Regeneron Pharmaceuticals (REGN) Q4 2025 earnings summary

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.