The earnings call presented a mixed picture with strong growth in key products like Dupixent and promising pipeline advancements. However, significant challenges were highlighted, including a decline in EYLEA sales, regulatory delays for EYLEA HD, and issues with patient assistance funding. Financial stability remains strong, but the balance of highlights and lowlights points to ongoing challenges that need to be addressed.

Company Guidance -

Q1 2025

During Regeneron's First Quarter 2025 earnings call, guidance was provided on several key metrics and business areas. EYLEA's U.S. net sales were reported at $736 million, reflecting a 39% year-over-year decline, impacted by increased competition and reduced wholesale inventory levels. However, EYLEA HD saw a 54% increase in U.S. sales to $307 million. Dupixent's global net sales grew by 20% year-over-year, reaching $3.7 billion, driven by robust demand across approved indications. Libtayo's U.S. sales rose 21% to $193 million, with its global sales growing 8% to $285 million. Regeneron highlighted an updated 2025 gross margin guidance range of 86% to 87%, reflecting higher-than-expected inventory write-offs. The company also discussed its continued investment in R&D, with approximately 45 product candidates in clinical development and anticipated data readouts and regulatory approvals expected throughout the year.

Strong Growth in Dupixent Sales

First quarter 2025 net product sales for Dupixent grew 20% globally on a constant currency basis compared to the first quarter of 2024. In the U.S., sales grew 19%.

Libtayo's Market Performance

Libtayo in the U.S. grew 21% compared to the first quarter of last year and has increased its share in the lung cancer market.

Pipeline Advancements

Regeneron's pipeline includes approximately 45 product candidates with significant investments in R&D. Anticipated U.S. regulatory approvals for several drugs in 2025.

Sanofi Collaboration Revenue

Revenues from the Sanofi collaboration were approximately $1.2 billion, with Regeneron's share of profits growing 27% versus the prior year.

Positive Financial Position

Regeneron generated $816 million in free cash flow in the first quarter and ended the quarter with cash and marketable securities of $17.6 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
Aug 01, 2025	2025 (Q2)	8.57 / -	11.56	―	―	―
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)
May 04, 2023	2023 (Q1)	9.52 / 10.09	11.49	-12.18% (-1.40)

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.