REGENERON PHARMACEUTICALS, INC. (REGN)

Regeneron Pharmaceuticals, Inc. is a fully integrated biotechnology company that invents, develops, manufactures, and commercializes medicines for people with serious diseases. Its products and product candidates are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases. Its core strategy is to maintain a strong foundation in scientific research and drug development using proprietary technologies, and to build on that foundation with clinical development, manufacturing, and commercial capabilities. For 2025, the company reported revenues of $14,342.9 million and net income of $4,504.9 million, compared with $14,202.0 million and $4,412.6 million in 2024.

The approved product portfolio includes EYLEA HD (aflibercept 8 mg) and EYLEA (aflibercept) for retinal conditions such as wet age-related macular degeneration, diabetic macular edema, diabetic retinopathy and retinal vein occlusion. Dupixent (dupilumab) is approved for atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyposis, COPD, eosinophilic esophagitis, prurigo nodularis, chronic spontaneous urticaria and bullous pemphigoid. Libtayo (cemiplimab) treats non-small cell lung cancer, basal cell carcinoma, cutaneous squamous cell carcinoma and cervical cancer. Other products include Praluent (alirocumab) for hypercholesterolemia and cardiovascular risk reduction, Kevzara (sarilumab) for rheumatoid arthritis, polymyalgia rheumatica and polyarticular juvenile idiopathic arthritis, Evkeeza (evinacumab) for homozygous familial hypercholesterolemia, Ordspono (odronextamab) for follicular lymphoma and diffuse large B-cell lymphoma, Lynozyfic (linvoseltamab) for relapsed/refractory multiple myeloma, Inmazeb for Zaire ebolavirus infection, Veopoz (pozelimab) for CHAPLE disease, ARCALYST (rilonacept) for CAPS, DIRA and recurrent pericarditis, and ZALTRAP for metastatic colorectal cancer.

Products are marketed in the United States, the European Union and Japan, with some also approved in other countries. 2025 net product sales of Regeneron-discovered products were led by Dupixent at $17.8 billion globally, followed by EYLEA HD and EYLEA combined at $7.9 billion (of which $4.4 billion in the U.S.), Libtayo at $1.5 billion, Praluent at $857 million and Kevzara at $575 million. The U.S. is the largest market, and sales in the rest of the world are also significant, particularly for Dupixent and EYLEA.

Regeneron commercializes and develops many products through collaborations. Bayer commercializes EYLEA products outside the United States, with Regeneron recording its share of profits. Sanofi records global sales of Dupixent and Kevzara, with Regeneron recording its share of profits. Regeneron records global Libtayo sales and pays Sanofi a royalty. Regeneron sells Praluent in the U.S., while Sanofi handles it elsewhere and pays a royalty. Ultragenyx handles Evkeeza outside the U.S., Kiniksa handles ARCALYST, and Sanofi handles ZALTRAP. The company supplies commercial product to certain collaborators and relies on collaborators, suppliers and other third parties for some manufacturing, filling, finishing, packaging, labeling and distribution steps. It faces competition from other products and biosimilars and depends on reimbursement from payors such as private insurers, pharmacy benefit managers, Medicare and Medicaid.