Why did revenue grow only 1% when Dupixent sales grew 26%?

Dupixent is sold by Sanofi, and Regeneron books its share of profits as collaboration revenue, not gross sales. That benefit was largely offset by a 17% decline in total U.S. net product sales, driven mainly by a 42% drop in legacy EYLEA U.S. sales, as competition, compounded bevacizumab, and the patient shift to EYLEA HD reduced volumes and prices. Net product sales fell 17% for the year to $6.3 billion.

Is EYLEA HD growth enough to offset the EYLEA decline?

Not yet. EYLEA HD U.S. sales rose 36% to $1.6 billion for FY2025, and Q4 growth was 66%. However, total U.S. EYLEA HD and EYLEA sales still fell 27% to $4.4 billion, since legacy EYLEA losses exceed HD gains. Management expects the EYLEA HD pre-filled syringe FDA decision in Q2 2026, which could support further conversion.

Why did GAAP EPS rise for the year while non-GAAP EPS fell?

GAAP results include $946 million of net gains on marketable and other securities in 2025, compared with $118 million in 2024. These gains are excluded from non-GAAP results. Non-GAAP EPS declined 3% to $44.31 because of higher R&D spending, lower non-GAAP net product gross margin, and a higher non-GAAP effective tax rate of 12.6% versus 9.6%.

What should investors watch in 2026?

Key catalysts include the FDA decision on the EYLEA HD pre-filled syringe (Q2 2026), the AFRS sBLA decision for Dupixent (February 2026), the FDA decision on DB-OTO (first half 2026), and Phase 3 readouts for fianlimab in melanoma (first half 2026) and cemdisiran in geographic atrophy (second half 2026). Management also plans additional business development, dividends, and share repurchases, and the 2026 guidance excludes deals not yet completed.

How is Regeneron supporting its capital return and investment plans?

In 2025, Regeneron spent $3.5 billion repurchasing shares, with $1.5 billion remaining under authorization at year end. Free cash flow was $4.08 billion, up from $3.66 billion. The board declared a $0.94 per share dividend payable March 5, 2026. The company also plans roughly $2 billion for a new bulk manufacturing facility in Saratoga Springs, New York, on top of more than $7 billion in previously announced domestic investments, and 2026 capital expenditures are guided to $1.1–1.3 billion.

REGN 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed January 30, 2026. Cited figures are marked; the original filing is the authoritative source.

Regeneron reported fourth quarter and full year 2025 results on January 30, 2026, with modest top-line growth driven by strong Dupixent economics offset by continued erosion of EYLEA.

Q4 2025 total revenues rose 3% to $3.88 billion^a, and full year revenues rose 1% to $14.34 billion. GAAP EPS was $7.86 in Q4 (down 2%) and $41.48 for the full year (up 8%), while non-GAAP EPS was $11.44 in Q4 (down 5%) and $44.31 for the year (down 3%). Full-year GAAP net income of $4.5 billion was lifted by $946 million of securities gains, and non-GAAP net income declined 8% to $4.9 billion.

The key story is the divergence between partner-driven and U.S. franchise performance. Dupixent global net sales (recorded by Sanofi) grew 26% for the year to $17.8 billion^b, and Regeneron's share of antibody profits from Sanofi rose to $5.2 billion, which is now the company's main revenue engine. In contrast, total U.S. EYLEA HD and EYLEA net sales fell 27% to $4.4 billion as legacy EYLEA lost volume to competition and compounded bevacizumab, partly offset by 36% growth in EYLEA HD to $1.6 billion.

Non-GAAP gross margin on net product sales compressed to 85% from 88%, and R&D spending rose 13% on a non-GAAP basis. Looking ahead, management guided 2026 non-GAAP R&D to $5.9^c–6.1 billion, non-GAAP SG&A to $2.5–2.65 billion, and capital expenditures to $1.1–1.3 billion, and it excludes unannounced business development deals.

The company declared a $0.94^d per share dividend and had $1.5 billion remaining under its buyback authorization, after repurchasing $3.5 billion of stock in 2025. Near-term catalysts include an FDA decision on the EYLEA HD pre-filled syringe and DB-OTO in the first half of 2026, an AFRS sBLA decision in February 2026, and Phase 3 readouts for fianlimab and cemdisiran in 2026.

02—Key points

Key Highlights

Q4 2025 total revenues rose 3% to $3.88B; FY2025 revenues rose 1% to $14.34B.
Dupixent global net sales (recorded by Sanofi) grew 34% in Q4 to $4.9B and 26% for FY2025 to $17.8B, driving Sanofi collaboration revenue up 30% to $5.9B for the year.
U.S. EYLEA HD and EYLEA net sales fell 27% for FY2025 to $4.4B; EYLEA HD U.S. grew 36% to $1.6B, while legacy EYLEA U.S. fell 42% to $2.7B.
Q4 2025 GAAP EPS was $7.86 (down 2%) and non-GAAP EPS was $11.44 (down 5%); FY2025 GAAP EPS was $41.48 (up 8%) and non-GAAP EPS was $44.31 (down 3%).
FY2025 GAAP results benefited from $946M of securities gains, and GAAP R&D included a $155M charge for a Priority Review Voucher used for a regulatory submission.
Non-GAAP gross margin on net product sales declined to 85% in FY2025 from 88%, and Q4 non-GAAP SG&A rose 1% after the company committed up to $200M in 2026 matching donations to Good Days.
2026 guidance calls for non-GAAP R&D of $5.9–6.1B, non-GAAP SG&A of $2.5–2.65B, non-GAAP gross margin of 83–84%, and non-GAAP ETR of 13–15%; guidance excludes undisclosed business development deals.

03—Questions

Frequently Asked Questions

Why did revenue grow only 1% when Dupixent sales grew 26%?
Dupixent is sold by Sanofi, and Regeneron books its share of profits as collaboration revenue, not gross sales. That benefit was largely offset by a 17% decline in total U.S. net product sales, driven mainly by a 42% drop in legacy EYLEA U.S. sales, as competition, compounded bevacizumab, and the patient shift to EYLEA HD reduced volumes and prices. Net product sales fell 17% for the year to $6.3 billion.
Is EYLEA HD growth enough to offset the EYLEA decline?
Not yet. EYLEA HD U.S. sales rose 36% to $1.6 billion for FY2025, and Q4 growth was 66%. However, total U.S. EYLEA HD and EYLEA sales still fell 27% to $4.4 billion, since legacy EYLEA losses exceed HD gains. Management expects the EYLEA HD pre-filled syringe FDA decision in Q2 2026, which could support further conversion.
Why did GAAP EPS rise for the year while non-GAAP EPS fell?
GAAP results include $946 million of net gains on marketable and other securities in 2025, compared with $118 million in 2024. These gains are excluded from non-GAAP results. Non-GAAP EPS declined 3% to $44.31 because of higher R&D spending, lower non-GAAP net product gross margin, and a higher non-GAAP effective tax rate of 12.6% versus 9.6%.
What should investors watch in 2026?
Key catalysts include the FDA decision on the EYLEA HD pre-filled syringe (Q2 2026), the AFRS sBLA decision for Dupixent (February 2026), the FDA decision on DB-OTO (first half 2026), and Phase 3 readouts for fianlimab in melanoma (first half 2026) and cemdisiran in geographic atrophy (second half 2026). Management also plans additional business development, dividends, and share repurchases, and the 2026 guidance excludes deals not yet completed.
How is Regeneron supporting its capital return and investment plans?
In 2025, Regeneron spent $3.5 billion repurchasing shares, with $1.5 billion remaining under authorization at year end. Free cash flow was $4.08 billion, up from $3.66 billion. The board declared a $0.94 per share dividend payable March 5, 2026. The company also plans roughly $2 billion for a new bulk manufacturing facility in Saratoga Springs, New York, on top of more than $7 billion in previously announced domestic investments, and 2026 capital expenditures are guided to $1.1–1.3 billion.

04—Continue

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