Regeneron Q3 2025 slides: Dupixent drives growth as pipeline expands

Introduction & Market Context

Regeneron Pharmaceuticals (NASDAQ:REGN) presented its third-quarter 2025 corporate update on October 28, highlighting strong financial performance and continued growth across its key product franchises. The company’s stock responded positively to the results, jumping 8.66% to close at $635.99, after reaching $608 in pre-market trading.

The biopharmaceutical company reported total revenues of $3.75 billion and non-GAAP earnings per share of $11.83, significantly outperforming analyst expectations of $9.64. This 22.72% earnings surprise underscores Regeneron’s continued momentum in a competitive pharmaceutical landscape.

Quarterly Performance Highlights

Regeneron’s Q3 2025 results demonstrated solid execution across commercial and clinical fronts. The company reported total revenues of $3.75 billion, with non-GAAP EPS of $11.83, representing a 1% year-over-year increase in revenue.

As shown in the following financial performance summary:

Key pipeline developments during the quarter included a positive CHMP opinion for Dupixent in Chronic Spontaneous Urticaria (CSU), FDA approval for Libtayo in adjuvant cutaneous squamous cell carcinoma (CSCC), and FDA approval for Evkeeza in children. The company also reported positive Phase 3 data for several candidates including cemdisiran, garetosmab, and allergen-blocking antibodies.

Product Portfolio Performance

Dupixent continues to be Regeneron’s standout performer, with global net sales reaching $4.9 billion in Q3 2025, representing impressive 26% year-over-year growth. The drug now serves more than 1.3 million patients globally across eight approved indications.

The following chart illustrates Dupixent’s consistent growth trajectory:

Dupixent’s success spans multiple therapeutic areas, with particularly strong momentum in recent launches for Chronic Obstructive Pulmonary Disease (COPD), Chronic Spontaneous Urticaria (CSU), and Bullous Pemphigoid (BP). The COPD launch is outpacing previous respiratory indication launches, with over 70% of Tier 1 pulmonologists having prescribed the drug. Meanwhile, CSU launch momentum continues to accelerate, with approximately 75% of Dupixent prescriptions coming from biologic-naive patients.

The ophthalmology franchise remains robust, with EYLEA HD gaining traction alongside the established EYLEA product. In Q3 2025, EYLEA HD contributed $431 million in U.S. net product sales, representing 39% of the combined EYLEA franchise. Together, EYLEA HD and EYLEA maintained approximately 60% of the branded anti-VEGF category share.

The following chart shows the performance of the EYLEA franchise:

Libtayo has emerged as another key growth driver, particularly in oncology. The drug achieved $365 million in global net sales during Q3 2025, a 24% increase year-over-year, and surpassed $1 billion in year-to-date sales.

The following visualization demonstrates Libtayo’s growth trajectory:

Pipeline and Strategic Initiatives

Regeneron continues to emphasize its science-driven approach to innovation, highlighting a robust pipeline of approximately 45 product candidates addressing therapeutic categories potentially exceeding $220 billion by 2030.

The company’s strategic focus on innovation is illustrated in the following overview:

Dupixent exemplifies Regeneron’s "pipeline in a product" strategy, with ongoing development across multiple Type 2 inflammatory diseases. Recent regulatory milestones include a positive CHMP opinion for CSU and ongoing launches for CSU and BP in the U.S. The company also reported positive data for Allergic Fungal Rhinosinusitis (AFRS) with an sBLA filing acceptance expected in Q4 2025.

Financial Outlook and Sanofi Agreement

A significant financial development highlighted in the presentation is the anticipated full reimbursement of the Sanofi development balance by 2026. This repayment, which represents development costs funded by Sanofi for certain antibodies (Dupixent, Kevzara, and itepekimab), is expected to significantly increase collaboration revenue once completed.

The following chart illustrates the declining reimbursement obligation:

Regeneron reported approximately $300 million in reimbursement in Q3 2025 and expects about $1 billion in total reimbursement for 2025. The company anticipates fully paying the remaining debt by the end of Q3 2026, which should positively impact financial results thereafter.

Forward-Looking Statements

Looking ahead, Regeneron plans to continue investing in manufacturing infrastructure, with over $7 billion allocated to facilities in New York and North Carolina according to the earnings call. The company anticipates a mid-teens percentage increase in R&D expenses in 2026 as it advances pivotal programs in areas including myeloma, lymphoma, and obesity.

The company’s strong financial health, with a current ratio of 4.6 and $3.2 billion in free cash flow generated in the first nine months of 2025, positions it well to sustain these investments while continuing its share repurchase program, which has reached $2.8 billion year-to-date.

Potential challenges include regulatory hurdles, particularly in manufacturing, ongoing drug pricing negotiations with the U.S. government, and increasing competition, especially in segments like multiple myeloma. However, Regeneron’s diversified product portfolio and robust pipeline provide multiple avenues for continued growth.

Full presentation:

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