Regeneron Reports Fourth Quarter and Full Year 2025 Financial and Operating Results

Core Insights - Regeneron Pharmaceuticals reported strong financial performance in 2025, driven by four blockbuster medicines and a promising late-stage clinical portfolio [2][3] - The company achieved significant label expansions and new approvals for its key products, including EYLEA HD and Dupixent, enhancing their commercial potential [2][4] Financial Highlights - Total revenues for Q4 2025 were $3,884 million, a 3% increase from Q4 2024, while full year revenues reached $14,343 million, up 1% from 2024 [3][14] - GAAP net income for Q4 2025 was $845 million, down 8% from Q4 2024, with a full year GAAP net income of $4,505 million, an increase of 2% [3][14] - Non-GAAP net income for Q4 2025 was $1,249 million, a decrease of 10% from Q4 2024, while full year non-GAAP net income was $4,888 million, down 8% [3][14] Business Highlights - Dupixent global net sales increased by 34% in Q4 2025 to $4.9 billion, with full year sales rising 26% to $17.8 billion [4][14] - EYLEA HD U.S. net sales surged 66% in Q4 2025 to $506 million, with full year sales increasing 36% to $1.6 billion [4][14] - Libtayo received additional approvals and is now the leading immunotherapy for non-melanoma skin cancers [2][4] Pipeline Progress - Regeneron has approximately 45 product candidates in clinical development, with several key updates expected in 2026 [4][10] - Upcoming milestones include FDA decisions for EYLEA HD pre-filled syringe and Dupixent's regulatory submissions for new indications [13][28] Capital Allocation - The company repurchased $671 million of its common stock in Q4 2025 and $3.5 billion for the full year, with $1.5 billion remaining for future repurchases [26] - A cash dividend of $0.94 per share was declared, payable on March 5, 2026 [27] 2026 Financial Guidance - Regeneron projects GAAP R&D expenses between $6.450 billion and $6.680 billion for 2026, with non-GAAP R&D expenses expected to be between $5.900 billion and $6.100 billion [28][29] - The company anticipates a GAAP effective tax rate of 12% to 14% for 2026 [28]