Regeneron (REGN)
Develops antibody and genetic medicines led by Dupixent, EYLEA HD, and Libtayo.
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Regeneron is a drugmaker whose fortunes rest mostly on Dupixent and two versions of EYLEA. Dupixent is still expanding while patients move from the older eye medicine to its longer-lasting replacement. Cancer drugs and a broad experimental pipeline are the attempt to make the company less dependent on those pillars.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 17 more below
Dupixent
About $5.7 billion of Regeneron's FY2025 revenue traced to this Sanofi partnership. A past development bill is now fully repaid, so Regeneron begins receiving its full contractual profit share in the second half of 2026.
Competes with Ebglyss · inflammatory skin medicine (Eli Lilly / Almirall) · Rinvoq · oral inflammation medicine (AbbVie)
In plain English
Think of inflammation as an alarm that will not switch off. Dupixent blocks two of the signals behind that alarm and has nine approved uses across inflammatory diseases, giving one medicine many ways to find new patients.
Sanofi handles worldwide selling and records the pharmacy sales. It then pays Regeneron a share of the profit and reimburses Regeneron for making the medicine. That arrangement makes Dupixent the company's largest source of money without Regeneron booking the medicine's sales itself; prescriptions, insurance coverage and factory capacity keep the engine turning.
EYLEA & EYLEA HD
The two eye injections produced about two-fifths of FY2025 revenue. In Q2 2026, EYLEA HD passed the original for the first time while older EYLEA's U.S. sales fell 45%; the replacement must outrun cheaper copies.
Competes with Vabysmo · longer-interval eye injection (Roche) · Pavblu · lower-price EYLEA copy (Amgen)
In plain English
Every dose is an injection into the eye for diseases of the retina, the light-catching layer at the back. The original EYLEA uses a smaller dose; EYLEA HD uses four times as much medicine so patients can go longer between visits. The newer version is replacing the older one, making the pair resemble a relay team rather than two separate growth engines.
Regeneron sells both in the United States. Bayer sells them abroad and sends back shared profit and manufacturing payments. Across all medicines Regeneron sells itself, two unnamed wholesalers handled 77% of billings; Besse Medical/Cencora and McKesson were named the year before, but the current match is unconfirmed.
Libtayo
Regeneron's directly sold cancer medicine brought in $1.452 billion in FY2025. New uses in skin cancer can add patients, but it competes against entrenched medicines across overlapping cancers.
Competes with Keytruda · cancer antibody (Merck) · Opdivo · cancer antibody and combinations (Bristol Myers Squibb)
In plain English
This is Regeneron's own cancer business in a bottle. Libtayo is given at treatment centers for skin and lung cancers and other settings, helping turn a research program into sales the company keeps rather than profit shared through a partner.
Cancer specialists choose whether to start it and how long treatment continues; specialty distributors deliver it to hospital and community infusion sites. Each added approved use opens another pool of patients, but Merck's Keytruda and Bristol Myers Squibb's Opdivo are already woven into many of the same treatment decisions.
Lynozyfic
This young blood-cancer launch made $17 million in Q2 2026, still tiny beside Regeneron's main medicines. Trials in earlier treatment and another rare disorder carry most of the expansion case.
Competes with Tecvayli · two-target myeloma antibody (Johnson & Johnson) · Elrexfio · two-target myeloma antibody (Pfizer)
In plain English
A tiny launch with a much larger ambition. Lynozyfic is a two-ended antibody: one end attaches to a multiple-myeloma cell and the other recruits an immune cell. Today it is used after several earlier treatments have stopped working.
Specialist blood-cancer centers choose its place in the treatment sequence and manage the dosing. Regeneron earns direct sales as those centers use it. The present pool is narrow, so the business only becomes material if trials support use earlier in the illness or in AL amyloidosis, another condition now being studied.
Pasatru
Approved in August 2026 but not yet reported in sales, this monthly infusion serves only about 900 diagnosed people worldwide. Finding and treating eligible patients matters more than chasing a mass market.
Competes with Sohonos · oral medicine for the same bone-growth disease (Ipsen) · Fidrisertib · discontinued candidate for the same disease (Ipsen)
In plain English
Only a few hundred diagnosed people worldwide live with the rare illness Pasatru treats, where bone grows in places it should not. The medicine is given through a vein once a month to adults, so this is a highly focused service as much as a product launch.
Specialized centers must identify and confirm patients, secure payment and arrange repeated infusions. Regeneron earns when treatment begins and continues, while its home-infusion support helps patients receive each dose. A planned study in children is the clearest disclosed way to widen that very small population.
Olatorepatide
Regeneron's licensed obesity injection produced up to 19% average weight loss after 48 weeks in a China trial. A planned global late-stage study must show whether that result travels beyond its original setting.
Competes with Zepbound · obesity injection (Eli Lilly) · Wegovy · obesity injection (Novo Nordisk)
In plain English
Regeneron is joining the crowded obesity race with a medicine licensed from Hansoh, the drugmaker that developed it. Olatorepatide is an injection that acts on two signals involved in weight control. The China study is encouraging, but comparisons with other medicines are unreliable until they are tested on equal terms.
There are no customers or sales yet. Regeneron funds development and would sell the medicine outside Greater China if larger global trials succeed; Hansoh keeps the region it already owns. Approval, side effects, factory capacity and insurance coverage all stand between a promising result and a repeat-paying business.
Cemdisiran
This under-the-skin medicine is designed for dosing every 12 weeks in a muscle-weakening autoimmune illness. U.S. and European reviews were underway, with the U.S. decision scheduled for November 2026.
Competes with Zilbrysq · daily under-the-skin medicine (UCB) · Ultomiris · long-acting medicine given through a vein (AstraZeneca / Alexion)
In plain English
For people with generalized myasthenia gravis, the body's defense system mistakenly disrupts the connection between nerves and muscles. Cemdisiran is designed to lower a blood protein involved in that attack and would be injected under the skin once every twelve weeks.
No one pays for it yet because regulators are still deciding whether it can be sold. If approved, neurologists would identify suitable patients while specialist care networks and insurers would control access. Its selling point would be fewer doses, but it must earn a place beside medicines that already block the same protein through daily injections or treatment through a vein.
DupixentAbout $5.7 billion of Regeneron's FY2025 revenue traced to this Sanofi partnership. A past development bill is now fully repaid, so Regeneron begins receiving its full contractual profit share in the second half of 2026.About $5.7 billion of Regeneron's FY2025 revenue traced to this Sanofi partnership. A past development bill is now fully repaid, so Regeneron begins receiving its full contractual profit share in the second half of 2026.
In plain English
Think of inflammation as an alarm that will not switch off. Dupixent blocks two of the signals behind that alarm and has nine approved uses across inflammatory diseases, giving one medicine many ways to find new patients.
Sanofi handles worldwide selling and records the pharmacy sales. It then pays Regeneron a share of the profit and reimburses Regeneron for making the medicine. That arrangement makes Dupixent the company's largest source of money without Regeneron booking the medicine's sales itself; prescriptions, insurance coverage and factory capacity keep the engine turning.
Competes with Ebglyss · inflammatory skin medicine (Eli Lilly / Almirall) · Rinvoq · oral inflammation medicine (AbbVie)
EYLEA & EYLEA HDThe two eye injections produced about two-fifths of FY2025 revenue. In Q2 2026, EYLEA HD passed the original for the first time while older EYLEA's U.S. sales fell 45%; the replacement must outrun cheaper copies.The two eye injections produced about two-fifths of FY2025 revenue. In Q2 2026, EYLEA HD passed the original for the first time while older EYLEA's U.S. sales fell 45%; the replacement must outrun cheaper copies.
In plain English
Every dose is an injection into the eye for diseases of the retina, the light-catching layer at the back. The original EYLEA uses a smaller dose; EYLEA HD uses four times as much medicine so patients can go longer between visits. The newer version is replacing the older one, making the pair resemble a relay team rather than two separate growth engines.
Regeneron sells both in the United States. Bayer sells them abroad and sends back shared profit and manufacturing payments. Across all medicines Regeneron sells itself, two unnamed wholesalers handled 77% of billings; Besse Medical/Cencora and McKesson were named the year before, but the current match is unconfirmed.
Competes with Vabysmo · longer-interval eye injection (Roche) · Pavblu · lower-price EYLEA copy (Amgen)
LibtayoRegeneron's directly sold cancer medicine brought in $1.452 billion in FY2025. New uses in skin cancer can add patients, but it competes against entrenched medicines across overlapping cancers.Regeneron's directly sold cancer medicine brought in $1.452 billion in FY2025. New uses in skin cancer can add patients, but it competes against entrenched medicines across overlapping cancers.
In plain English
This is Regeneron's own cancer business in a bottle. Libtayo is given at treatment centers for skin and lung cancers and other settings, helping turn a research program into sales the company keeps rather than profit shared through a partner.
Cancer specialists choose whether to start it and how long treatment continues; specialty distributors deliver it to hospital and community infusion sites. Each added approved use opens another pool of patients, but Merck's Keytruda and Bristol Myers Squibb's Opdivo are already woven into many of the same treatment decisions.
Competes with Keytruda · cancer antibody (Merck) · Opdivo · cancer antibody and combinations (Bristol Myers Squibb)
LynozyficThis young blood-cancer launch made $17 million in Q2 2026, still tiny beside Regeneron's main medicines. Trials in earlier treatment and another rare disorder carry most of the expansion case.This young blood-cancer launch made $17 million in Q2 2026, still tiny beside Regeneron's main medicines. Trials in earlier treatment and another rare disorder carry most of the expansion case.
In plain English
A tiny launch with a much larger ambition. Lynozyfic is a two-ended antibody: one end attaches to a multiple-myeloma cell and the other recruits an immune cell. Today it is used after several earlier treatments have stopped working.
Specialist blood-cancer centers choose its place in the treatment sequence and manage the dosing. Regeneron earns direct sales as those centers use it. The present pool is narrow, so the business only becomes material if trials support use earlier in the illness or in AL amyloidosis, another condition now being studied.
Competes with Tecvayli · two-target myeloma antibody (Johnson & Johnson) · Elrexfio · two-target myeloma antibody (Pfizer)
PasatruApproved in August 2026 but not yet reported in sales, this monthly infusion serves only about 900 diagnosed people worldwide. Finding and treating eligible patients matters more than chasing a mass market.Approved in August 2026 but not yet reported in sales, this monthly infusion serves only about 900 diagnosed people worldwide. Finding and treating eligible patients matters more than chasing a mass market.
In plain English
Only a few hundred diagnosed people worldwide live with the rare illness Pasatru treats, where bone grows in places it should not. The medicine is given through a vein once a month to adults, so this is a highly focused service as much as a product launch.
Specialized centers must identify and confirm patients, secure payment and arrange repeated infusions. Regeneron earns when treatment begins and continues, while its home-infusion support helps patients receive each dose. A planned study in children is the clearest disclosed way to widen that very small population.
Competes with Sohonos · oral medicine for the same bone-growth disease (Ipsen) · Fidrisertib · discontinued candidate for the same disease (Ipsen)
OlatorepatideRegeneron's licensed obesity injection produced up to 19% average weight loss after 48 weeks in a China trial. A planned global late-stage study must show whether that result travels beyond its original setting.Regeneron's licensed obesity injection produced up to 19% average weight loss after 48 weeks in a China trial. A planned global late-stage study must show whether that result travels beyond its original setting.
In plain English
Regeneron is joining the crowded obesity race with a medicine licensed from Hansoh, the drugmaker that developed it. Olatorepatide is an injection that acts on two signals involved in weight control. The China study is encouraging, but comparisons with other medicines are unreliable until they are tested on equal terms.
There are no customers or sales yet. Regeneron funds development and would sell the medicine outside Greater China if larger global trials succeed; Hansoh keeps the region it already owns. Approval, side effects, factory capacity and insurance coverage all stand between a promising result and a repeat-paying business.
Competes with Zepbound · obesity injection (Eli Lilly) · Wegovy · obesity injection (Novo Nordisk)
CemdisiranThis under-the-skin medicine is designed for dosing every 12 weeks in a muscle-weakening autoimmune illness. U.S. and European reviews were underway, with the U.S. decision scheduled for November 2026.This under-the-skin medicine is designed for dosing every 12 weeks in a muscle-weakening autoimmune illness. U.S. and European reviews were underway, with the U.S. decision scheduled for November 2026.
In plain English
For people with generalized myasthenia gravis, the body's defense system mistakenly disrupts the connection between nerves and muscles. Cemdisiran is designed to lower a blood protein involved in that attack and would be injected under the skin once every twelve weeks.
No one pays for it yet because regulators are still deciding whether it can be sold. If approved, neurologists would identify suitable patients while specialist care networks and insurers would control access. Its selling point would be fewer doses, but it must earn a place beside medicines that already block the same protein through daily injections or treatment through a vein.
Competes with Zilbrysq · daily under-the-skin medicine (UCB) · Ultomiris · long-acting medicine given through a vein (AstraZeneca / Alexion)
Named in filings, launches and programs
- PraluentProductCholesterol-lowering medicine with $262.5 million of FY2025 U.S. sales; a direct-purchase route was added in 2026.
- Ilaris economic interestProductNovartis sells the medicine and paid Regeneron $274.8 million based on those sales in FY2025.
- ARCALYST economic interestProductKiniksa markets ARCALYST; Regeneron received $231.2 million, equal to half its FY2025 profit.
- EvkeezaProductMedicine for a rare inherited form of very high cholesterol, with $162.2 million of FY2025 U.S. sales.
- Contract manufacturing servicesServiceRegeneron makes complex medicines for partners; these services share a $196.6 million FY2025 line with smaller payments tied to sales.
- KevzaraProductSanofi-sold inflammation medicine whose payments to Regeneron sit beside Dupixent and are estimated near 1% of FY2025 revenue.
- InmazebProductEbola antibody treatment with $37.4 million of FY2025 U.S. sales, driven largely by government purchasing.
- VeopozProductMedicine for the rare immune disorder CHAPLE; current sales are not separately disclosed.
- OtarmeniProductOne-time gene therapy for an inherited hearing-loss condition, supplied free in the United States under a government agreement.
- OrdsponoProductTwo-target blood-cancer antibody sold in Europe; a factory inspection issue delayed its U.S. review.
- FianlimabProduct · Pre-revenueExperimental cancer combination whose high-dose melanoma study missed its main goal; another large comparison continues.
- ItepekimabProduct · Pre-revenueSanofi-partnered lung-disease antibody with one successful and one unsuccessful large study; next steps remain undecided.
- VelociSuitePlatformRegeneron's in-house set of technologies for discovering antibodies that bind one or two disease targets.
- Regeneron Genetics CenterBrandWholly owned genetics research group that helps find and test promising targets for future medicines.
- U.S. government access and pricing agreementCustomer programLinks specified U.S. prices to other developed countries, adds direct Praluent access and makes Otarmeni free domestically.
- Telix radiopharmaceutical collaborationProduct · Pre-revenueFour initial cancer programs pair Regeneron's antibodies with Telix's radioactive medicines under shared-cost and shared-profit options.
- Parabilis Antibody-Helicon collaborationProduct · Pre-revenueFive early discovery targets combine Regeneron antibodies with Parabilis peptides, short chains of protein building blocks.
PraluentProduct
Cholesterol-lowering medicine with $262.5 million of FY2025 U.S. sales; a direct-purchase route was added in 2026.
Ilaris economic interestProduct
Novartis sells the medicine and paid Regeneron $274.8 million based on those sales in FY2025.
ARCALYST economic interestProduct
Kiniksa markets ARCALYST; Regeneron received $231.2 million, equal to half its FY2025 profit.
EvkeezaProduct
Medicine for a rare inherited form of very high cholesterol, with $162.2 million of FY2025 U.S. sales.
Contract manufacturing servicesService
Regeneron makes complex medicines for partners; these services share a $196.6 million FY2025 line with smaller payments tied to sales.
KevzaraProduct
Sanofi-sold inflammation medicine whose payments to Regeneron sit beside Dupixent and are estimated near 1% of FY2025 revenue.
InmazebProduct
Ebola antibody treatment with $37.4 million of FY2025 U.S. sales, driven largely by government purchasing.
VeopozProduct
Medicine for the rare immune disorder CHAPLE; current sales are not separately disclosed.
OtarmeniProduct
One-time gene therapy for an inherited hearing-loss condition, supplied free in the United States under a government agreement.
OrdsponoProduct
Two-target blood-cancer antibody sold in Europe; a factory inspection issue delayed its U.S. review.
FianlimabProduct · Pre-revenue
Experimental cancer combination whose high-dose melanoma study missed its main goal; another large comparison continues.
ItepekimabProduct · Pre-revenue
Sanofi-partnered lung-disease antibody with one successful and one unsuccessful large study; next steps remain undecided.
VelociSuitePlatform
Regeneron's in-house set of technologies for discovering antibodies that bind one or two disease targets.
Regeneron Genetics CenterBrand
Wholly owned genetics research group that helps find and test promising targets for future medicines.
U.S. government access and pricing agreementCustomer program
Links specified U.S. prices to other developed countries, adds direct Praluent access and makes Otarmeni free domestically.
Telix radiopharmaceutical collaborationProduct · Pre-revenue
Four initial cancer programs pair Regeneron's antibodies with Telix's radioactive medicines under shared-cost and shared-profit options.
Parabilis Antibody-Helicon collaborationProduct · Pre-revenue
Five early discovery targets combine Regeneron antibodies with Parabilis peptides, short chains of protein building blocks.