Company file · REGN

Regeneron Pharmaceuticals

Product and Service, Other was Regeneron Pharmaceuticals' fastest-growing product or service in FY2025, up 36.4%

Revenue rose 1.0% to $14.3B in FY2025, from $14.2B in FY2024. Net income rose 2.1% to $4.5B. Collaboration Revenue was the largest product or service, at 51% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 4, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026) · Data pulled Oct 29, 2026

Key facts

Regeneron Pharmaceuticals (Nasdaq: REGN) reported revenue of $14.3B for fiscal 2025, the year ended Dec 31, 2025, up 1.0% from fiscal 2024. Net income was $4.5B, up 2.1%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $4.3B, up 16.7% from the same quarter a year earlier, and net income was $1.3B. The largest piece by product or service was Collaboration Revenue, at 51% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 4, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026).

Revenue$14.3BFY2025 · +1.0% vs FY2024

Net income$4.5BFY2025 · +2.1% vs FY2024

Operating cash flow$5.0BFY2025 · +12.6% vs FY2024

Cash & equivalents$2.5Bat Jun 30, 2026 · −21.2% vs FY2025 end

Total debt$2.0Bat Jun 30, 2026 · +0.0% vs FY2025 end

Diluted shares109MFY2025 avg · −5.6% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 4, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 30, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Collaboration Revenue$7.3B51%+21.0%
Products$6.3B44%−17.3%
Product and Service, Other$703M5%+36.4%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Collaboration Revenue (51%), Products (44%) and Product and Service, Other (5%), as shares of total revenue. Total revenue was $14.3B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

42%54%

FY2024

43%54%

FY2025

51%44%

Collaboration RevenueProductsProduct and Service, Other

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$4.3B Q2 2026

$3.7B Q2 2025

16.7% increase

Net income

$1.3B Q2 2026

$1.4B Q2 2025

6.8% decrease

Source: Regeneron Pharmaceuticals 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

By product or service

Collaboration Revenue

$2.5B Q2 2026

$1.9B Q2 2025

31.9% increase

Products

$1.6B Q2 2026

$1.6B Q2 2025

0.7% increase

Product and Service, Other

$193M Q2 2026

$184M Q2 2025

5.1% increase

Source: Regeneron Pharmaceuticals 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

Cash & equivalents $2.5B at Jun 30, 2026, vs $3.1B at FY2025 end.
Total debt $2.0B at Jun 30, 2026, vs $2.0B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $1.9B vs $2.2B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 1.0% in FY2025 to $14.3B, from $14.2B a year earlier. 10-K, FY2025
Net income rose 2.1% in FY2025 to $4.5B, from $4.4B. 10-K, FY2025
Operating cash flow rose 12.6% in FY2025 to $5.0B. 10-K, FY2025
Diluted shares fell 5.6% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Net income in the quarter ended Jun 30, 2026 was $1.3B, down 6.8% on a year earlier. 10-Q, quarter ended Jun 30, 2026
Products revenue fell 17.3% in FY2025 to $6.3B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Regeneron Pharmaceuticals is in the biotechnology industry, part of the health care sector. The SEC files it under Pharmaceutical Preparations.

The full description of Regeneron Pharmaceuticals' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the biotechnology industry. They are not a summary of Regeneron Pharmaceuticals’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$13.1B	$14.2B	$14.3B
Net income	$4.0B	$4.4B	$4.5B
Operating cash flow	$4.6B	$4.4B	$5.0B
Cash & equivalents (year end)	$2.7B	$2.5B	$3.1B
Total debt (year end)	$2.0B	$2.0B	$2.0B
Diluted shares	114M	115M	109M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Jul 30, 2026	Jun 30, 2026
10-Q	Apr 29, 2026	Mar 31, 2026
DEF 14A	Apr 24, 2026	Jun 12, 2026
10-K	Feb 4, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Regeneron Pharmaceuticals

How does Regeneron Pharmaceuticals make money?

Regeneron Pharmaceuticals's revenue was $14.3B in fiscal 2025. By product or service in FY2025: Collaboration Revenue (51%), Products (44%) and Product and Service, Other (5%), as shares of total revenue. Total revenue was $14.3B. Source: 10-K for fiscal 2025, filed Feb 4, 2026.

What was Regeneron Pharmaceuticals's revenue in fiscal 2025?

$14.3B of revenue for the fiscal year ended Dec 31, 2025, up 1.0% from $14.2B in fiscal 2024. Fiscal 2023 was $13.1B. Source: 10-K for fiscal 2025, filed Feb 4, 2026.

Is Regeneron Pharmaceuticals profitable?

Regeneron Pharmaceuticals reported net income of $4.5B for fiscal 2025, up 2.1% from $4.4B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $1.3B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 4, 2026.

What did Regeneron Pharmaceuticals report in its latest quarterly filing?

Revenue was $4.3B in the quarter ended Jun 30, 2026, up 16.7% from $3.7B a year earlier. Net income was $1.3B, down 6.8% from $1.4B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026.

How much cash and debt does Regeneron Pharmaceuticals have?

Regeneron Pharmaceuticals had $2.5B in cash and cash equivalents and $2.0B of total debt on Jun 30, 2026. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Jul 30, 2026.

What are the main risks Regeneron Pharmaceuticals faces?

Regeneron Pharmaceuticals's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 4, 2026. Risks that are common among companies in the biotechnology industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Regeneron Pharmaceuticals numbers come from?

From Regeneron Pharmaceuticals's own SEC filings: the 10-K for fiscal 2025 (filed Feb 4, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in REGN: The editor holds no position in Regeneron Pharmaceuticals (REGN). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell REGN from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 29, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold REGN, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Regeneron PharmaceuticalsREGN	FY2025	$14.3B	+1.0%	$4.5B
AbbVieABBV	FY2025	$61.2B	+8.6%	$4.2B
AmgenAMGN	FY2025	$36.8B	+10.0%	$7.7B
GileadGILD	FY2025	$29.4B	+2.4%	$8.5B
Vertex PharmaceuticalsVRTX	FY2025	$12.0B	+8.9%	$4.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.