Regeneron Q2 2025 slides: revenue rebounds to $3.68B after Q1 miss

Introduction & Market Context

Regeneron Pharmaceuticals (NASDAQ:REGN) presented its Q2 2025 corporate update on August 1, 2025, revealing a significant rebound from its disappointing Q1 performance. The company reported total revenues of $3.68 billion and non-GAAP EPS of $12.89, marking a substantial improvement over Q1 when the company missed analyst expectations with revenue of $3 billion and EPS of $8.22. The market responded positively to these results, with Regeneron’s stock trading up 3.58% in premarket trading, a stark contrast to the 8.19% drop following Q1 earnings.

The presentation highlighted Regeneron’s continued focus on science and innovation, with differentiated technology platforms that have led to the discovery of four blockbuster products and a robust pipeline of approximately 45 product candidates.

Quarterly Performance Highlights

Regeneron’s Q2 2025 financial results showed strong performance across its key product portfolio. The company’s flagship immunology drug Dupixent (developed in collaboration with Sanofi (NASDAQ:SNY)) continued its impressive growth trajectory, with global net sales reaching $4.3 billion in Q2 2025, representing a 21% year-over-year increase. Approximately 1.2 million patients are now on Dupixent therapy globally, with the drug approved for eight indications, including recent approvals for chronic spontaneous urticaria (CSU) in April 2025 and bullous pemphigoid (BP (NYSE:BP)) in June 2025.

As shown in the following chart of Dupixent’s global net sales growth, the product continues to deliver strong performance in both U.S. and international markets:

In the ophthalmology space, Regeneron is successfully managing the transition from EYLEA to its higher-dose formulation EYLEA HD. In Q2 2025, EYLEA HD generated U.S. net product sales of $393 million, comprising 34% of total EYLEA + EYLEA HD sales. Combined, these products maintained a strong branded category share of approximately 61% in the anti-VEGF market.

The following chart illustrates the ongoing transition from EYLEA to EYLEA HD in the U.S. market:

Regeneron’s oncology portfolio also showed robust growth, with Libtayo achieving worldwide net sales of $377 million in Q2 2025, a 25% increase year-over-year. U.S. net sales were particularly strong at $248 million, representing a 36% year-over-year growth. The company positions Libtayo as a key growth driver for its oncology portfolio, with the goal of exceeding $1 billion in annual net sales.

The following graph demonstrates Libtayo’s consistent sales growth trajectory:

Strategic Initiatives

Regeneron continues to advance its pipeline across multiple therapeutic areas. The company highlighted several recent regulatory achievements, including EYLEA HD extended dosing intervals approved in the European Commission, Dupixent approvals for bullous pemphigoid and chronic spontaneous urticaria in the U.S., and Lynozyfic (linvoseltamab) approvals in both the U.S. and Europe for multiple myeloma.

The company’s oncology strategy focuses on using the immune system to defeat cancer with five classes of immunomodulatory agents. This comprehensive approach includes T cell checkpoint inhibitors (e.g., LIBTAYO, fianlimab), CD3 bispecifics, costimulatory bispecifics, targeted cytokines, and antibody-drug conjugates.

As illustrated in the following diagram of Regeneron’s oncology strategy:

Regeneron’s CD3 bispecific antibodies represent a significant advancement in the treatment of hematological malignancies. The company highlighted Lynozyfic (linvoseltamab) for multiple myeloma and Ordpono (odronextamab) for non-Hodgkin lymphoma as differentiated therapies in this space. Lynozyfic has demonstrated a 70% overall response rate and 45% complete response rate in relapsed/refractory multiple myeloma, while Ordpono has shown an 80% overall response rate and 73% complete response rate in relapsed/refractory follicular lymphoma.

The following slide details the differentiated profiles of these CD3 bispecifics:

In the obesity therapeutic area, Regeneron is pursuing a three-pronged approach: GLP1/GIP receptor agonist monotherapy, enhancing the quality of GLP1-based weight loss, and addressing obesity comorbidities with novel combinations. The company presented interim data from its Phase 2 COURAGE study, which showed that combining semaglutide with muscle-preserving antibodies improved the quality of weight loss by reducing lean mass loss.

As shown in the following data from the COURAGE study:

Forward-Looking Statements

Regeneron highlighted several key clinical milestones planned for 2025 that could drive long-term shareholder value. These include Phase 3 data for itepekimab in former smokers with COPD, Phase 3 data for fianlimab in first-line metastatic melanoma, initiation of the Phase 3 Factor XI program in anticoagulation, proof-of-concept data from the Phase 2 COURAGE study in obesity, and Phase 3 data for pozelimab + cemdisiran in generalized myasthenia gravis.

The company’s pipeline spans a diverse range of therapeutic areas, with differentiated opportunities addressing categories expected to exceed $220 billion annually by 2030. These include respiratory diseases, oncology, hematology, complement-mediated diseases, anticoagulation, obesity, and allergies.

The comprehensive nature of Regeneron’s pipeline is illustrated in the following overview:

Competitive Industry Position

Regeneron emphasized its strong competitive position across multiple therapeutic areas. In the COPD market, the company is pursuing a dual approach with Dupixent for eosinophilic COPD and itepekimab for COPD in former smokers. The Dupixent COPD launch is underway in the U.S. following approval in late September 2024, with the potential to address approximately 300,000 patients.

In the oncology space, Regeneron’s combination of fianlimab (anti-LAG-3) and LIBTAYO (anti-PD-1) has shown promising results in first-line metastatic melanoma, with a 57% overall response rate (25% complete response, 33% partial response) and median progression-free survival of 24 months. The company suggests this combination may offer a differentiated treatment option compared to existing therapies.

The following table compares the efficacy and safety of this combination to other treatment options:

Regeneron also highlighted its financial relationship with Sanofi, noting that the development balance of approximately $1.2 billion as of June 30, 2025, is anticipated to be fully reimbursed by the end of 2026. This reimbursement is expected to average approximately $800 million per year in 2025 and 2026, which will drive growth in collaboration revenue and cash flow.

As shown in the following chart of the reimbursement obligation to Sanofi:

With a strong financial position, a diverse pipeline of approximately 45 product candidates, and continued growth of key commercial products, Regeneron appears well-positioned to build on its Q2 2025 recovery and drive long-term growth across multiple therapeutic areas.

Full presentation:

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