Regeneron Pharmaceuticals is an integrated biotechnology company that discovers, develops, manufactures and commercializes medicines, principally for eye disease, inflammatory conditions and cancer. It earns revenue from directly marketed medicines, collaboration profit shares, manufacturing reimbursements and royalties, and reports one business segment.
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A snapshot of what REGENERON PHARMACEUTICALS, INC. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001804220-24-000009 | Feb 5, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001804220-25-000011 | Feb 5, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000872589-26-000008 | Feb 4, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Regeneron's growth increasingly depends on Dupixent collaboration economics as its EYLEA eye franchise contracts despite adoption of EYLEA HD. In 2025, revenue and GAAP net income increased, but operating income fell; investment gains and a smaller diluted-share denominator helped the earnings headline. First-half 2026 brought stronger revenue and operating income, yet lower net income and operating cash flow. Substantial financial assets support research, manufacturing expansion and shareholder returns, although most are securities rather than cash. Subsequent developments include completion of historical Sanofi development repayments and an October collaboration expansion with a $1 billion upfront commitment—not confirmed receipts—and conditional milestones. Manufacturing recovery is established, but clinical setbacks, pricing restrictions, litigation and partner dependence remain material. This view uses the supplied evidence inventory dated October 24, 2026, not independently verified November coverage.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-10-01
Regeneron combines internally developed antibody technologies and genetics research with external collaborations. It records U.S. EYLEA HD/EYLEA sales and worldwide Libtayo sales directly. Sanofi records worldwide Dupixent and Kevzara sales; Bayer records the eye franchise's non-U.S. sales. Regeneron instead recognizes its contractual profit participation and manufacturing reimbursements. Consequently, worldwide sales of Regeneron-discovered medicines cannot be added to consolidated revenue. Manufacturing reimbursements also have corresponding costs and are not pure profit. Therapeutic franchises are commercial categories, not separately reported operating segments.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Revenue increased from $13.1172 billion in 2023 to $14.2020 billion in 2024 and $14.3429 billion in 2025, while operating income declined from $4.0471 billion to $3.9907 billion and $3.5779 billion. Dupixent-related collaboration growth and Libtayo expansion offset much of the eye franchise's deterioration, but research and manufacturing investment weighed on profitability. In 2025, $946.1 million of net securities gains helped lift GAAP net income to $4.5049 billion despite weaker operations and higher taxes. Diluted EPS of $41.48 also benefited from fewer basic shares and less incremental option dilution; it does not represent an equivalent improvement in operating performance.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31 · 10-K · 2025-12-31
The June 30, 2026 half-year, reported July 30, generated $7.8961 billion of revenue and $1.9364 billion of operating income, versus $6.7043 billion and $1.6712 billion a year earlier. GAAP net income nevertheless fell to $2.0241 billion from $2.2003 billion because investment gains declined and taxes increased; the comparison also lost a favorable prior-year IRS settlement benefit. Combined U.S. EYLEA sales declined despite HD growth, while Sanofi collaboration revenue supplied 48% of consolidated revenue. Historical Sanofi development repayments ended June 30, removing that deduction from third-quarter collaboration revenue without guaranteeing a fixed earnings uplift.
Sources: 10-Q · 2026-06-30
Operating cash flow was $4.9789 billion in 2025, but fell to $1.8919 billion in first-half 2026 as receivables absorbed cash. First-half cash repurchases of $1.9637 billion and dividends of $194.6 million together exceeded operating cash flow before $470.8 million of capital expenditure. At June 30, cash and equivalents were $2.4558 billion; the broader $17.8229 billion cash-and-securities balance includes investments with different liquidity and valuation risks. The $750 million revolver is borrowing capacity, not cash. A separate $720 million headquarters finance lease becomes payable in March 2027 unless a contractual alternative is implemented; extension requires consent.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The October 1 amendment, disclosed October 6, adds four long-acting antibodies to the Sanofi collaboration. Sanofi committed a $1 billion upfront payment and up to $7 billion of additional contingent milestones; neither the upfront receipt nor revenue recognition is established. New-product global profits will be shared equally, but Regeneron bears development spending above an undisclosed budget cap, subject to future recoupment rights. Optional Sanofi assets were not reported as added. The parties also agreed to settle the information-access dispute and dismiss Regeneron's lawsuit, without establishing completed court dismissal or the resulting information and audit protections.
Sources: 8-K · 2026-10-01
Limerick bulk manufacturing returned to normal by June 30, but the company still depended on external filling and finishing, and its EYLEA HD prefilled syringe remained unapproved by the U.S. FDA at the July filing. Fianlimab's metastatic-melanoma trial failed its primary endpoint, illustrating why pipeline breadth is not assured commercial growth. April pricing agreements constrain certain products and make Section 232 tariff protection conditional on continued U.S. investment. Government healthcare-practices cases, Dupixent product-liability allegations and shareholder litigation remain unresolved; immaterial recorded accruals do not cap possible losses. September founder awards add conditional dilution and governance considerations, not shares already earned.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-09-24
USD 14.202 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 14.202 bn | 8.3% |
| 2023 | USD 13.1172 bn | — |
Consolidated net product sales, collaboration revenue and other revenue; excludes partner-recorded product sales except contractual revenue recognized by Regeneron.
Sources: 10-K · 2025-12-31
USD 14.3429 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 14.3429 bn | — |
Consolidated net product sales, collaboration revenue and other revenue; excludes partner-recorded product sales except amounts recognized under contractual arrangements.
Sources: 10-K · 2025-12-31
USD 4.5049 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.5049 bn | 2.1% |
| 2024 | USD 4.4126 bn | 11.6% |
| 2023 | USD 3.9536 bn | — |
Consolidated GAAP income after income taxes.
Sources: 10-K · 2025-12-31
USD 4.9789 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.9789 bn | 12.6% |
| 2024 | USD 4.4205 bn | -3.8% |
| 2023 | USD 4.594 bn | — |
GAAP operating cash flow after working-capital movements and cash income taxes; not net income.
Sources: 10-K · 2025-12-31
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