Regeneron Pharmaceuticals (NASDAQ: REGN) is a biotechnology company that invents, develops, manufactures, and commercializes medicines for serious diseases. Revenue comes from net product sales of its own marketed drugs, collaboration profit-sharing arrangements with Sanofi and Bayer, and milestone and royalty payments tied to partnered programs. The company operates as a fully integrated biotech, controlling discovery, manufacturing, and U.S. commercialization in-house while relying on collaborators for certain international markets. Key revenue drivers, as stated in the FY2025 10-K filed February 4, 2026, are EYLEA HD (aflibercept 8 mg) and Dupixent (dupilumab). Regeneron was founded by Leonard S. Schleifer, M.D., Ph.D., who serves as Board co-Chair, President, and CEO, alongside George D. Yancopoulos, M.D., Ph.D., Board co-Chair and Chief Scientific Officer. Christopher Fenimore serves as CFO. The company has approximately 45 product candidates in clinical development as of the filing date.

Revenue model

Net product sales from marketed drugs sold in the U.S. and internationally; collaboration profit-sharing with Sanofi (Dupixent, Praluent outside the U.S.) and Bayer (EYLEA outside the U.S.); milestone payments and royalties from licensing agreements; and research and development cost reimbursements from collaborators.

Products and services

Marketed products include: Dupixent (dupilumab), approved across atopic dermatitis, asthma, CRSwNP, COPD, EoE, prurigo nodularis, CSU, and bullous pemphigoid in various geographies; EYLEA HD / EYLEA 8 mg (aflibercept 8 mg) for retinal conditions; Libtayo (cemiplimab) for NSCLC, BCC, CSCC, and cervical cancer; Praluent (alirocumab) for cardiovascular risk reduction and hypercholesterolemia; Evkeeza (evinacumab) for HoFH; Ordspono (odronextamab) for follicular lymphoma and DLBCL; Lynozyfic (linvoseltamab) for relapsed/refractory multiple myeloma; Inmazeb for Zaire ebolavirus infection; Veopoz (pozelimab) for CHAPLE disease; ARCALYST (rilonacept) for recurrent pericarditis; and ZALTRAP (ziv-aflibercept) for intravenous infusion. The pipeline includes approximately 45 candidates in clinical development as of the FY2025 10-K filing.

Customers and end markets

End markets span ophthalmology, immunology, oncology, cardiovascular disease, and rare diseases. Patients with serious or chronic conditions are the ultimate end users. In the U.S., third-party payors including private insurers and government programs (Medicare, Medicaid) are primary payment sources. Outside the U.S., particularly in the EU, government health authorities are the primary payors and set or influence pricing through mechanisms including price freezes, mandatory rebates, value-based pricing, and reference pricing.

Value-chain role

Fully integrated drug developer and manufacturer. Regeneron conducts internal discovery research using proprietary VelociSuite and Trap technologies, manufactures its own biologics, and retains exclusive U.S. commercialization rights for key products. For ex-U.S. markets, commercialization is conducted through collaborators: Bayer for EYLEA outside the U.S. and Sanofi for Dupixent and Praluent in certain territories. The company also in-licenses late-stage assets, as with the $80.0 million up-front payment to Hansoh Pharmaceuticals for HS-20094 (GLP-1/GIP agonist) in July 2025, and co-develops programs with partners such as Alnylam Pharmaceuticals (RNAi therapeutics) and Tessera Therapeutics (AATD, $150.0 million aggregate payment in January 2026).

Geographic exposure

United States (primary commercialization market, exclusive rights retained for key products). European Union (marketed products including Dupixent, Libtayo, Praluent, Evkeeza; government-controlled pricing environment). Japan (Dupixent and Libtayo approvals noted in the FY2025 10-K). Ex-U.S. markets for EYLEA handled through Bayer collaboration; Praluent outside the U.S. handled by Sanofi.

Source: SEC 10-K, filed 2026-02-04

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