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Sep 30, 2025
Regeneron Q3 2025 Earnings Report
Regeneron posted modest revenue growth and strong earnings driven by Dupixent performance in Q3 2025.
Key Takeaways
Regeneron delivered solid financial results in Q3 2025 with slight revenue growth and robust profitability. Strong Dupixent sales and FDA approvals helped offset declines in EYLEA sales.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Regeneron expects stable R&D spending, slightly lower SG&A expenses, and consistent gross margins for full-year 2025.
Positive Outlook
- 2025 non-GAAP R&D guidance raised slightly to $5.150–$5.200B
- SG&A guidance lowered, indicating better cost control
- Non-GAAP gross margin guidance maintained at 86%
- Capital expenditures guidance reduced, signaling operational efficiency
- Dupixent and Libtayo continue to drive revenue growth
Challenges Ahead
- EYLEA U.S. sales continue to decline due to competitive pressures
- GAAP effective tax rate expected to rise to ~14%
- Lower charitable contribution tax deductions impact SG&A
- Gross margin pressure from manufacturing investments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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