Regeneron Pharmaceuticals Reports $14.2 Billion Revenue and $4.4 Billion Net Income for 2024

Regeneron Pharmaceuticals, Inc. reported revenues of $14.2 billion for the year ended December 31, 2024, a increase of $1.1 billion (8.8%) compared to $13.1 billion in 2023. Net income for 2024 was $4.4 billion, representing a $459 million (11.6%) increase compared to $3.9 billion in 2023. Diluted net income per share increased from $34.77 in 2023 to $38.34 in 2024. The company attributed the revenue increase to higher profits associated with Dupixent sales and the successful launch of EYLEA HD, partially offset by a lower net selling price for EYLEA and EYLEA HD.

Significant changes compared to the previous year included a 17% decline in EYLEA U.S. net product sales, attributed to biosimilar competition following the expiration of the U.S. regulatory exclusivity period in May 2024. Conversely, EYLEA HD U.S. net product sales reached $1.2 billion in 2024, driven by patient transitions from other anti-VEGF products and new patients. Sanofi collaboration revenue, primarily from Dupixent, increased by $732 million (19.3%), while Bayer collaboration revenue, primarily from EYLEA sales outside the U.S., increased by $11.5 million (0.8%). Research and development expenses increased by $693 million (15.6%), primarily due to increased spending on several key product candidates.

Strategic developments during the year included the resubmission of the BLA for linvoseltamab in January 2025 following a Complete Response Letter from the FDA in August 2024 related to third-party manufacturing issues. The company also initiated a Phase 1 study of linvoseltamab in combination with dupilumab for severe food allergy and a Phase 1 combination cohort of nezastomig and REGN4336 in metastatic castration-resistant prostate cancer. In April 2024, Regeneron acquired full development and commercialization rights to 2seventy bio's oncology and autoimmune cell therapy pipeline for a $5 million upfront payment. The Regeneron Genetics Center (RGC) entered into an agreement with Truveta Inc. to sequence exomes and conduct genotyping of up to ten million de-identified consented volunteers.

Regeneron employed 15,106 full-time employees as of December 31, 2024, with approximately 79% located in the United States. The company reported sales to two customers, Besse Medical and McKesson Corporation, accounting for 74% of total gross product revenue in 2024. The company's commercial group markets its products through a network of field employees, medical journals, exhibitions, and online channels. The company also noted substantial competition from other pharmaceutical and biotechnology companies across its product lines, including biosimilars for EYLEA. The company's outlook includes anticipated capital expenditures of $850 million to $975 million in 2025, primarily for facility expansion, and the initiation of a quarterly cash dividend program. The company also highlighted numerous risks and uncertainties, including those related to regulatory approvals, competition, manufacturing, and intellectual property.