Research · Sep 3, 2026
[REGN] Regeneron Thesis 2026: Dupixent Crosses Into Rare Disease, Growth Sustains
Regeneron FY25 (Dec 31, 2025) at $14.34B revenue (+1%). NI $4.50B; EPS $41.48 (+8%). DUPIXENT $17.8B FY25 (+32% cc, partner-share); LIBTAYO $1.45B (+13% cc). Op margin compressed to 24.9% on R&D step-up + EYLEA biosimilar mix. FY26: R&D $5.9-6.1B, SG&A $2.5-2.65B, GM 83-84%. Initiated dividend $-370M.