Latest Quarterly Results
For the fourth quarter ended December 31, 2025, Regeneron reported consolidated revenue of $3.88 billion, a 3% increase from $3.79 billion in the prior year. GAAP net profit for the quarter was $845 million, representing an 8% year-over-year decline.
Segment Highlights
- Immunology (Dupixent): Collaboration revenue from Sanofi reached $1.64 billion, a 35% increase.
- Ophthalmology (Eylea Franchise): Total U.S. net sales were $1.08 billion, a 28% decrease. Eylea HD sales rose 66% to $506 million, while standard Eylea sales fell 52% to $577 million.
- Oncology (Libtayo): Global net sales reached $425 million, a 16% increase.
- Collaborations (Bayer): Revenue from the Bayer collaboration was $319 million, a 15% decrease.
Financial Trends
Full Year Results Context
Annual revenue for 2025 totaled $14.34 billion, representing a 1% growth trend compared to the previous fiscal year. GAAP net profit reached $4.51 billion, indicating a 2% growth trend. The figures reflect a stable directional trend as the company expands its immunology portfolio.
Business & Operations Update
Regeneron received European Commission approval for Eylea 8 mg in retinal vein occlusion. In the U.S., the FDA approved monthly dosing flexibility for Eylea HD. The company also secured a new manufacturing source for Eylea HD vials to ensure supply stability. Development of the oncology pipeline continues with the regulatory review of linvoseltamab.
M&A or Strategic Moves
The company initiated a collaboration with Tessera Therapeutics in January 2026 to develop in vivo gene therapies. Additionally, Regeneron completed $1.1 billion in share repurchases during the second half of 2025. No major third-party acquisitions were disclosed in the fourth quarter report.
Guidance & Outlook
Factors to watch in 2026 include the anticipated FDA decision on the Eylea HD pre-filled syringe in the second quarter. The company is also monitoring the global launch of Dupixent for COPD and the impact of biosimilar entries on the legacy ophthalmology franchise.
Performance Summary
Regeneron shares closed down 2.61% following a quarter where revenue grew 3% to $3.88 billion. While the immunology segment showed growth, the ophthalmology franchise faced a transition to high-dose formulations. Total annual revenue demonstrated a 1% growth trend.