Regeneron’s third quarter results were well received by the market, reflecting strong execution in its commercial portfolio and key products. Management attributed the positive momentum to double-digit sales growth for Dupixent, Libtayo, and EYLEA HD, despite flat overall sales. CEO Leonard Schleifer highlighted that Dupixent’s broadening indications and robust uptake across geographies remained a primary growth driver, while EYLEA HD benefited from increased physician demand, partially offset by lower net pricing. Libtayo’s continued expansion in non-melanoma skin cancers and new indications also contributed to the quarter’s performance.
Is now the time to buy REGN? Find out in our full research report (it’s free for active Edge members).
Regeneron (REGN) Q3 CY2025 Highlights:
- Revenue: $3.75 billion vs analyst estimates of $3.57 billion (flat year on year, 5.1% beat)
- Adjusted EPS: $11.83 vs analyst estimates of $9.64 (22.7% beat)
- Adjusted EBITDA: $1.46 billion vs analyst estimates of $1.21 billion (38.9% margin, 20.3% beat)
- Operating Margin: 27.3%, down from 31.7% in the same quarter last year
- Market Capitalization: $65.89 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Regeneron’s Q3 Earnings Call
- Akash Tewari (Jefferies) asked about EYLEA’s pricing and volume strategy as well as the likelihood of continued volume gains ahead of label enhancements. CEO Leonard Schleifer and EVP Marion McCourt declined to share specifics due to competitive concerns, but reiterated demand growth is tied to clinical benefits and pending regulatory updates.
- Geoffrey Meacham (Citi) questioned Regeneron’s appetite for large-scale mergers or acquisitions and plans for further manufacturing expansion. Schleifer explained they remain open to deals that add value but are focused on finalizing their own filling plant to control manufacturing end-to-end.
- Evan Seigerman (BMO Capital Markets) inquired about internal changes to address recent regulatory setbacks. Schleifer responded that issues were not due to regulatory team shortcomings but rather manufacturing constraints, and emphasized ongoing efforts to bring more filling capacity in-house.
- Cory Kasimov (Evercore) asked about the commercial outlook for cemdisiran in myasthenia gravis and European plans. CSO George Yancopoulos highlighted cemdisiran’s differentiated dosing and efficacy profile, while McCourt emphasized launch readiness and unmet patient need.
- Chris Schott (JPMorgan) requested an update on Lynozyfic’s launch and pathway to earlier treatment lines. McCourt reported strong early feedback in late-line multiple myeloma, and Yancopoulos noted that extensive pivotal programs are being accelerated to target earlier disease stages.
Catalysts in Upcoming Quarters
In the next few quarters, the StockStory team will be monitoring (1) regulatory decisions on EYLEA HD label enhancements and new filler approvals, (2) clinical milestones and pivotal trial readouts across the company’s hematology, oncology, and metabolic programs, and (3) the pace of commercial adoption for recently launched therapies like Lynozyfic and expanded indications for Dupixent. Effective execution on R&D investment and manufacturing scale-up will also be key.
Regeneron currently trades at $640, up from $584.78 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).
High-Quality Stocks for All Market Conditions
Fresh US-China trade tensions just tanked stocks—but strong bank earnings are fueling a sharp rebound. Don’t miss the bounce.
Don’t let fear keep you from great opportunities and take a look at Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).
Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.
StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.
