Regeneron Reports First Quarter 2025 Financial and Operating Results

Core Viewpoint - Regeneron Pharmaceuticals reported its Q1 2025 financial results, highlighting a diverse pipeline and significant progress in clinical programs, alongside a slight decline in total revenues compared to the previous year [1][3]. Financial Highlights - Total revenues for Q1 2025 were $3,029 million, a decrease of 4% from $3,145 million in Q1 2024 [3][13]. - GAAP net income increased by 12% to $809 million, with diluted earnings per share (EPS) rising 16% to $7.27 [3][37]. - Non-GAAP net income fell by 17% to $928 million, with non-GAAP diluted EPS decreasing by 14% to $8.22 [3][39]. - The company reported a gross margin on net product sales of 81% for Q1 2025, down from 86% in Q1 2024 [19][40]. Business Highlights - Regeneron has approximately 45 product candidates in clinical development, with notable advancements in its pipeline [4]. - Dupixent global net sales increased by 19% to $3.67 billion in Q1 2025 compared to Q1 2024 [5]. - EYLEA HD U.S. net sales rose by 54% to $307 million, while total EYLEA HD and EYLEA U.S. net sales decreased by 26% to $1.04 billion [5][13]. - Regulatory approvals were achieved for Dupixent in chronic spontaneous urticaria (CSU) in the U.S. and chronic obstructive pulmonary disease (COPD) in Japan [5][6]. Pipeline Progress - The FDA accepted a priority review for Dupixent in bullous pemphigoid, with a target action date of June 20, 2025 [7]. - Ongoing and planned investments in infrastructure and manufacturing in New York and North Carolina are expected to exceed $7 billion [5]. Collaboration Revenue - Collaboration revenue from Sanofi increased by 30% to $1,183 million in Q1 2025, driven by higher profits from Dupixent sales [18][42]. - Total collaboration revenue for Q1 2025 was $1,531 million, compared to $1,266 million in Q1 2024 [42]. Capital Allocation - The board of directors authorized a new share repurchase program of up to $3 billion, with $1.052 billion spent on repurchases in Q1 2025 [22][23]. - A cash dividend of $0.88 per share was declared, payable on June 6, 2025 [23].