Regeneron Pharmaceuticals, Inc. is a fully integrated biotechnology company that invents, develops, manufactures, and commercializes medicines for serious diseases, including eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, hematologic conditions, infectious diseases, and rare diseases . The company operates in one business segment, encompassing all activities related to the discovery, development, and commercialization of these medicines . Regeneron's key products include EYLEA and Dupixent, which are critical to the company's revenue generation . The company also engages in collaborations with other pharmaceutical companies, such as Sanofi and Bayer, to develop and commercialize certain products .
- EYLEA - Treats various eye conditions and is a significant contributor to Regeneron's financial performance.
- Dupixent - Used for allergic and inflammatory diseases, playing a crucial role in the company's revenue generation.
- Collaborative Products - Developed and commercialized through partnerships with companies like Sanofi and Bayer, supporting Regeneron's revenue streams.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Leonard S. Schleifer ExecutiveBoard | President and CEO | None | Founder of Regeneron in 1988, instrumental in developing 11 FDA-approved drugs and foundational technologies. | View Report → |
Christopher Fenimore Executive | Senior Vice President, Finance and CFO | None | Joined Regeneron in 2003, became CFO in January 2024, previously held various finance roles. | |
Daniel P. Van Plew Executive | Executive Vice President and General Manager, Industrial Operations and Product Supply | None | Joined Regeneron in 2007, oversees industrial operations and product supply, previously at Crucell and Chiron. | |
Jason Pitofsky Executive | Vice President, Controller | None | Joined Regeneron in 2011, transitioned to VP, Controller in February 2024, CPA in New York. | |
Marion McCourt Executive | Executive Vice President, Commercial | None | Joined Regeneron in 2018, promoted to EVP in 2021, previously held senior roles at Axovant, Medivation, Amgen, and AstraZeneca. | |
Arthur F. Ryan Board | Independent Director, Chair of the Corporate Governance and Compliance Committee | None | Director since 2003, former CEO of Prudential Financial, significant experience in financial strategy. | |
Christine A. Poon Board | Director, Lead Independent Director | Director at Prudential Financial, The Sherwin-Williams Company, Neurocrine Biosciences | Director since 2010, extensive experience in pharmaceutical industry, former executive at Johnson & Johnson and Bristol-Myers Squibb. | |
George L. Sing Board | Director | CEO of GanD, Inc., Chair of Grace Science, LLC | Director since 1988, healthcare venture capital investor, significant governance and financial oversight expertise. | |
Michael S. Brown Board | Director | Academic roles at University of Texas Southwestern Medical Center | Nobel Prize laureate, director since 1991, significant contributions to cholesterol metabolism research. |
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Given the FDA's anticipated delay in approving linvoseltamab due to unresolved findings at a third-party manufacturer, how will this impact your timelines and strategies for bringing linvoseltamab to market, and what steps are you taking to mitigate these delays?
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With the DOJ investigation alleging violation of the False Claims Act related to EYLEA's marketing practices, can you provide clarity on potential impacts to your marketing strategies and whether this has affected prescriber behavior or market dynamics, as indicated by lower volumes and prices?
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Despite your strong balance sheet, you haven't made significant acquisitions to leverage your commercial presence, particularly in eye diseases; are there plans to pursue acquisitions of novel blockbuster therapies to bolster your pipeline and capitalize on existing synergies?
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Could you elaborate on the commercial opportunity for your Factor XI programs, specifically detailing how the distinct profiles of your two antibodies might position you competitively in the $20 billion direct oral anticoagulant market, and what are your future development plans in this space?
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Regarding DUPIXENT's potential in treating food allergies, can you quantify the target patient population and discuss how the benefit-risk profile of your approach might allow for broader application beyond the most severe cases?
Research analysts who have asked questions during REGENERON PHARMACEUTICALS earnings calls.
Brian Abrahams
RBC Capital Markets
7 questions for REGN
Salveen Richter
Goldman Sachs
7 questions for REGN
Tyler Van Buren
TD Cowen
7 questions for REGN
Akash Tewari
Jefferies
6 questions for REGN
Carter L. Gould
Barclays
6 questions for REGN
Cory Kasimov
Evercore ISI
6 questions for REGN
Evan Seigerman
BMO Capital Markets
6 questions for REGN
Alexandria Hammond
Wolfe Research
5 questions for REGN
David Risinger
Leerink Partners
5 questions for REGN
Chris Schott
JPMorgan Chase & Co.
4 questions for REGN
Terence Flynn
Morgan Stanley
4 questions for REGN
William Pickering
Sanford C. Bernstein & Co.
3 questions for REGN
Chris Raymond
Piper Sandler
2 questions for REGN
Geoff Meacham
Citigroup Inc.
2 questions for REGN
Jeffrey Meacham
Citi
2 questions for REGN
Mohit Bansal
Wells Fargo & Company
2 questions for REGN
Simon Goodwin
Rothschild & Co. Redburn
2 questions for REGN
Taylor Hanley
JPMorgan Chase & Co.
2 questions for REGN
Terrence Flynn
Morgan Stanley
2 questions for REGN
Tim Anderson
Bank of America
2 questions for REGN
Alice Natelton
Bank of America
1 question for REGN
Chris
Morgan Stanley
1 question for REGN
Christopher Raymond
Piper Sandler
1 question for REGN
Christopher Schott
JPMorgan Chase & Co.
1 question for REGN
Trung Huynh
UBS Group AG
1 question for REGN
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Genentech/Roche | Competes with EYLEA and EYLEA HD in one or more of its approved indications with other VEGF inhibitors such as Vabysmo and Susvimo. Ophthalmologists are also using off-label, third-party repackaged versions of their approved VEGF antagonist, bevacizumab, for the treatment of certain of EYLEA's and EYLEA HD's respective indications. |
Competes with EYLEA and EYLEA HD with products like Lucentis and Beovu. They are also involved in patent litigation proceedings related to EYLEA. | |
Commercializes biosimilar versions of Lucentis in the United States, competing with EYLEA and EYLEA HD. | |
Sandoz Group AG | Commercializes biosimilar versions of Lucentis in the United States, competing with EYLEA and EYLEA HD. |
Launched a biosimilar version of EYLEA called Pavblu in the United States. They are also involved in an antitrust lawsuit with the company regarding Praluent. | |
Competes with EYLEA and EYLEA HD with their product Ozurdex for DME and RVO. | |
Alimera Sciences, Inc. | Competes with EYLEA and EYLEA HD with their product Iluvien for DME. |
Competes with Dupixent with their product Ebglyss for moderate-to-severe atopic dermatitis. | |
Competes with Dupixent with their product Rinvoq for moderate-to-severe atopic dermatitis. | |
Galderma | Competes with Dupixent with their product Nemluvio/Mitchga for moderate-to-severe atopic dermatitis and pruritus associated with atopic dermatitis. |
LEO Pharma Inc. | Competes with Dupixent with their product Adbry/Adtralza for moderate-to-severe atopic dermatitis. |
Competes with Dupixent with their product Cibinqo for moderate-to-severe atopic dermatitis. | |
Competes with Dupixent with their product Tezspire for asthma. | |
Competes with Libtayo with their product Keytruda for various cancers. | |
Competes with Libtayo with their product Opdivo for various cancers. | |
Competes with Libtayo with their product Unloxcyt for CSCC. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Besse Medical | Distributor (subsidiary of Cencora) that sells Regeneron's products to healthcare providers or pharmacies. | All | 51% of total gross product revenue in 2023 , 55% in 2022 , 30% in 2021. |
McKesson | Distributor that delivers Regeneron's products to healthcare providers or pharmacies. | All | 25% of total gross product revenue in 2023 , 28% in 2022 , 18% in 2021. |
U.S. Government | Agreements for the manufacture and delivery of REGEN-COV for COVID-19 response. | All | 43% of total gross product revenue in 2021 , <10% in 2022 and 2023. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
2seventy bio, Inc. | 2024 | In April 2024, Regeneron acquired full development and commercialization rights to 2seventy bio, Inc.'s oncology and autoimmune cell therapy pipeline for an up-front payment of $5 million, assuming ongoing costs and milestone-based royalties, complemented by sublease agreements. |
Decibel Therapeutics, Inc. | 2023 | Regeneron completed the acquisition of Decibel Therapeutics at a total equity value of approximately $109 million (potentially up to $213 million with CVR milestones), strengthening its gene therapy and auditory programs with three ongoing gene therapy initiatives, including lead candidate DB-OTO. |
Checkmate Pharmaceuticals, Inc. | 2022 | Completed in May 2022 for a total equity value of about $250 million, the acquisition focused on obtaining vidutolimod for oncology, recorded as an asset acquisition with a $195 million IPR&D charge to enhance Regeneron’s combination-ready oncology portfolio. |
Recent press releases and 8-K filings for REGN.
- Regeneron's Q3 non-GAAP total revenues were $3.8 billion, up 1% YoY; diluted EPS was $11.83.
- Top products: Dupixent global net sales $4.9 billion (+26% cc YoY), EYLEA HD U.S. net sales $431 million (+10% QoQ), and Libtayo global net sales $365 million (+24% cc YoY).
- R&D investment continues with six positive Phase III data readouts across immunology, neurology, allergy, and rare diseases, and 2026 R&D expense expected to rise mid-teens %.
- Generated $3.2 billion free cash flow YTD, repurchased $2.8 billion of shares thus far, and anticipates ~$4 billion in returns (dividends and buybacks) in 2025.
- Regeneron’s Q3 revenues were $3.8 billion, up 1% year-over-year, with non-GAAP diluted EPS of $11.83.
- Dupixent net sales reached $4.9 billion globally (up 26% at constant currency), including $3.6 billion in the U.S. (up 28%).
- EYLEA HD U.S. net sales hit a record $431 million (up 10% sequentially), contributing to combined EYLEA sales of $1.11 billion in the quarter.
- LIBTAYO delivered $365 million in worldwide net sales (24% cc growth), with U.S. sales of $219 million (12% growth).
- The company generated $3.2 billion in free cash flow year-to-date, repurchased $2.8 billion of shares, and expects a mid-teens % increase in R&D expense in 2026 to support its robust pipeline.
- Regeneron delivered Q3 2025 total revenues of $3.75 billion and Non-GAAP EPS of $11.83.
- Dupixent global net sales reached $4.9 billion (up 26% YoY), with over 1.3 million patients on therapy.
- LIBTAYO posted Q3 WW net sales of $365 million (+24% YoY), including $219 million in the U.S. (+13% YoY), and exceeded $1 billion in YTD sales.
- Pipeline highlights include a positive CHMP opinion for Dupixent in CSU, FDA approval for LIBTAYO in adjuvant CSCC, and upcoming Phase 3 readouts such as fianlimab in 1L metastatic melanoma expected in 1H 2026.
- Regeneron posted Q3 2025 revenues of $3.8 billion, +1% Y/Y, and non-GAAP diluted EPS of $11.83 on net income of $1.3 billion.
- Core products drove growth: Dupixent net sales of $4.9 billion, +26% cc Y/Y (US $3.6 billion, +28%), and combined US retina sales of $1.11 billion—with EYLEA HD at $431 million (+10% q/q) and EYLEA at $681 million (-10% q/q).
- Libtayo delivered $365 million in global net sales, +24% cc (US $219 million, +12%; ex-US $146 million, +47% cc).
- Sanofi collaboration revenues were $1.6 billion, with Regeneron’s share of profits up 34%; the Sanofi development balance fell by $300 million in Q3 to $900 million, on track for full reimbursement by end Q3 2026.
- Through nine months, Regeneron generated $3.2 billion in free cash flow and repurchased $2.8 billion of shares, targeting $4 billion in buybacks and dividends for 2025.
- Third quarter 2025 total revenues were $3.75 billion, up 1% year-over-year.
- Dupixent global net sales rose 27% to $4.86 billion; EYLEA HD US net sales increased 10% to $431 million, while combined EYLEA HD and EYLEA US sales declined 28% to $1.11 billion.
- GAAP diluted EPS was $13.62, and non-GAAP diluted EPS was $11.83, including a $0.68 per-share charge for acquired IPR&D.
- Invested nearly $5 billion in R&D and capital expenditures in the first nine months of 2025 and returned over $3 billion to shareholders via share repurchases and dividends.
- Secured FDA approval of Libtayo for high-risk adjuvant CSCC and received a positive CHMP opinion for Dupixent, alongside positive Phase 3 data in myasthenia gravis, FOP, and allergy indications.
- Regeneron’s gene therapy DB-OTO, acquired for $109 million from Decibel Therapeutics, targets profound genetic hearing loss caused by OTOF mutations.
- In the CHORD trial, 11 of 12 pediatric participants showed significant hearing improvements, with three achieving normal hearing and one non-responder receiving a cochlear implant.
- The AAV-based therapy aims to restore the ear’s natural sound mechanism, contrasting with mechanical cochlear implants, and has Orphan Drug and Fast Track designations.
- Regeneron plans an FDA regulatory submission later this year and maintains a strong financial profile, including a 31.37% net margin, 85.57% gross margin, and a $59.84 billion market capitalization.
- Regeneron expects an acquired in-process R&D (IPR&D) charge of approximately $83 million pre-tax in Q3 2025, primarily reflecting an $80 million upfront payment to Hansoh Pharmaceuticals.
- This IPR&D charge is projected to reduce GAAP and non-GAAP net income per diluted share by about $0.68 for Q3 2025.
- The Q3 2025 financial results are preliminary and subject to closing procedures, with actual results potentially differing from these estimates.
- FDA expands approval of Evkeeza for children aged 1 to under 5 with homozygous familial hypercholesterolemia, addressing a critical unmet pediatric need.
- Evkeeza’s approval now covers adults/adolescents 12+ (2021), children 5–11 (2023) and the newly added 1–5 age group.
- The phase 3 ELIPSE HoFH trial showed a 49% reduction in LDL cholesterol versus placebo, underpinning the original approval.
- U.S. Evkeeza product sales reached $41 million in Q2 2025, reflecting early commercial traction.
- Regeneron maintains a robust financial profile with a $58.88 billion market capitalization.
- EYLEA HD saw 5% sequential growth in Q1 and 16% in Q2 demand, driven by physician and patient education; prefilled syringe PDUFA in late October and RVO/Q4 dosing in late November 2025
- Biosimilar erosion for EYLEA 2 mg has been gradual, with one biosimilar in market and settlements in place for Biocon and Sandoz entries in 2H 2026 and Q4 2026
- DUPIXENT achieved sustained growth across eight U.S. indications, with COPD launch garnering ~70% of top pulmonologists prescribing and patient reports of fewer exacerbations and better quality of life
- Broad pipeline highlighted: Linezyth BCMA bispecific approved July 2025 with second-line combo study launching end-2025; LAG-3 pembrolizumab+Libtayo melanoma trial ongoing; C5 siRNA cemdisiran shows strong MGADL reduction supporting quarterly dosing; Phase III Factor XI VTE program initiated
- Q2 2025 financials: Revenue +4% YoY; EPS +12% to $12.89; repurchased $1.1 B in Q2 (total $2.2 B H1), reducing shares by 3.2 M
- Positive MG data: Cemdisiran monotherapy achieved a 2.3-point placebo-adjusted reduction in MG-ADL, competitive with best-in-class C5 inhibitors, dosed quarterly
- EYLEA HD regulatory: FDA extended PDUFA for prefilled syringe by 2 months (late Oct) and 4-week/RVO efficacy supplement by 3 months (Q4) due to Catalent issues; approval expected upon resolution
- Manufacturing expansion: Committing $7 B to R&D and manufacturing, including a 2026 in-house fill-finish plant (1 of 4 lines for vials, syringes, autoinjectors)
- Product launches: Dupixent approved in COPD (~300 k US) and CSU (~300 k), with ~70% of top pulmonologists prescribing COPD and strong dermatologist uptake in CSU