Revenue: As of FY2025, the actual value is USD 14.34 B, beating the estimate of USD 14.24 B.EPS: As of FY2025, the actual value is USD 41.48, beating the estimate of USD 41.0548.EBIT: As of FY2025, the actual value is USD 2.905 B.<h4>Segment Revenue</h4><h5>Net Product Sales</h5><ul><li>EYLEA HD - U.S.: Net product sales increased to $1,636.9 million in 2025 from $1,201.1 million in 2024 and $165.8 million in 2023. The 2025 increase was driven by higher sales volumes, partially offset by a lower net selling price .</li><li>EYLEA - U.S.: Net product sales decreased to $2,747.8 million in 2025 from $4,767.1 million in 2024 and $5,719.6 million in 2023 due to lower sales volumes from competitive pressures, market share loss to compounded bevacizumab, patient transition to EYLEA HD, and a lower net selling price .</li><li>Total EYLEA HD and EYLEA - U.S.: Combined net product sales were $4,384.7 million in 2025, a decrease from $5,968.2 million in 2024 and an increase from $5,885.4 million in 2023 .</li><li>Libtayo - U.S.: Net product sales were $944.7 million in 2025, up from $787.3 million in 2024 and $538.8 million in 2023 .</li><li>Libtayo - ROW: Net product sales were $507.5 million in 2025, up from $429.5 million in 2024 and $324.3 million in 2023 .</li><li>Total Libtayo - Global: Global net product sales were $1,452.2 million in 2025, increasing from $1,216.8 million in 2024 and $863.1 million in 2023 .</li><li>Praluent - U.S.: Net product sales were $262.5 million in 2025, compared to $241.7 million in 2024 and $182.4 million in 2023 .</li><li>Evkeeza - U.S.: Net product sales were $162.2 million in 2025, up from $125.7 million in 2024 and $77.3 million in 2023 .</li><li>Inmazeb - U.S.: Net product sales were $37.4 million in 2025, down from $76.8 million in 2024 and $69.8 million in 2023 .</li><li>Other Products - Global: Net product sales were $10.1 million in 2025, compared to $0 million in 2024 and 2023 .</li><li>Total Net Product Sales: Overall net product sales were $6,309.1 million in 2025, a decrease from $7,629.2 million in 2024 and an increase from $7,078.0 million in 2023 .</li></ul><h5>Collaboration Revenue</h5><ul><li>Sanofi Collaboration Revenue: Total Sanofi collaboration revenue was $5,884.0 million in 2025, up from $4,531.4 million in 2024 and $3,799.5 million in 2023 . This includes Regeneron’s share of profits of $5,241.6 million in 2025, $3,923.5 million in 2024, and $3,136.5 million in 2023, and reimbursement for manufacturing of commercial supplies of $642.4 million in 2025, $607.9 million in 2024, and $613.0 million in 2023 . Sales-based milestones were $0 million in 2025 and 2024, and $50.0 million in 2023 .</li><li>Bayer Collaboration Revenue: Bayer collaboration revenue was $1,422.4 million in 2025, compared to $1,499.0 million in 2024 and $1,487.5 million in 2023 .</li><li>Roche Collaboration Revenue: Roche collaboration revenue was $0 million in 2025, $1.4 million in 2024, and $211.0 million in 2023 .</li><li>Other Collaboration Revenue: Other collaboration revenue was $24.8 million in 2025, $26.0 million in 2024, and $5.1 million in 2023 .</li></ul><h4>Operational Metrics</h4><ul><li>Net Income: Net income was $4,504.9 million in 2025, compared to $4,412.6 million in 2024 and $3,953.6 million in 2023 .</li><li>Operating Expenses: Total operating expenses were $10,765.0 million in 2025, up from $10,211.3 million in 2024 and $9,070.1 million in 2023 .</li><li>Income from Operations: Income from operations was $3,577.9 million in 2025, a decrease from $3,990.7 million in 2024 and $4,047.1 million in 2023 .</li><li>Other Income (Expense): Other income was $1,652.8 million in 2025, compared to $789.2 million in 2024 and $152.2 million in 2023 .</li><li>Income Before Income Taxes: Income before income taxes was $5,230.7 million in 2025, increasing from $4,779.9 million in 2024 and $4,199.3 million in 2023 .</li><li>Income Tax Expense: Income tax expense was $725.8 million in 2025, up from $367.3 million in 2024 and $245.7 million in 2023 .</li></ul><h4>Unique Metrics</h4><ul><li>Reimbursement of Development Expenses to Sanofi: Regeneron’s obligation to reimburse Sanofi for development expenses was - $929.7 million in 2025, - $603.7 million in 2024, and - $459.8 million in 2023 .</li><li>Customer Concentration: For the year ended December 31, 2025, sales to two distributor customers combined accounted for 77% of total gross product revenue, compared to 74% in 2024 .</li></ul><h4>Outlook / Guidance</h4>Regeneron Pharmaceuticals, Inc. expects an FDA decision for the EYLEA HD pre-filled syringe in the second quarter of 2026 . For Dupixent, an EC decision on bullous pemphigoid is anticipated in the first half of 2026, and an FDA decision on the sBLA for AFRS is expected in February 2026 . The company also plans to initiate additional Phase 3 studies for Lynozyfic, REGN7508, and REGN9933 in 2026 .

Regeneron Pharma | 10-K: FY2025 Revenue Beats Estimate at USD 14.34 B