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Jun 30, 2025
Regeneron Q2 2025 Earnings Report
Regeneron reported strong second quarter 2025 financial and operating results, driven by increased revenues and non-GAAP earnings, alongside significant regulatory approvals and pipeline advancements.
Key Takeaways
Regeneron Pharmaceuticals, Inc. delivered a strong second quarter in 2025, with total revenues increasing by 4% to $3.68 billion and non-GAAP EPS growing by 12% to $12.89. The company saw significant sales growth in EYLEA HD and Dupixent, achieved multiple FDA approvals for key products, and made substantial progress in its oncology and other therapeutic pipelines.
Total revenues for Q2 2025 increased by 4% year-over-year, reaching $3.676 billion.
Non-GAAP diluted EPS rose by 12% to $12.89, while GAAP diluted EPS increased by 3% to $12.81.
FDA approvals were granted for Lynozyfic for relapsed or refractory multiple myeloma and for Dupixent in bullous pemphigoid and chronic spontaneous urticaria.
The company in-licensed rights to a late-stage dual GLP-1/GIP receptor agonist and reported positive interim Phase 2 data for an obesity treatment.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Regeneron updated its full-year 2025 financial guidance, reflecting adjustments to R&D, SG&A, and effective tax rates, while maintaining its commitment to capital deployment for long-term value creation.
Positive Outlook
- Updated GAAP R&D guidance range is $5.660-$5.790 billion, a slight increase from prior guidance.
- Updated Non-GAAP R&D guidance range is $5.100-$5.200 billion, also a slight increase.
- Updated GAAP SG&A guidance range is $2.810-$2.940 billion, a decrease from prior guidance, indicating improved efficiency.
- Updated Non-GAAP SG&A guidance range is $2.450-$2.550 billion, also a decrease.
- Capital expenditures guidance remains robust at $880-$950 million, indicating continued investment in infrastructure.
Challenges Ahead
- GAAP effective tax rate guidance increased to 11%-13% from 9%-11%.
- Non-GAAP effective tax rate guidance remains unchanged at 11%-13%.
- GAAP gross margin on net product sales is approximately 83%, a slight decrease from the prior 83%-84% range.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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