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Regeneron Pharmaceuticals (REGN) FY2025 results: revenue $14.3 billion, up 1.0% on the year

Regeneron Pharmaceuticals, Inc. (REGN) reported revenue of $14.3 billion for fiscal 2025, the year ended 31 December 2025, up 1.0% on the year before. Net income was $4.5 billion, up 2.1%, and diluted earnings per share $41.48. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2026.

Revenue
$14.3 billion
+1.0% on the year
FY2018FY2025
Operating margin
24.9%
28.1% a year earlier
FY2018FY2025
Net income
$4.5 billion
+2.1% on the year
FY2018FY2025
Diluted EPS
$41.48
+8.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • EYLEA franchise sales fell 27% for year: Total EYLEA HD and EYLEA U.S. net sales fell 27% for full year 2025 to $4.4 billion. EYLEA HD U.S. rose 36% to $1.6 billion, while EYLEA U.S. fell 42% to $2.7 billion.
  • R&D spend rose 14% on pipeline: GAAP R&D rose 14% to $5.85 billion for full year 2025, and non-GAAP R&D rose 13% to $5.15 billion. Management attributed the increase to advancement of the late-stage pipeline.
Read the Q4 FY2025 earnings call summary

From this 10-K

Regeneron is a fully integrated biotechnology company that invents, develops, manufactures and commercialises medicines for people with serious diseases. Its products and candidates address eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases. Its stated strategy is to keep a foundation in scientific research and drug development on its own proprietary technologies and build clinical development, manufacturing and commercial capability on top of it.

Regeneron Pharmaceuticals, Inc., the 10-K for 2025

Regeneron is a fully integrated biotechnology company that invents, develops, manufactures and commercialises medicines for people with serious diseases. Its products and candidates address eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases. Its stated strategy is to keep a foundation in scientific research and drug development on its own proprietary technologies and build clinical development, manufacturing and commercial capability on top of it.

At the end of 2025 it had 15,410 full-time employees: 11,961 in the United States, 2,149 in Ireland and 1,300 elsewhere, mainly the United Kingdom, Japan and Germany. Of those, 2,591 worked in research and preclinical development, 2,274 in global clinical development and regulatory affairs, and 6,717 in industrial operations and product supply. More than 1,800 of the full-time employees hold a PhD or an MD.

The eye business

EYLEA, aflibercept, is approved in the United States, the European Union and Japan across wet age-related macular degeneration, diabetic macular edema and macular edema following retinal vein occlusion, and additionally in diabetic retinopathy, myopic choroidal neovascularisation, neovascular glaucoma and retinopathy of prematurity depending on the territory. EYLEA HD is the 8 mg version, approved in the same three territories for wet age-related macular degeneration and diabetic macular edema, and in the United States for diabetic retinopathy. Regeneron records product sales of both in the United States, while Bayer records sales outside it and Regeneron takes its share of those profits through collaboration revenue.

Dupixent and Kevzara, with Sanofi

Dupixent, dupilumab, covers atopic dermatitis in patients from six months old, asthma in adults, adolescents and children aged six to eleven, chronic rhinosinusitis with nasal polyposis, chronic obstructive pulmonary disease and eosinophilic esophagitis, among other indications, across the three main territories. Kevzara, sarilumab, covers rheumatoid arthritis, polymyalgia rheumatica and polyarticular juvenile idiopathic arthritis. Sanofi records global product sales of both, and Regeneron records its share of the profits as collaboration revenue.

Oncology and haematology

Libtayo, cemiplimab, covers first-line metastatic or locally advanced non-small cell lung cancer as a single agent and with chemotherapy, basal cell carcinoma, cutaneous squamous cell carcinoma including in the adjuvant setting, and second-line cervical cancer. Ordspono, odronextamab, is approved in the European Union for follicular lymphoma and diffuse large B-cell lymphoma. Lynozyfic, linvoseltamab, is approved for relapsed or refractory multiple myeloma.

The rest of the portfolio

Praluent, alirocumab, reduces cardiovascular risk and treats hypercholesterolemia, including heterozygous familial hypercholesterolemia in patients from the age of eight and homozygous familial hypercholesterolemia. Evkeeza, evinacumab, treats homozygous familial hypercholesterolemia in adults, adolescents and children. Veopoz, pozelimab, and ARCALYST, rilonacept, cover rare conditions, ZALTRAP is an intravenous infusion, and Inmazeb is a three-antibody combination for infection caused by Zaire ebolavirus.

The technologies underneath

Two technologies make the protein therapeutics. The first fuses receptor components to the constant region of an antibody molecule to make a class of drugs the company calls Traps; EYLEA HD, EYLEA, ZALTRAP and ARCALYST were all generated that way. The second is VelociSuite, used to discover, develop and produce fully human antibodies against both secreted and cell-surface targets, and also to produce bispecific antibodies, antibody-protein fusions and antibody conjugates. Inside it, the VelocImmune mouse platform produces fully human antibodies; it was made by replacing six megabases of mouse immunoglobulin gene loci with the corresponding human loci. VelociMab screens antibodies and generates expression cell lines quickly, and Veloci-Bi generates full-length bispecific antibodies similar to native ones, which can be made with standard antibody manufacturing. Genetic medicine platforms sit alongside these as complementary approaches.

The Regeneron Genetics Center, a wholly owned subsidiary, works on the other end of the problem. It uses de-identified clinical, genomic, proteomic and other molecular data from consenting volunteers around the world to find medically relevant associations in a blinded fashion, with the aim of using human genetics to discover and validate the genetic factors that cause or influence diseases with major unmet need.

From Regeneron's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 4 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue14,34314,20213,117+1.0%
Research and development5,8505,1324,439+14.0%
Selling, general and administrative2,7002,9542,631-8.6%
Operating income3,5783,9914,047-10.3%
Operating margin24.9%28.1%30.9%
Interest expense43.855.273.0-20.7%
Pre-tax income5,2314,7804,199+9.4%
Income tax726367246+97.6%
Effective tax rate13.9%7.7%5.9%
Net income4,5054,4133,954+2.1%
Net margin31.4%31.1%30.1%
Diluted EPS$41.48$38.34$34.77+8.2%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow4,9794,4204,594+12.6%
Capital expenditure898756719+18.9%
Free cash flow4,0803,6653,875+11.3%
Free cash flow margin28.4%25.8%29.5%
Cash from investing-629-2,468-3,185
Cash from financing-3,715-2,200-1,790
Depreciation and amortisation544483421+12.6%
Share-based compensation994983885+1.1%
Buybacks3,4392,6032,235+32.1%
Dividends paid3700.00.0
Diluted shares, weighted109m115m114m-5.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity31,25729,35425,973+6.5%
Debt1,9861,9841,983+0.1%
Operating lease liabilities22920468.7+12.2%
Finance lease liabilities7207207200.0%
Other liabilities6,3675,4974,336+15.8%
Total liabilities and equity40,55937,75933,080+7.4%
Intangible assets1,2571,1491,039+9.5%
Investments15,74815,42413,511+2.1%
Cash and equivalents3,1182,4882,730+25.3%
Receivables5,7416,2125,667-7.6%
Inventory3,2013,0872,580+3.7%
Other assets11,4949,3997,552+22.3%
Total assets40,55937,75933,080+7.4%

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