Regeneron Pharmaceuticals (NASDAQ:REGN) reported fourth-quarter earnings that surpassed Wall Street expectations, bolstered by the continued explosive growth of its blockbuster immunology drug, Dupixent.
The Tarrytown, New York-based biotechnology giant successfully navigated a pivotal product transition, as rapid adoption of its high-dose eye treatment helped mitigate declining sales for its legacy blockbuster.
For the quarter ended Dec. 31, 2025, Regeneron posted net income of $844.6 million, or $7.86 per share.
Excluding stock-based compensation and other non-recurring items, adjusted earnings reached $11.44 per share, comfortably beating the $10.56 consensus estimate from analysts surveyed by Zacks Investment Research.
Revenue for the period rose 3% to $3.88 billion, edging past the $3.82 billion projected by the Street.
The quarter’s performance was defined by a tale of two therapies.
Global net sales of Dupixent, which Regeneron co-develops with Sanofi, surged 34% to $4.9 billion, driven by expanding approvals in asthma and skin conditions.
Meanwhile, in the vision care segment, the newer Eylea HD saw U.S. sales jump 66% to $506 million.
This growth was essential in offsetting a 52% plunge in the original Eylea formulation, which faces stiffening competition and a shift in patient preference toward the higher-dose version.
For the full year, the company reported a profit of $4.5 billion on revenue of $14.34 billion.
Looking ahead, Regeneron is betting heavily on its oncology pipeline, with its cancer therapy Libtayo recording 66% global growth in the final quarter of the year.