Regeneron (REGN) – Q3 2025 Review

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Beyond Eylea: Regeneron’s Next Growth Test

by Nathan Brinkman, Cestrian Capital Research, Inc.

Regeneron is a biotechnology company built around deep internal discovery, antibody engineering, and disciplined clinical execution. Unlike many large-cap peers, Regeneron has historically avoided heavy reliance on acquisitions, instead leveraging its proprietary VelociSuite® platforms to generate first- and best-in-class biologics across ophthalmology, immunology, oncology, and rare disease.

For much of the past decade, Regeneron’s financial profile has been anchored by Eylea, one of the most successful biologics franchises in ophthalmology. More recently, the company has faced a familiar large-biotech challenge: how to manage concentration risk in a single blockbuster while transitioning to a more diversified growth model. In Regeneron’s case, this transition is occurring against the backdrop of biosimilar pressure, dosing innovation (Eylea HD), and the need for multiple pipeline assets to scale simultaneously.

Similar to Merck (MRK), Regeneron’s risk is more portfolio-centric: can newer products grow fast enough to offset eventual erosion in its legacy ophthalmology business?