Not sure I follow......The company launched Eylea in late November 2011. Within one year the company had revenues from Eylea of $855 MILLION and was highly profitable!!!!! This is one of the best launches ever in the US for a launch of a drug (especially if you consider only non-oncology drugs). The company is going to deliver more than $1.3 BILLION in revenue next year (50%) growth with profits up more than 60%!!!!! The company has an outstanding balance sheet, free cash flows that are awesome and a pipeline that is deemed to be one of the top two in the entire bio-pharma space (CELG is right there with them)!!!!
To make one final point.....Here is the closing year end stock price for REGN since 2009
YE 2009 - $24.18
YE 2010 - $32.83 (36% increase)
YE 2011 - $55.54 (69% increase and a 2-year compounded increase of more than 50%)
YE 2012 - $171.07 (208% increase and a 3-year compounded increase of 92%)
Many people before you have tried to short this stock over the last 3-years only to have to cover 30 - 40 or 50% higher. Sorry but I don't follow your point!!!!