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Regeneron Pharmaceuticals (REGN) investor relations material
Regeneron Pharmaceuticals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenues were $3.75B, with GAAP net income up 9% to $1.46B and non-GAAP EPS at $11.83, driven by strong Dupixent, EYLEA HD, and Libtayo performance, despite a sharp EYLEA U.S. decline from biosimilar competition.
Four blockbuster products, a robust pipeline of ~45 candidates, and a strong financial position support continued growth.
Strategic focus on R&D, capital returns, and business development, with over $5B invested in R&D in 2025+ and $2.8B in share repurchases YTD.
Cash flow from operations for the nine months ended September 30, 2025, was $3.8B, up 21% year-over-year, supporting ongoing share repurchases and dividends.
Significant regulatory approvals and pipeline progress, including positive Phase 3 results in myasthenia gravis, FOP, and allergy programs.
Financial highlights
Q3 2025 total revenues reached $3.75B; net income was $1.46B (+9% YoY); diluted GAAP EPS: $13.62 (+18%); non-GAAP EPS: $11.83 (-5%).
Dupixent global net sales (Sanofi) up 27% YoY to $4.86B; Regeneron's share of profits: $1.46B (+34%).
EYLEA HD U.S. Q3 sales: $431M (+10%); EYLEA U.S. Q3 sales: $681M (-41%).
Libtayo Q3 2025 worldwide net sales were $365M (+26% YoY), surpassing $1B YTD.
Gross margin on net product sales: 82% in Q3 2025 (down from 87% in Q3 2024).
Outlook and guidance
Full reimbursement of Sanofi development balance expected by end of Q3 2026, driving significant growth in collaboration revenue.
Management expects continued pressure on EYLEA sales due to biosimilar launches, but EYLEA HD and Dupixent growth to partially offset declines.
Full-year 2025 guidance: GAAP R&D $5.68–$5.75B, non-GAAP R&D $5.10–$5.20B, GAAP SG&A $2.81–$2.94B, non-GAAP SG&A $2.40–$2.45B.
Capital expenditures for 2025 guided at $1.0–$1.05B.
Key 2025 milestones include regulatory submissions, pivotal data readouts, and expansion into obesity and genetic medicines.
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