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Regeneron PharmaceuticalsREGN

Legal name
Regeneron Pharmaceuticals, Inc.
Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
Nasdaq

Stock Price $REGN

Latest filings

You are here#19 of 54 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q338-K115

REGN filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 115 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’18Dec ’18
  2. Leadership change8-K · Jan ’21Jan ’21
  3. Material agreement8-K · Dec ’22Dec ’22
  4. FY2024 annual report10-K · Feb ’25Feb ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $14.34B
YoY changeLargest recent move+89.1%in FY21Latest +1.0%

1 older move runs past ±100% (largest +209.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All REGN Financial Metrics59 metrics

Income Statement15

Balance Sheet26

Cash Flow13

Per Share5

02—Overview

Regeneron Pharmaceuticals Financial Overview 2021–2025

Updated Nov 2, 2026

Sanofi collaboration revenue surged 29% to $5.88 billiona in FY2025, driving overall top-line growth even as the company's legacy ophthalmology franchise faced fierce market competition. This momentum underscores a clear investment thesis: Regeneron has successfully navigated the loss of its pandemic windfalls to become a structurally diversified biotech powerhouse capable of funding massive internal innovation.

The company's top line contracted from a COVID-fueled peak of $16.1 billion in FY2021 to $14.34 billionb in FY2025, masking the underlying expansion of its permanent commercial portfolio. To secure its next growth phase, Regeneron expanded research and development expenses to $5.85 billion in FY2025. Despite these heavy pipeline investments and a 36% collapse in legacy U.S. EYLEA sales by Q1 2026, the company easily absorbed the impact, with total quarterly revenues jumping 19% year-over-year to $3.61 billion. Operational efficiency remained intact, allowing the company to return substantial capital by initiating its first quarterly dividend of $0.88 per share and executing billions in stock repurchases throughout the year.

At the close of FY2025, the market valued the stock at $771.87c, pricing the company at 18.6x its annual earnings of $41.48 per share. Supported by a massive liquidity buffer of $3.12 billion in cash and $15.40 billion in marketable securities at the end of FY2025, Regeneron retains the financial firepower necessary to defend its market share, advance its pipeline, and consistently reward shareholders.

Recent Developments (Q2 and Q3 2026)

Regeneron accelerated top-line momentum in Q3 2026, driven by an expanded Sanofi partnership that delivered a $1.0 billiond upfront payment for next-generation immunology antibodies. Total quarterly revenues surged 36% year-over-year to $5.1 billion, while non-GAAP earnings per share leaped 70% to $20.07. This was bolstered by EYLEA HD U.S. net sales growing 62% to $699 million, offsetting legacy franchise declines. Operationally, the company secured FDA approval for Pasatru, and co-founders received 10-year, fully performance-based equity awards replacing annual grants.

Bulls will cheer the complete repayment of the Sanofi development balance in Q2 2026, which removes a revenue drag and unlocks a profit step-up. Conversely, bears highlight a notable pipeline setback after the Phase 3 fianlimab melanoma trial failed to achieve statistical significance. Trading at 22.4x earnings as of October 30, 2026, the stock reflects a slight multiple expansion that appears justified by robust earnings growth.

What to watch: initial commercial traction of Pasatru; EYLEA HD's continued ability to capture market share.

03—Filings

Recent SEC Filings

  1. 8-KRegeneron Pharmaceuticals 8-K Report, Financial Results (Oct 30, 2026)Regeneron Pharmaceuticals, Inc. reported strong third-quarter 2026 financial and operating results, demonstrating robust growth across its key product lines and pipeline advancements. Total revenues surged by 36% year-over-year to $5.1 billion, driven by significant increases in Dupixent, EYLEA HD, and Libtayo sales. This top-line growth translated into substantial bottom-line improvements, with GAAP EPS rising 35% to $18.45 and non-GAAP EPS jumping 70% to $20.07. The company also highlighted progress in its pipeline, including the FDA approval of Pasatru™ (garetosmab) for fibrodysplasia ossificans progressiva (FOP) and positive developments for Libtayo's dosing schedule and indications. Furthermore, Regeneron expanded its collaboration with Sanofi, securing a $1.0 billion upfront payment and potential for additional milestones, signaling confidence in future long-acting immunology antibody developments. These results position Regeneron for a strong year and underscore the continued commercial success and pipeline productivity of the company.
  2. 8-KRegeneron Pharmaceuticals 8-K Report, Material Agreement (Oct 6, 2026)Regeneron Pharmaceuticals, Inc. (REGN) has filed an 8-K detailing a significant amendment to its existing License and Collaboration Agreement (LCA) with Sanofi. This Sixth Amendment focuses on the co-development and co-commercialization of four novel, Regeneron-invented long-acting antibodies targeting key inflammatory pathways (IL-13, IL-4, IL-4Rα, and a bispecific IL-4xIL-13). This strategic move significantly expands Regeneron's pipeline in high-potential therapeutic areas. The financial implications for Regeneron are substantial. Sanofi will provide an upfront payment of $1.0 billion, with the potential for an additional $7.0 billion in milestone payments tied to development, regulatory, and commercial success. This partnership also includes a balanced approach to cost-sharing for development, with Regeneron acting as the lead development and regulatory party in the U.S. Additionally, the report discloses an expected $22 million pre-tax acquired in-process R&D charge for Q3 2026, impacting EPS by approximately $0.18. The settlement of a prior lawsuit regarding Dupixent commercialization information is also a notable event.
  3. 8-KRegeneron Pharmaceuticals 8-K Report, Executive Changes (Sep 30, 2026)Regeneron (REGN) filed an 8-K on September 30, 2026 disclosing two governance and compensation actions. First, effective September 24, 2026, the Compensation Committee, with approval from independent directors, granted co-founders Leonard Schleifer (CEO) and George Yancopoulos (CSO) a one-time, 100% performance-based award of performance share units (2026 PSUs) under the 2014 Long-Term Incentive Plan. The awards replace annual long-term incentive grants for both executives through 2036, run over a 10-year performance period (2026–2035), and carry a mandatory holding period into February 2036. Payouts depend on new product filings and approvals (smaller earnout) and new product revenues (the largest earnout), with a relative TSR modifier of up to ±20% against the NASDAQ Biotechnology Index. Hard caps are 2.7 million PSUs for the CEO and 2.9 million for the CSO, and the maximum earnout requires roughly $30 billion in annual new-product revenue, about double Regeneron's 2025 total revenue. Second, the Company formed a New Subsidiary to explore a potential non-core business. Both executives received partially vesting equity stakes in it. The company describes the entity as nominal in value, without significant assets, not yet operating, and possibly never pursuing the opportunity. Its financial impact appears immaterial at this stage. For investors, the key points are the alignment of the co-founders' pay with long-term pipeline and commercial delivery, and the design choices shaped by shareholder engagement, including the heavier weighting toward revenue and the succession planning requirement. Retention risk is reduced because forfeiture applies on voluntary departure. Dilution and expense are a consideration, though the filing does not quantify the grant-date fair value or the dilutive effect of the awards.
  4. 8-KRegeneron Pharmaceuticals 8-K Report, Financial Results (Jul 30, 2026)Regeneron reported second quarter 2026 results on July 30, 2026, with total revenues up 17% year over year to $4.29 billion and non-GAAP EPS up 11% to $14.29, marking a second consecutive quarter of double-digit growth on both top and bottom lines. Growth was driven largely by the Sanofi collaboration, where Regeneron's share of antibody profits rose to $2.03 billion from $1.28 billion on higher Dupixent sales (global Dupixent sales up 38% to $6.0 billion). U.S. EYLEA HD sales grew 52% to $596 million and Libtayo global sales rose 30% to $489 million, while legacy U.S. EYLEA fell 45% as patients transition to EYLEA HD. GAAP EPS was $12.23, reflecting a $1.02 per share hit from acquired IPR&D charges, and GAAP EPS declined 5% year over year. Management highlighted that the Sanofi Development Balance was fully repaid by the end of the second quarter, which removes a reduction to Sanofi collaboration revenue starting in the third quarter and should meaningfully lift collaboration profits. Gross margin on net product sales was pressured by a temporary interruption of bulk manufacturing at the Limerick, Ireland facility, though production has returned to normal levels. The company raised the midpoint of several 2026 non-GAAP guidance items, including non-GAAP gross margin (now 84%-85%) and non-GAAP R&D, while lowering capital expenditure guidance to $1.03-$1.10 billion. Capital returns remain significant, with $2.0 billion of share repurchases in the first half and a $0.94 quarterly dividend declared. Pipeline news was mixed. The Phase 3 fianlimab plus cemiplimab melanoma trial missed its primary PFS endpoint, while cemdisiran was accepted for review in gMG by both the FDA (priority review, target action date November 2026) and the EMA. Investors should also note that the balance sheet shows cash and marketable securities declining to $17.8 billion from $18.9 billion, and the company's own results include forward-looking caveats tied to Sanofi and Bayer collaboration dependence, EYLEA competition, and pending DOJ-related litigation.
  5. 8-KRegeneron Pharmaceuticals 8-K Report, Financial Results (Jul 6, 2026)Regeneron Pharmaceuticals, Inc. (REGN) has filed an 8-K report on July 6, 2026, providing a preliminary update on its expected financial results for the second quarter of 2026. The company anticipates a pre-tax acquired in-process research and development (IPR&D) charge of approximately $127 million. This charge is primarily related to up-front and opt-in payments made under various collaboration and licensing agreements. The estimated impact of this acquired IPR&D charge is a reduction of approximately $1.00 per diluted share on both Generally Accepted Accounting Principles (GAAP) and non-GAAP net income for the second quarter. Regeneron cautions that these are preliminary estimates and subject to change as financial closing procedures are completed, and actual results may differ. Investors should note that IPR&D charges are inherently unpredictable due to the uncertain nature of future collaborations and development milestones.
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04—See also

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