So far in 2022, Regeneron Pharmaceuticals (NASDAQ: REGN) stock has fallen by 14%. It recently hit a new 52-week low and trades at an incredibly low earnings multiple. But the company won't be able to rely on revenue from its COVID-19 treatment to prop up its financials anymore, and the growth it generated from its older portfolio of products wasn't all that great last quarter. 

So is Regeneron a bargain at its current price, or is it a stock destined to go lower -- and one that investors should be avoiding?

In 2022's first quarter, Regeneron's sales were down 40% compared to 2021's fourth quarter. From just under $5 billion in revenue for the last three months of last year, its top line shrank by approximately $2 billion. The gaping hole in the company's financials was due to REGEN-COV, its COVID-19 treatment, which didn't generate any revenue in the U.S. in Q1. A quarter earlier, that figure had totaled $2.3 billion; however, with the Food and Drug Administration limiting the use of the treatment due to its ineffectiveness against the omicron variant, it's not likely that sales of REGEN-COV will bounce back this year. 

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Source Fool.com