Regeneron's 2025 Q2 Earnings Call: Key Contradictions in EYLEA HD Issues, Patient Assistance, and Pricing Strategy

EYLEA HD regulatory and manufacturing issues, matching program for patient assistance, pricing strategy and impact on market share are the key contradictions discussed in Regeneron's latest 2025Q2 earnings call.



Strong Financial Performance Across Key Products:
- Regeneron reported second quarter 2025 total revenues of $3.7 billion, growing 4% compared to the prior year.
- The growth was driven by higher net sales of EYLEA HD and global net sales of Libtayo, alongside an increase in Sanofi collaboration revenue.

EYLEA HD Growth and Market Dynamics:
- EYLEA HD had U.S. net product sales reaching $393 million, marking an all-time high.
- Growth was driven by increased physician unit demand and a more favorable product profile, despite ongoing competitive pressures.

Dupixent's Expansion and Market Leadership:
- Global net product sales of Dupixent grew 21% on a constant currency basis, with U.S. sales increasing 23% compared to the previous year.
- This growth was attributed to broad demand across indications, age groups, and geographies, as well as new launches in chronic spontaneous urticaria and bullous pemphigoid.

Libtayo's Market Position and Regulatory Progress:
- Libtayo's global net sales grew 25% on a constant currency basis, driven by growth in non-melanoma skin and lung cancer indications.
- The company anticipates a potential launch in high-risk adjuvant CSCC, awaiting FDA decisions, which may boost Libtayo's addressable patient population.