REGN Q3 Earnings: Will Higher Dupixent Profits Offset Eylea Sales Decline?

Investors will focus on profits from asthma drug Dupixent and sales of Eylea HD when biotech giant Regeneron Pharmaceuticals, Inc. REGN reports third-quarter 2025 results on Oct. 28, 2025.

The Zacks Consensus Estimate for revenues is pegged at $3.60 billion, while the same for earnings is pinned at $9.54 per share.

REGN’s Earnings Surprise History

The company’s earnings beat estimates in three of the trailing four quarters and missed the same in the other one, delivering an average surprise of 16.99%. In the last reported quarter, REGN beat on earnings by 60.52%.

What Our Model Predicts for REGN

Our proven model does not conclusively predict an earnings beat for Regeneron this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.

Earnings ESP: Earnings ESP for REGN is -0.63% as the Zacks Consensus Estimate is pegged at $9.54 per share, while the Most Accurate Estimate is pinned at $9.48. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.

Zacks Rank: The company currently carries a Zacks Rank #3.

Dupixent Profits Likely Offset Eylea Decline in Q3

A significant chunk of Regeneron’s revenues comes from the sale of its lead drug, Eylea, which is approved for various ophthalmology indications (neovascular age-related macular degeneration, diabetic macular edema and macular edema, among others). Eylea was developed in collaboration with pharma giant Bayer.

While Regeneron records net product sales of Eylea in the United States, Bayer does the same outside the United States. The company also records its share of profits/losses in connection with Eylea sales outside the country.

Eylea’s sales have been under pressure in recent quarters due to competition from Vabysmo. Sales are likely to have declined in the third quarter as well. The Zacks Consensus Estimate for Eylea sales in the United States is currently pegged at $686 million.

To counter the decline in Eylea sales, Regeneron developed a higher dose of the drug. The initial uptake of Eylea HD has been strong as Eylea patients transition to the higher dose.

Sales of Eylea HD have likely surged in the to-be-reported quarter on strong demand. This, in turn, might have resulted in an increase in total Eylea franchise sales. The Zacks Consensus Estimate for Eylea HD sales in the United States is currently pegged at $414 million.

Apart from Eylea, profits from the sales of asthma drug Dupixent are a primary growth driver for REGN. Regeneron has a collaboration agreement with Sanofi for drugs like Dupixent and Kevzara. While Sanofi records sales, Regeneron registers its share of profits/losses in connection with the global sales of the aforementioned drugs.

Dupixent sales were up 26.2% in the third quarter of 2025, driven by strong demand in all approved indications (atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyposis, eosinophilic esophagitis, prurigo nodularis, chronic spontaneous urticaria, chronic obstructive pulmonary disease, bullous pemphigoid). Hence, Regeneron might have earned incremental profits from Dupixent in the to-be-reported quarter.

Meanwhile, Regeneron is also looking to diversify its revenue base to reduce its dependence on Eylea for top-line growth and build an oncology franchise, which currently comprises Libtayo and newly approved Lynozyfic.

Growth in Libtayo’s sales has also boosted the top line in recent quarters. Libtayo sales are being driven by growth in demand for non-melanoma skin indications. The Zacks Consensus Estimate for Libtayo’s sales is currently pegged at $370 million.

The FDA had earlier approved linvoseltamab-gcpt for the treatment of relapsed or refractory (R/R) multiple myeloma (MM). The drug was granted accelerated approval by the FDA under the brand name Lynozyfic. It is also approved in the European Union (EU) to treat adults with R/R MM after at least three prior therapies, including a proteasome inhibitor, an immunomodulatory agent and an anti-CD38 monoclonal antibody.

The EU approval of Ordspono (odronextamab) for treating adult patients with R/R follicular lymphoma or R/R diffuse large B-cell lymphoma after two or more lines of systemic therapy has also strengthened its oncology franchise.

Operating expenses have also likely increased in the quarter due to pipeline advancement and higher commercialization-related expenses to support the launch of Eylea HD and higher headcount-related costs.

A decrease in the number of shares outstanding has likely boosted the bottom line.  In February 2025, management authorized a new share repurchase program to repurchase up to an additional $3.0 billion of the company's common stock. As of June 30, 2025, $2.814 billion remained available for share repurchases. Investors will look forward to updates on the share buyback program.

Other Updates From REGN

Stockholders will also look for key pipeline and regulatory updates from Regeneron, apart from the top and bottom-line numbers.

The company’s oncology franchise received a boost with the recent FDA approval of a label expansion for its PD-1 inhibitor, Libtayo (cemiplimab-rwlc), as an adjuvant treatment for adult patients with cutaneous squamous cell carcinoma who are at high risk of recurrence after surgery and radiation.

REGN’s Share Price Performance

Regeneron’s shares have lost 18.8% year to date against the industry’s growth of 11.1%.

Stocks to Consider

Here are some drug/biotech stocks that have the right combination of elements to beat on earnings this time around:

Alnylam Pharmaceuticals ALNY has an Earnings ESP of +25.79% and a Zacks Rank# 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

ALNY beat on earnings in each of the trailing four quarters, delivering an average surprise of 348.36%.

ALNY is scheduled to report third-quarter results on Oct.30, 2025.

Novartis NVS has an Earnings ESP of +0.3% and a Zacks Rank #3 at present.

NVS beat on earnings in each of the trailing four quarters, delivering an average surprise of 6.20%.  Novartis is set to report third-quarter results on Oct. 28, 2025.

Incyte INCY has an Earnings ESP of +3.48% and a Zacks Rank #3 at present. INCY missed on earnings in two of the trailing four quarters and beat in two, the average positive surprise being 4.20%.

INCY is set to report third-quarter results on Oct. 28, 2025.

 

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This article originally published on Zacks Investment Research (zacks.com).

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