Regeneron Pharmaceuticals (REGN) Q4 FY2025 earnings: revenue $3.9 billion, up 2.5% on the year

Regeneron Pharmaceuticals, Inc. (REGN) reported revenue of $3.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.5% on the same quarter a year earlier. Net income was $845 million, down 8.0% on the year, and diluted earnings per share $7.86. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2026.

Revenue

$3.9 billion

+2.5% on the year · +3.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

22.7%

26.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$845 million

-8.0% on the year · -42.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$7.86

-2.5% on the year · -42.3% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 new.

Revenue rose 3% in fourth quarter: The company reported fourth quarter revenue of $3.9 billion, up 3%, and full year revenue of $14.3 billion, up 1%. Net product sales fell 16% in the quarter, while collaboration revenue rose 23%.
Quarterly EPS fell on both bases: Fourth quarter GAAP diluted EPS was $7.86, down 2%, and non-GAAP diluted EPS was $11.44, down 5%. The quarter includes a $0.14 unfavorable impact from an acquired IPR&D charge.
Dupixent sales rose 26% for year: Sanofi recorded global Dupixent net sales of $4.9 billion in the fourth quarter, up 34%, and $17.8 billion for full year 2025. Regeneron books its share of profit as collaboration revenue.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,884	3,754	3,789	+3.5%	+2.5%
Research and development	1,626	1,475	1,412	+10.2%	+15.2%
Selling, general and administrative	775	658	792	+17.8%	-2.2%
Operating income	880	1,027	990	-14.3%	-11.1%
Operating margin	22.7%	27.3%	26.1%
Interest expense	12.2	19.3	10.5	-36.8%	+16.2%
Pre-tax income	1,044	1,763	958	-40.8%	+8.9%
Income tax	199	303	40.4	-34.4%	+392.8%
Effective tax rate	19.1%	17.2%	4.2%
Net income	845	1,460	918	-42.2%	-8.0%
Net margin	21.7%	38.9%	24.2%
Diluted EPS	$7.86	$13.62	$8.06	-42.3%	-2.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,171	1,619	1,263	-27.7%	-7.3%
Capital expenditure	249	201	200	+23.5%	+24.6%
Free cash flow	922	1,417	1,063	-34.9%	-13.3%
Free cash flow margin	23.7%	37.8%	28.1%
Cash from investing	220	-403	351		-37.2%
Cash from financing	-780	-718	-1,136
Depreciation and amortisation	145	137	126	+6.1%	+14.7%
Share-based compensation	249	237	304	+5.2%	-18.1%
Buybacks	672	664	973	+1.2%	-31.0%
Dividends paid	92.7	91.2	0.0	+1.6%
Dividend per share	$0.88	$0.88	n/a	0.0%
Diluted shares, weighted	108m	107m	114m	+0.3%	-5.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	31,257	30,958	29,354	+1.0%	+6.5%
Debt	1,986	1,986	1,984	+0.0%	+0.1%
Operating lease liabilities	229	n/a	204		+12.2%
Finance lease liabilities	720	720	720	0.0%	0.0%
Other liabilities	6,367	6,506	5,497	-2.1%	+15.8%
Total liabilities and equity	40,559	40,169	37,759	+1.0%	+7.4%
Intangible assets	1,257	1,381	1,149	-8.9%	+9.5%
Investments	15,748	16,223	15,424	-2.9%	+2.1%
Cash and equivalents	3,118	2,506	2,488	+24.4%	+25.3%
Receivables	5,741	5,687	6,212	+0.9%	-7.6%
Inventory	3,201	3,254	3,087	-1.6%	+3.7%
Other assets	11,494	11,118	9,399	+3.4%	+22.3%
Total assets	40,559	40,169	37,759	+1.0%	+7.4%

Questions

What was Regeneron Pharmaceuticals' revenue in Q4 FY2025?

Regeneron Pharmaceuticals (REGN) reported revenue of $3.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.5% on the same quarter a year earlier.

How much did Regeneron Pharmaceuticals earn in Q4 FY2025?

Net income for Q4 FY2025 was $845 million, down 8.0% on the year, and diluted earnings per share $7.86.

When did Regeneron Pharmaceuticals report Q4 FY2025 results?

Regeneron Pharmaceuticals filed its 10-K for the year that ended with the quarter on 4 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,952	2,965	2,857	2,936	3,414	3,162	3,158	3,363	3,434	3,145	3,547	3,721	3,789	3,029	3,676	3,754	3,884	3,605	4,291	5,116
R&D	786	844	794	911	1,043	1,101	1,085	1,075	1,177	1,248	1,200	1,272	1,412	1,327	1,422	1,475	1,626	1,544	1,632	1,795
SG&A	560	450	476	529	660	601	652	640	738	689	759	714	792	633	634	658	775	648	662	678
Operating income	2,640	1,258	1,110	1,224	1,147	947	1,016	1,111	973	751	1,070	1,180	990	592	1,080	1,027	880	643	1,294	2,048
Operating margin	53%	42%	39%	42%	34%	30%	32%	33%	28%	24%	30%	32%	26%	20%	29%	27%	23%	18%	30%	40%
Interest expense	14.1	13.6	13.1	15.3	17.4	18.0	18.9	17.8	18.3	16.1	14.8	13.8	10.5	8.7	3.6	19.3	12.2	12.9	11.0	10.6
Pre-tax income	2,503	1,061	963	1,510	1,325	858	1,083	1,111	1,148	701	1,628	1,493	958	905	1,519	1,763	1,044	831	1,528	2,284
Tax rate	11%	8%	12%	13%	10%	5%	11%	9%	-1%	-3%	12%	10%	4%	11%	8%	17%	19%	13%	15%	15%
Net income	2,229	974	852	1,316	1,197	818	968	1,008	1,160	722	1,432	1,341	918	809	1,392	1,460	845	727	1,297	1,949
Net margin	45%	33%	30%	45%	35%	26%	31%	30%	34%	23%	40%	36%	24%	27%	38%	39%	22%	20%	30%	38%
Diluted EPS	$19.58	$8.61	$7.47	$11.66	$10.50	$7.17	$8.50	$8.89	$10.19	$6.27	$12.41	$11.54	$8.06	$7.27	$12.81	$13.62	$7.86	$6.75	$12.23	$18.45
Operating cash flow	2,372	2,102	564	629	1,720	1,368	1,022	1,114	1,090	1,512	354	1,291	1,263	1,045	1,144	1,619	1,171	1,079	813	1,783
Capital expenditure	155	142	154	142	152	178	113	176	251	134	180	242	200	229	219	201	249	231	240	300
Free cash flow	2,218	1,960	411	486	1,568	1,189	909	938	838	1,379	174	1,049	1,063	816	925	1,417	922	848	573	1,483
Buybacks	867	358	359	935	431	711	689	546	289	291	604	735	973	1,041	1,062	664	672	794	1,169	400
Dividends paid	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	93.8	92.6	91.2	92.7	97.8	96.8	95.7
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 4 February 2026: the filing.