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The Pipeline's Gotta Hold!

by Nathan Brinkman

Regeneron delivered a steady Q4/FY2025 print (Q4 revenue ~$3.88B; FY2025 ~$14.34B), with performance increasingly driven by its antibody franchise economics (notably profit-share/collaboration revenue growth) and oncology momentum (Libtayo +19% FY), while its ophthalmology base continues to reset as EYLEA declines are only partly offset by EYLEA HD (2nd generation) growth. For 2026, management’s outlook signals a heavier investment year, implying near-term margin pressure but a sustained research pipeline.  Overall, the disclosed pipeline milestone calendar appears largely on track rather than slipping, with the key debate now centered on how quickly new launches and late-stage assets can outpace continued EYLEA erosion and fund the elevated 2026 spend profile.

• Full year 2025 revenues increased 1%, as expected.
• Expected 2026 revenues have declined slightly and are no longer in the double digits originally expected (~9% increase in Revenue expected).
• Fourth quarter 2025 Dupixent® global net sales increased 34% to $4.9 billion versus fourth quarter 2024; full year 2025 Dupixent global net sales increased 26% 
• EYLEA sales are succumbing to generic pressure but EYLEA HD U.S. net sales increased 36%.  Conversion of patients EYLEA to EYLEA HD appears to be as expected.
• 2026 R and D spending increasing 12-14% to a total of $6.4 - $6.5 Bil.
• Dividend raise of 6.8% was announced bringing the anticipated yield for 2026 to 0.51%

Research Pipeline Updates