between bearish analyst targets near $33 and optimistic targets above $80.
REGN. Figures are approximate and tied to the asOf date; verify current numbers with a live quote before acting. Regeneron reported about 19% revenue growth and adjusted EPS of roughly $9.47 in Q1 2026, beating estimates, and authorized an additional $3 billion buyback. The mid-teens P/E reflects the market weighing strong Dupixent growth against expected Eylea biosimilar erosion.
Headline figures (approximate, June 27, 2026 (data reflects most recently available reports through mid-2026)): CRSP shows revenue (full year 2025, product only) ~$3.5 million, revenue (full year 2024) ~$37.3 million (primarily collaboration revenue), net loss (ttm through q3 2025) ~$488 million; REGN shows total revenue (ttm, approx) ~$14 billion, q1 2026 total revenue ~$3.6 billion (up ~19% YoY), dupixent global net sales (q1 2026) ~$4.9 billion (up ~31%). A cheaper-looking multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is actually compounding.
Which fits which kind of investor
Both share a theme, but they suit different temperaments. CRISPR Therapeutics AG's case leans on first-mover advantage in commercial gene editing, and Regeneron Pharmaceuticals's on dupixent keeps compounding. A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The commercial ramp of Casgevy has been far slower than early projections, with the therapy generating only approximately $3.5 million in revenue in all of 2025, down sharply from prior years that were boosted by one-time milestone payments. For REGN, the clearest risk is Eylea biosimilar erosion.
CRSP or REGN: which should you pick?
The bottom line: CRSP vs REGN
CRSP and REGN are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CRSP and REGN exposure against your real portfolio. It is not an investment adviser.
Build a basket around CRSP with Walnut
Use CRISPR Therapeutics AG as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is the difference between CRSP and REGN?
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CRISPR Therapeutics AG is a Swiss-American biopharmaceutical company headquartered in Zug, Switzerland, with principal research operations in Boston, Massachusetts. Regeneron makes money primarily through two large franchises. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is CRSP or REGN the better stock?
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Walnut is informational, not investment advice. Neither is universally better; CRSP and REGN suit different views and risk levels. Compare what each does, how they make money, and the risks, then decide which fits your thesis and what you already own.
Should you own both CRSP and REGN?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both before you add the second.
What are the risks of CRSP vs REGN?
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CRSP: The commercial ramp of Casgevy has been far slower than early projections, with the therapy generating only approximately $3.5 million in revenue in all of 2025, down sharply from prior years that were boosted by one-time milestone payments. The expiration of CRISPR's cost-deferral agreement with Vertex drove collaboration expenses up roughly 77 percent year over year in 2025, contributing to a full-year operating loss of approximately $665 million, and the company must repay around $222 million in previously deferred costs before net cash flows from Casgevy accrue to CRSP shareholders. Competing gene-editing and cell-therapy platforms from Intellia Therapeutics, Beam Therapeutics, and large pharmaceutical companies pursuing in vivo approaches could erode CRSP's differentiation over time. The stock also carries high short interest, above 22 percent of shares outstanding as of recent data, reflecting meaningful institutional skepticism about the pace of the commercial ramp. REGN: The clearest risk is Eylea biosimilar erosion. Amgen's Pavblu launched in late 2024 and pressured sales, and settlements clear paths for Sandoz, and Alvotech and Teva, to launch competing copies in the U.S. around the fourth quarter of 2026, with erosion expected to accelerate. Eylea HD and Dupixent growth are the offsets, but the timing gap matters. The business is also concentrated in a few franchises, so a single setback in Dupixent or a major pipeline failure would weigh heavily, and the collaboration structure with Sanofi means Regeneron does not control all of its largest product's economics.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CRSP or REGN; figures are approximate and dated. Verify current data before investing.