Regeneron Pharmaceuticals Posts 4% Revenue Growth in Q2 2025, Dupixent Sales Increase 22% Globally

Regeneron Pharmaceuticals reported Q2 2025 revenues of $3.68 billion, a 4% increase, driven by strong sales of Dupixent and EYLEA HD. The company received FDA approvals for new treatments and indications, including Lynozyfic for multiple myeloma. Non-GAAP earnings per share rose 12%. Regeneron's management is confident in its long-term growth potential, citing a diverse pipeline and ongoing investments in manufacturing and business development.

Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) reported its second-quarter (Q2) 2025 financial results, showcasing a 4% revenue increase to $3.68 billion, driven by strong sales of Dupixent and EYLEA HD. The company's non-GAAP earnings per share (EPS) rose 12%, reflecting robust growth across its business [1].

Key Highlights:

- Revenue Growth: Total revenues increased by 4% to $3.68 billion compared to Q2 2024, driven by a 22% surge in global net sales of Dupixent to $4.34 billion [1].
- EYLEA HD Sales: EYLEA HD U.S. net sales increased by 29% to $393 million, while total EYLEA HD and EYLEA U.S. net sales decreased by 25% to $1.15 billion, reflecting market pressures [1].
- FDA Approvals: The company received FDA approvals for Lynozyfic (linvoseltamab) for relapsed or refractory multiple myeloma and Dupixent for bullous pemphigoid and chronic spontaneous urticaria (CSU) [1].
- Non-GAAP EPS: Non-GAAP EPS increased by 12% to $12.89, driven by disciplined cost management and regulatory approvals [1].
- Pipeline and Investments: Regeneron has approximately 45 product candidates in clinical development, including new indications for existing products. The company is investing heavily in manufacturing and business development, committing over $7 billion since the start of 2025 [1].

Management Perspective:

Leonard S. Schleifer, M.D., Ph.D., Board co-Chair, President, and Chief Executive Officer of Regeneron, stated, "Regeneron had a strong quarter, marked by significant growth in U.S. sales of EYLEA HD and global sales of Dupixent and Libtayo along with multiple regulatory approvals." Christopher Fenimore, Executive Vice President, Finance, and Chief Financial Officer, added, "We are pleased with our second quarter financial performance, which reflects strong momentum across our business, highlighted by 4% revenue growth and 12% non-GAAP earnings growth" [1].

Investment Thesis:

For investors, Regeneron offers a hybrid opportunity: stable cash flow from mature assets, coupled with high-growth potential from its pipeline and collaborations. The company's non-GAAP EPS growth of 12% in Q2 underscores its operational agility. However, the path forward requires vigilance, particularly regarding the execution of R&D milestones and the maintenance of its 50-50 collaboration structure.

Conclusion:

Regeneron's Q2 2025 results demonstrate its ability to adapt and innovate in a competitive biotech landscape. By leveraging collaborations, doubling down on innovation, and returning capital to shareholders, the company is positioning itself for long-term growth. However, the biotech landscape is unforgiving, and sustaining this momentum will require both scientific brilliance and operational discipline.

References:

[1] https://www.ainvest.com/news/regeneron-q2-earnings-outperformance-strategic-positioning-competitive-biotech-landscape-2508/
[2] https://investor.regeneron.com/news-releases/news-release-details/regeneron-reports-second-quarter-2025-financial-and-operating