There are many ways one could end up with $1 million or more by retirement. Putting enough money in a savings account or winning the lottery are among them. However, neither of these methods can hold a candle to investing in stocks. Savings accounts generally earn paltry interest rates, while no one can bet on winning the lottery.

By contrast, with an initial capital of $100,000 and 20 years to work with, it takes a compound annual growth rate of 12.2% to become a millionaire. That's not easy to pull off -- but it is well within many investors' reach.

With that said, let's consider a stock that has a chance to help you achieve that goal: biotech giant Regeneron Pharmaceuticals (REGN -1.30%). The drugmaker has delivered excellent returns in recent years, but can it help make an investor a millionaire? Let's find out.

Regeneron's excellent track record

In the past few decades, Regeneron has delivered returns well above what it would need in the next 20 years to turn $100,000 into $1 million. Notice that the biotech's revenue and earnings have generally been on a solid upward path.

REGN Chart

REGN data by YCharts

One of the keys behind the drugmaker's accomplishment has been its ability to develop and market innovative medicines. In recent years, its two main growth drivers have been Eylea, which treats an eye disorder, and eczema treatment Dupixent. Other products have contributed, but not anywhere near the level of these two. Eylea is at risk of facing biosimilar competition.

Fortunately, Regeneron earned FDA approval for an upgraded, high-dose version of Eylea that requires fewer injections per year, allowing it to keep many of its patients. Meanwhile, Dupixent still seems to have plenty of growth left ahead, with important label expansions on the horizon. Still, even Dupixent will see key patents start to expire early next decade.

In short, Eylea and Dupixent won't be able to keep Regeneron's momentum for the next 20 years. The biotech will have to turn elsewhere. The good news is that these two growth drivers should continue, allowing Regeneron to record solid financial results and returns through the end of the decade.

Innovation will be key its future

So, the question is whether Regeneron can replace its current growth drivers. One glance at the company's pipeline suggests it can do exactly that. Of the 11 late-stage programs it is running right now, six are brand-new products that have yet to receive approval in the U.S. One of them, potential cancer drug odronextamab, is currently being considered for approval by the U.S. Food and Drug Administration; it could hit the market sometime next year.

Regeneron's solid late-stage pipeline should yield several new products in the next five years, well before Dupixent's patent cliff. That's to say nothing of the company's early-stage programs, many of which also feature potential medicines that have yet to earn approval anywhere.

Further, Regeneron is dipping its toes into such promising areas such as gene editing. The company is partnering with Intellia Therapeutics, a gene-editing specialist. Regeneron has several similar partnerships with smaller biotechs in promising fields, such as gene therapy and gene silencing.

No drugmaker has a 100% success rate in developing new medicines, but given Regeneron's deep pipeline, it's safe to say that at least some of its programs in phase 2 and phase 1 studies should eventually yield approvals. Regeneron's current lineup, pipeline, and track record make a strong case for why it can continue delivering excellent financial results.

Can it help make you a millionaire?

Regeneron has consistently proven its ability to innovate and deliver solid financial results and excellent stock market performance. The company's basic playbook hasn't changed, and in my view, the biotech has an excellent shot at helping investors become millionaires. And even if it falls short of that pretty lofty goal, it shouldn't fall too far short unless something catastrophic happens. That makes Regeneron an excellent biotech stock to buy now and hold onto for the long run.