Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) on Friday reported fourth-quarter adjusted earnings of $11.44 per share, down 5% year-over-year, beating the consensus of $10.71.
The company reported sales of $3.88 billion, up 3% year over year, beating the consensus of $3.79 billion.
Eylea Performance
In the quarter, U.S. net sales for Eylea HD and Eylea decreased 28% year-over-year to $1.08 billion, including $506 million from Eylea HD and $577 million from Eylea.
Eylea product sales were negatively impacted by lower sales volumes as a result of continued competitive pressures, loss in market share to compounded bevacizumab due to patient affordability constraints, and the continued transition of patients to Eylea HD, and a lower net selling price.
In November 2025, the U.S. Food and Drug Administration (FDA) approved Eylea HD (aflibercept) Injection 8 mg for macular edema following retinal vein occlusion with up to every 8-week dosing after an initial monthly dosing period.
The FDA also approved a monthly dosing option for some patients who may benefit from resuming this dosing schedule across approved indications.
In December 2025, Regeneron submitted a regulatory application to the FDA to include a new manufacturer to fill prefilled syringes for Eylea HD. An FDA decision is expected in the second quarter of 2026.
Collaboration Revenue And New Investments
Sanofi SA (NASDAQ:SNY) collaboration revenue increased due to an increase in the company’s share of profits from the commercialization of antibodies, which were $1.486 billion and $5.242 billion for the quarter and fiscal 2025, respectively.
The change in the company’s share of profits from the commercialization of antibodies was driven by higher profits primarily associated with an increase in Dupixent sales.
In addition to the previously announced ongoing and planned domestic investments totaling more than $7 billion, Regeneron plans to invest approximately $2 billion to develop a bulk manufacturing facility in Saratoga Springs, New York.
The facility is expected to create 1,000 high-paying jobs and to significantly expand manufacturing capacity.
Outlook
Regeneron expects fiscal 2026 GAAP gross margin of 79%–80%, with adjusted gross margin of 83%–84%.
The company forecasts adjusted R&D expenses of $5.9–$6.1 billion in 2026, and non-GAAP SG&A expenditure between $2.5 billion and $2.65 billion.
REGN Price Action: Regeneron Pharmaceuticals shares were down 0.32% at $747.05 at the time of publication on Friday, according to Benzinga Pro data.
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