Regeneron Pharmaceuticals Q4 Earnings Call Highlights

Core Insights - Regeneron Pharmaceuticals reported strong fourth-quarter performance, with total revenue of $3.9 billion and notable growth in key products like Dupixent, Libtayo, and EYLEA HD, despite challenges in the EYLEA 2 mg segment [5][12] EYLEA HD Performance - EYLEA HD U.S. net product sales reached $506 million in Q4, a 66% increase, and projected to be $1.6 billion for 2025, up 36% [2] - EYLEA 2 mg U.S. net sales declined 15% sequentially to $577 million, indicating competitive pressures [1][8] Libtayo and Dupixent Growth - Libtayo's global net product sales rose 13% to $425 million in Q4, with full-year sales of $1.45 billion, driven by recent FDA approvals [3] - Dupixent's global net sales increased 32% year-over-year to $4.9 billion in Q4, with over 1.4 million patients on therapy [4] Financial Highlights - Regeneron's non-GAAP diluted earnings per share were $11.44, with net income of $1.2 billion, attributed to collaboration revenue and growth in key products [12] - Collaboration revenue from Sanofi was approximately $1.6 billion, a 42% year-over-year increase [13] Regulatory and Pipeline Developments - The company anticipates at least four FDA approvals in the next 12 months, including a prefilled syringe for EYLEA HD [10] - Plans to initiate 18 additional Phase III studies in 2026, targeting a cumulative enrollment of about 35,000 patients [10] Research and Development Focus - R&D budget is projected between $5.9 billion to $6.1 billion, with a gross margin on net product sales expected to be 83% to 84% [15]