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REGN 10-K Analysis: Four Forces Manufacturing EPS Growth as Operations Decline

Regeneron Pharmaceuticals reported $4,505 million in net income for FY2025 — a 2.1% increase that suggests stability through the EYLEA biosimilar storm. But the 10-K reveals operating income fell 10.4%, a $581.5 million equity securities windfall inflated Q3 earnings, the OBBBA tax law nearly doubled the effective rate, and $3.7 billion in share buybacks reduced diluted shares by 6.9%. A four-component earnings bridge shows that none of REGN's headline growth came from selling more drugs at better margins.

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15 min

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