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Regeneron Pharmaceuticals
Regeneron Pharmaceuticals (REGN) investor relations material
Regeneron Pharmaceuticals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Jan, 2026
Executive summary
Q4 2025 revenues rose 3% year-over-year to $3.9B, driven by strong sales of Dupixent, Libtayo, and EYLEA HD, with full-year revenues at $14.3B.
Dupixent global net sales reached $4.9B in Q4 and $17.8B for the year, with 32–34% year-over-year growth and expansion to eight global indications.
Libtayo and EYLEA HD posted double-digit growth, with EYLEA HD U.S. net sales up 66% in Q4 and Libtayo global net sales up 13–16% in Q4.
The company anticipates at least four FDA approvals in 2026, including three new molecular entities, and expects multiple pivotal data readouts and regulatory submissions.
R&D pipeline momentum continues, with 18 new Phase III studies planned and several first-in-class programs advancing.
Financial highlights
Q4 2025 total revenues were $3.9B, with non-GAAP EPS of $11.44 and GAAP EPS of $7.86; full-year GAAP net income was $4.5B.
Free cash flow for 2025 was $4.1B; cash and marketable securities at year-end totaled $16.2B–$18.9B.
$3.8B was returned to shareholders in 2025, mainly via $3.4B in share repurchases; $1.5B remains authorized.
Quarterly dividend of $0.94 per share announced, payable March 2026.
Gross margin on net product sales was 81% (GAAP) and 85% (non-GAAP) in Q4.
Outlook and guidance
2026 R&D spend expected at $5.9B–$6.1B (non-GAAP), with GAAP R&D at $6.45B–$6.68B.
SG&A guidance for 2026 is $2.5B–$2.65B (non-GAAP), $2.86B–$3.04B (GAAP).
Gross margin expected at 83%–84% (non-GAAP), 79%–80% (GAAP); effective tax rate projected at 12%–15%.
2026 capital expenditures projected at $1.1B–$1.3B, mainly for R&D and manufacturing expansion.
Full repayment of the Sanofi antibody development balance anticipated by mid-2026.
Explain EYLEA HD growth vs. total EYLEA decline
How does new manufacturing capacity impact growth
Identify key non-blockbuster pipeline growth drivers
EYLEA HD: Q1 demand vs. EYLEA 2mg decline
GLP/GIP + PCSK9 combo's market strategy
LYNOZYFIC's early-line myeloma paradigm shift
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Next Regeneron Pharmaceuticals earnings date
Q1 202628 Apr, 2026
Regeneron Pharmaceuticals
Next Regeneron Pharmaceuticals earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Regeneron Pharmaceuticals Inc is a leading science-based biopharmaceutical company that discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions. The company has a pipeline of product candidates comprising multiple therapeutic candidates in Phase I and Phase II clinical studies for the treatment of cancer, wet age-related macular degeneration and diabetic macular edema, atopic dermatitis, asthma, pain, and monoclonal antibodies.
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