Regeneron reported solid financial and operating results for Q4 and FY2025, driven by strong performance in key medicines like Dupixent and EYLEA HD, alongside pipeline advancements and strategic investments. The company demonstrated robust revenue growth and continued to invest in R&D, positioning itself for future expansion.
Total revenues increased 3% to $3.9 billion in Q4 2025 and 1% to $14.3 billion for FY2025.
positiveDupixent global net sales increased 34% to $4.9 billion in Q4 2025 and 26% to $17.8 billion for FY2025.
positiveEYLEA HD U.S. net sales increased 66% to $506 million in Q4 2025 and 36% to $1.6 billion for FY2025.
positiveLibtayo global net sales increased 16% to $425 million in Q4 2025 and 19% to $1.5 billion for FY2025.
positiveFree cash flow increased to $4.1 billion for FY2025 from $3.7 billion in FY2024.
positiveEYLEA HD received FDA approval for RVO and monthly dosing flexibility, and EC approval for RVO.
positiveLibtayo approved by FDA and EC as first and only immunotherapy for high-risk adjuvant CSCC.
positiveTotal EYLEA HD and EYLEA U.S. net sales decreased 28% to $1.1 billion in Q4 2025 and 27% to $4.4 billion for FY2025 due to competitive pressures and transition to EYLEA HD.
negativeEYLEA U.S. net sales decreased 52% in Q4 2025 and 42% for FY2025 due to competitive pressures and transition to EYLEA HD.
negativeGAAP net income decreased 8% to $845 million in Q4 2025 and increased 2% to $4.5 billion for FY2025.
negativeNon-GAAP net income decreased 10% to $1.2 billion in Q4 2025 and 8% to $4.9 billion for FY2025.
negativeGAAP diluted EPS decreased 2% to $7.86 in Q4 2025 and increased 8% to $41.48 for FY2025.
negativeNon-GAAP diluted EPS decreased 5% to $11.44 in Q4 2025 and decreased 3% to $44.31 for FY2025.
negativeGAAP gross margin on net product sales decreased to 81% in Q4 2025 from 84% in Q4 2024, partly due to higher inventory write-offs and reserves.
attentionGAAP effective tax rate increased to 19.1% in Q4 2025 from 4.2% in Q4 2024, primarily due to lower tax benefits from stock option exercises.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
EYLEA HD - U.S. | N/A | — | — | — |
EYLEA - U.S. | N/A | — | — | — |
Total EYLEA HD and EYLEA - U.S. | N/A | — | — | — |
Libtayo - U.S. | N/A | — | — | — |
Libtayo - ROW* | N/A | — | — | — |
Total Libtayo - Global | N/A | — | — | — |
Praluent - U.S. | N/A | — | — | — |
Evkeeza® - U.S. | N/A | — | — | — |
Inmazeb® - U.S. | N/A | — | — | — |
Other products - Global | N/A | — | — | — |
Total net product sales | N/A | — | — | — |
Sanofi | N/A | — | — | — |
Bayer | N/A | — | — | — |
Other revenue | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
2025 was another strong year for Regeneron, marked by notable pipeline advances, remarkable commercial execution, and solid financial performance.
In the fourth quarter, we secured label expansions and new filler solutions for EYLEA HD, further enhancing its commercial potential.
Dupixent received new approvals in Japan and Europe and is currently the most widely used innovative branded antibody medicine, with over 1.4 million active patients worldwide.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.