Regeneron Pharmaceuticals, Inc., a biotechnology company focused on discovering, developing, and commercializing medicines for serious diseases, reported total revenues of $14.34 billion for the year ended December 31, 2025. This represents a slight increase of 1% compared to the $14.20 billion reported for the year ended December 31, 2024, and an 8.6% increase compared to the $13.12 billion reported for the year ended December 31, 2023. Net income for 2025 was $4.50 billion, or $41.48 per diluted share, compared to $4.41 billion, or $38.34 per diluted share, in 2024, and $3.95 billion, or $34.77 per diluted share, in 2023.
The company's financial performance was significantly influenced by net product sales, which totaled $6.31 billion in 2025, a decrease from $7.63 billion in 2024. This decrease was primarily due to a decline in EYLEA sales in the U.S., partially offset by increased sales of EYLEA HD in the U.S. and Libtayo globally. Collaboration revenue, primarily driven by the company's collaboration with Sanofi, increased to $7.33 billion in 2025 from $6.06 billion in 2024. This increase was mainly attributable to higher profits from the commercialization of Dupixent. Research and development expenses increased to $5.85 billion in 2025 from $5.13 billion in 2024, reflecting ongoing investments in the company's clinical development programs.
Key operational developments included the FDA's approval of EYLEA HD for the treatment of patients with retinal vein occlusion and for an every 4-week dosing option across approved indications. However, the FDA issued a Complete Response Letter for the supplemental Biologics License Application for the EYLEA HD pre-filled syringe due to unresolved inspection findings at a third-party manufacturer. The company submitted a regulatory application for the EYLEA HD pre-filled syringe using a new manufacturer, with an FDA decision expected in the second quarter of 2026. In July 2025, the FDA issued a Complete Response Letter for the Biologics License Application for Ordspono in relapsed/refractory follicular lymphoma, also impacted by the third-party manufacturer inspection.
Looking ahead, Regeneron anticipates continued investment in its research and development pipeline, with key milestones expected in 2026, including FDA decisions on the EYLEA HD pre-filled syringe and DB-OTO for hearing deficit due to variants of otoferlin gene, as well as results from Phase 3 studies for fianlimab in first-line metastatic melanoma and pozelimab/cemdisiran in paroxysmal nocturnal hemoglobinuria. The company also expects to initiate additional Phase 3 studies in multiple myeloma and precursor conditions for Lynozyfic and in anticoagulation for REGN7508 and REGN9933. These activities reflect Regeneron's ongoing commitment to advancing its pipeline and bringing new medicines to patients with serious diseases.
About REGENERON PHARMACEUTICALS, INC.
Regeneron Pharmaceuticals, Inc. is a biotechnology company that invents, develops, manufactures, and markets medicines for serious diseases across ophthalmology, immunology, oncology, and rare conditions. Its core technologies include proprietary antibody platforms and genetic research centers. The company collaborates globally, partners with other pharma firms, and leverages innovative research to bring targeted biologics and gene therapies to patients worldwide.
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