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Dec 31, 2025
Regeneron Q4 2025 Earnings Report
Regeneron delivered solid fourth-quarter results driven by collaboration revenue growth and strong profitability.
Key Takeaways
Regeneron reported modest revenue growth in Q4 2025, supported by higher collaboration revenue, while net income declined year over year due to higher R&D spending and margin pressure.
Revenue increased slightly year over year, driven by higher collaboration revenue.
GAAP net income declined compared to the prior-year quarter.
Non-GAAP profitability remained strong despite higher R&D investment.
EYLEA HD and Dupixent continued to be key commercial drivers.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Regeneron issued full-year 2026 guidance highlighting increased R&D investment and stable margins.
Positive Outlook
- Strong planned investment in late-stage clinical pipeline.
- Continued support for manufacturing expansion.
- Stable non-GAAP gross margin outlook.
- Ongoing shareholder returns via buybacks and dividends.
- Robust balance sheet to support growth initiatives.
Challenges Ahead
- Higher R&D spending expected year over year.
- Gross margin pressure at the GAAP level.
- No assumption of incremental business development upside.
- Increased operating expense base.
- Potential regulatory and execution risks in pipeline programs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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