- Revenue Growth Q4 revenue rose 3% YoY to $3.9 billion, driven by Dupixent ($4.9 billion annual sales) and EYLEA HD ($1.6 billion annual sales).
- Dupixent Expansion Global net sales grew 32% YoY to $4.9 billion in Q4, with full-year sales reaching $17.8 billion.
- Shareholder Returns Returned $3.8 billion in 2025 via $3.4 billion share buybacks and $400 million dividends, with $0.94/share dividend authorized for March.
- Pipeline Advancements Aiming for 4 FDA approvals in 2026, including EYLEA HD prefilled syringe and 3 new molecular entities, plus 18 new Phase III trials.
- R&D Investment 2026 R&D spend projected at $5.9–6.1 billion, with gross margin expected to remain robust at 83–84% and CAPEX at $1.1–1.3 billion.
Pipeline Progress and Upcoming Catalysts
Regeneron's pipeline is expected to generate clinical data over the next few years, spanning oncology, hematology, complement-mediated diseases, anticoagulation, and obesity. The company is advancing several next-generation therapeutic approaches in immunology and inflammation, including long-acting antibodies targeting IL-13, IL-4, and a bispecific antibody targeting both IL-4 and IL-13. A regulatory decision is expected in the first half of this year for the company's DV auto gene therapy, which has shown meaningful hearing gain in 11 of 12 treated children.
2026 Guidance and Research and Development Investments
The company expects 2026 R&D spend to be in the range of $5.9 billion to $6.1 billion, driven by investments in its expanding late-stage pipeline. SG&A is expected to be in the range of $2.5 billion to $2.65 billion, reflecting investments to support the ongoing launches of Libtayo and other potential launches. The company's guidance suggests a continued focus on investing in its pipeline and commercial capabilities.
Valuation and Dividend Yield
Regeneron Pharmaceuticals' current valuation metrics include a P/E Ratio of 16.94, P/S Ratio of 5.34, and Dividend Yield of 0.47%. Analysts estimate next year's revenue growth at 9.7%. The company's return of $3.8 billion to shareholders in 2025, primarily through share repurchases and cash dividends, demonstrates its commitment to returning capital to shareholders. The authorized quarterly dividend of $0.94 per share, payable in March, is an additional indication of the company's focus on shareholder returns.
Pipeline Assets and Potential Blockbusters
The company's pipeline assets, such as the PCSK9/GLP-1 combination therapy and the Factor XI antibody program, have the potential to be significant contributors to future growth. The PCSK9/GLP-1 combination therapy, which is entering Phase 3 trials, may offer patients a differentiated way to achieve weight loss and reduce cardiovascular risk. The company's confidence in moving its GLP-1/GIP asset into Phase 3 trials stems from its potential to be combined with PCSK9 inhibitors, which could provide a unique advantage.