Regeneron Reports Q1 2025 Revenue Decline to $3.03 Billion, Net Income Increases

Regeneron Pharmaceuticals, Inc. reported a decline in total revenues for the first quarter of 2025, totaling $3.03 billion, down from $3.15 billion in the same period of 2024. The decrease was primarily driven by a significant drop in net product sales, which fell to $1.42 billion from $1.76 billion year-over-year. Notably, sales of EYLEA, a key product, decreased by 39% due to competitive pressures and a transition of patients to EYLEA HD, which saw an increase in sales. Collaboration revenue, however, increased to $1.53 billion, up from $1.27 billion, largely due to higher profits from the commercialization of Dupixent.

In terms of profitability, Regeneron reported a net income of $808.7 million, or $7.27 per diluted share, compared to $722 million, or $6.27 per diluted share, in the prior year. The company’s operating expenses rose slightly to $2.44 billion from $2.39 billion, with research and development expenses increasing to $1.33 billion, reflecting ongoing investments in clinical trials and product development. The increase in R&D spending was attributed to higher costs associated with clinical trials and personnel.

Strategically, Regeneron has been active in expanding its product offerings and collaborations. The company continues to work closely with Sanofi on the commercialization of Dupixent and other antibody products, with Regeneron’s share of profits from this collaboration increasing significantly. Additionally, Regeneron is focused on advancing its pipeline, with several product candidates in late-stage clinical trials, including Libtayo and EYLEA HD. The company is also navigating challenges related to regulatory approvals, as evidenced by recent Complete Response Letters (CRLs) from the FDA regarding EYLEA HD's pre-filled syringe and extended dosing intervals.

Operationally, Regeneron reported a headcount of approximately 15,158 employees, an increase from 13,677 a year earlier, reflecting the company's growth and expansion efforts. The company also maintained a strong cash position, with cash and cash equivalents totaling $3.09 billion as of March 31, 2025. Looking ahead, Regeneron anticipates continued challenges in the competitive landscape, particularly for EYLEA, but remains optimistic about the potential of EYLEA HD and other pipeline products to drive future growth. The company is committed to investing in research and development to enhance its product offerings and maintain its market position.