The earnings call reflects a balanced sentiment. While there are notable achievements in sales growth for Dupixent and Libtayo, and promising advancements in the pipeline, challenges such as the decline in EYLEA sales and regulatory delays due to FDA inspections present hurdles.

Company Guidance -

Q3 2025

During Regeneron Pharmaceuticals' second quarter 2025 earnings call, the company provided updates on several key metrics influencing its financial guidance. Regeneron reported a 21% increase in worldwide net product sales for Dupixent and a 25% rise for Libtayo at constant exchange rates. EYLEA HD in the U.S. grew by 29% compared to the previous year, though EYLEA's U.S. net product sales declined by 39% year-over-year. The company highlighted its strategic focus on switching to EYLEA HD and anticipated future growth from product enhancements, despite delays due to FDA inspection issues at Catalent, Indiana LLC. Regeneron's pipeline includes approximately 45 product candidates, with significant R&D investments driving progress across key programs. The company outlined expectations for pivotal data in several therapeutic areas, including myeloma, lymphoma, and myasthenia gravis. Financially, Regeneron generated $1.7 billion in free cash flow in the first half of 2025, ending the quarter with $17.5 billion in cash and marketable securities. The company plans to continue investing in internal R&D and U.S.-based manufacturing while returning capital to shareholders through share repurchases and dividends.

Strong Dupixent Sales Growth

Dupixent global net product sales were $4.3 billion, up 21% on a constant currency basis versus the second quarter of 2024, continuing its leadership position in new-to-brand prescription share and total prescription share across all locations approved prior to this year.

Libtayo Market Leadership

Global Libtayo net product sales grew 25% on a constant currency basis compared to the second quarter of last year and are now annualizing at $1.5 billion. Libtayo continues to be the market-leading immunotherapy for advanced non-melanoma skin cancers.

EYLEA HD Performance

EYLEA HD U.S. net product sales reached $393 million, an all-time high, driven by a notable step-up in physician unit demand.

Pipeline Advancements

Regeneron continues to make significant investments in R&D with approximately 45 product candidates in various stages of clinical development, anticipating several Phase III data releases in the coming months.

Financial Strength

Regeneron generated $1.7 billion in free cash flow for the first 6 months of 2025 and ended the quarter with cash and marketable securities of $17.5 billion.

Regeneron (REGN) Earnings, Revenues Date & History

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REGN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	9.65 / -	12.46	―	―	―
Aug 07, 2025	2025 (Q2)	8.43 / 12.89	11.56	11.51% (+1.33)
Apr 29, 2025	2025 (Q1)	8.62 / 8.22	9.55	-13.93% (-1.33)
Feb 04, 2025	2024 (Q4)	11.28 / 12.07	11.86	1.77% (+0.21)
Oct 31, 2024	2024 (Q3)	11.70 / 12.46	11.59	7.51% (+0.87)
Aug 01, 2024	2024 (Q2)	10.62 / 11.56	10.24	12.89% (+1.32)
May 02, 2024	2024 (Q1)	10.17 / 9.55	10.09	-5.35% (-0.54)
Feb 02, 2024	2023 (Q4)	10.73 / 11.86	12.56	-5.57% (-0.70)
Nov 02, 2023	2023 (Q3)	10.68 / 11.59	11.14	4.04% (+0.45)
Aug 03, 2023	2023 (Q2)	9.85 / 10.24	9.77	4.81% (+0.47)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

REGN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 29, 2025	$609.96	$568.07	-6.87%
Feb 04, 2025	$665.01	$695.13	+4.53%
Oct 31, 2024	$920.25	$835.89	-9.17%
Aug 01, 2024	$1076.22	$1090.13	+1.29%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.