10-QPeriod: Q3 FY2025

REGENERON PHARMACEUTICALS, INC. Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 28, 2025For Securities:REGN

Summary

Regeneron Pharmaceuticals, Inc. reported strong financial results for the nine months ended September 30, 2025, with total revenues of $10.46 billion, a slight increase from the same period in 2024. Net income also saw a positive trend, reaching $3.66 billion, up from $3.49 billion in the prior year. Diluted earnings per share were $33.61, an increase from $30.23. The company's product sales, while experiencing a decline in EYLEA revenue due to increased competition and the transition to EYLEA HD, were bolstered by significant growth in Dupixent and Libtayo sales. Collaboration revenue, primarily from Sanofi, also showed robust growth, driven by strong Dupixent performance. Operating expenses increased due to higher R&D investments, particularly in direct R&D for key programs, though SG&A expenses decreased. The company continued its share repurchase program and declared regular quarterly dividends, underscoring a commitment to returning capital to shareholders.

Financial Highlights

47 data points
Beta

Revenue

$3.75B

Net Income

$1.46B

38.9% Net Margin

EPS (Diluted)

$13.62

Total Assets

$40.17B

Cash & Equivalents

$2.51B

Free Cash Flow

$1.62B

Financial Statements
Beta
Revenue$3.75B
R&D Expenses$1.48B
SG&A Expenses$657.80M
Operating Expenses$2.73B
Operating Income$1.03B
Net Income$1.46B
EPS (Basic)$14.09
EPS (Diluted)$13.62
Shares Outstanding (Basic)103.60M
Shares Outstanding (Diluted)107.20M

Key Highlights

  • 1Total revenues for the first nine months of 2025 increased slightly to $10.46 billion from $10.41 billion in the comparable period of 2024.
  • 2Net income rose to $3.66 billion for the nine months ended September 30, 2025, compared to $3.49 billion in the same period of 2024.
  • 3Diluted earnings per share improved to $33.61 from $30.23 year-over-year.
  • 4Net product sales saw a decline, primarily driven by EYLEA sales impacted by competition and the transition to EYLEA HD, though EYLEA HD sales grew.
  • 5Collaboration revenue, largely from Sanofi, increased significantly due to strong Dupixent performance, reaching $4.24 billion for the nine months ended September 30, 2025.
  • 6Research and development expenses increased by approximately 13.6% to $4.22 billion for the nine months ended September 30, 2025, reflecting continued investment in pipeline advancement.
  • 7The company repurchased approximately $2.79 billion of its common stock during the first nine months of 2025.

Frequently Asked Questions

Regeneron reported total revenues of $10.46 billion for the nine months ended September 30, 2025, a slight increase from $10.41 billion in the same period of 2024. Net income increased to $3.66 billion from $3.49 billion in the prior year, with diluted earnings per share rising to $33.61 from $30.23.

EYLEA sales have been negatively impacted by increased competition from other anti-VEGF products, including biosimilars and compounded bevacizumab. The transition of patients to EYLEA HD also contributed to the decline in EYLEA sales. The company expects continued competitive pressure and potential further declines in EYLEA sales.

The collaboration with Sanofi, primarily driven by Dupixent sales, is a significant revenue driver. For the nine months ended September 30, 2025, collaboration revenue from Sanofi increased to $4.24 billion, reflecting strong performance and increased profits from Dupixent and Kevzara.

Regeneron continues to actively repurchase its common stock, with $2.156 billion remaining available under its share repurchase programs as of September 30, 2025. Additionally, the company declared quarterly cash dividends of $0.88 per share, demonstrating a commitment to returning capital to shareholders.