Regeneron Pharmaceuticals Inc

regeneron.com

What Do They Do?

Develops and commercializes medicines for serious diseases, including eye, inflammatory, and cancer conditions, for patients and medical professionals.

How Do They Make Money?

The company sells medicines to customers, with payment tied to receipt or acceptance of the product. Collaboration income comes from shared product profits, manufacturing reimbursements, royalties, sales-based milestone payments, and reimbursements for research and development or commercialization costs.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Net product sales Sold outright	44% FY2022: 57%	Sold outright
Collaboration revenue	51% FY2022: 40%
Other revenue	4.9% FY2022: 3.0%

Who Are Their Customers?

Product customers include distributors and specialty pharmacies, which sell medicines to healthcare providers; collaborators share product commercialization and research activities.

Do Revenues Turn Into Profits?

Yes. It kept 31 cents of every revenue dollar as net income in FY2025 and turned 28 cents into free cash flow.

Operating income, FY2025

25% of revenue

▼ −10% vs FY2024 ($4B, 28%)

Net income, FY2025

31% of revenue

▲ +2% vs FY2024 ($4.4B, 31%)

Free cash flow, FY2025

28% of revenue

▲ +11% vs FY2024 ($3.7B, 26%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +17%; vs $3.7B in Q2 FY2025
Net income: ▼ −7%; vs $1.4B in Q2 FY2025

Collaboration revenue share of revenue vs 50.6% in Q2 FY2025

Shrinking. Revenue fell 11% in 4 years, from $16.1B in FY2021 to $14.3B in FY2025, about 3% a year.

More emphasis on discovery-enabling technologies The earlier report describes a foundation in basic scientific research and discovery-enabling technologies; the latest report describes a foundation in scientific research and drug development using proprietary technologies.

Revenue over time

Net product sales Collaboration revenue Other revenue

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Novartis, Genentech/Roche, Outlook Therapeutics, Amgen, Sandoz, Samsung Bioepis, Harrow, Xbrane Biopharma, STADA Arzneimittel, Formycon, Bioeq, Teva, Zydus Lifesciences, Almirall, Eli Lilly, AbbVie, Galderma, Maruho, Chugai Pharmaceutical, and LEO Pharma

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