Regeneron reported fourth-quarter 2025 earnings that exceeded consensus revenue estimates by approximately 3% and surpassed EPS forecasts by 5%. The company reiterated its full-year 2026 guidance, projecting at least 10% year-over-year revenue growth and a minimum of 12% increase in adjusted EPS. Operating expenses are expected to remain flat in absolute terms, reflecting disciplined R&D and SG&A spending even as the commercial footprint expands.

Dupixent sales continued their strong upward trajectory, rising 28% in Q4 to drive the majority of the company’s growth. The treatment now serves over 65,000 patients globally, benefiting from recent label approvals in pediatric indications and planned submissions for chronic rhinosinusitis with nasal polyps. Beyond Dupixent, Regeneron’s pipeline features two mid-stage assets targeting high-value immunology and ophthalmology markets, positioning the company to offset future post-exclusivity revenue erosion.

After a 12% sales decline in Q4 2025, Eylea’s revenue loss is forecast to moderate to single digits in 2026, thanks in part to expanded patient support programs and anticipated FDA label extensions in diabetic retinopathy. The company has increased co-pay assistance enrollment by 40% year-over-year and is conducting five ongoing trials seeking approval for new retinal disease indications, which could stabilize Eylea volumes through 2028.