Regeneron Pharmaceuticals, Inc. · REGN · FY2025 Q2 · Calendar Q3 2025

Regeneron Q2 2025: Strong products, lower guidance

Regeneron's Q2 2025 showed strong commercial momentum from Dupixent, Libtayo and EYLEA HD, alongside pipeline progress led by Lynozyfic. The case is tempered by lower 2025 guidance, Catalent-related regulatory delays, and competitive and pricing pressure around EYLEA.

Reported Before market openNASDAQHealthcare $76.45B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $12.89 Consensus $8.43
EPS surprise +52.9% Reported versus consensus
Reported revenue $3.68B Consensus $3.29B
Revenue surprise +11.8% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +2.5% Event window
SPY move -1.6% Same window
Abnormal move +4.1% Stock minus SPY
Volume 1.9× Versus trailing sessions
Subsequent drift +3.9% Up to 20 sessions
REGNSPY benchmark

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Transcript intelligence

What changed

The quarter added Lynozyfic approval and further Dupixent expansion while highlighting a $7 billion U.S. manufacturing plan. At the same time, management lowered the 2025 outlook, and a Catalent site inspection delayed EYLEA HD enhancements and the odronextamab BLA.

Guidance delta

Management's guidance sentiment moved lower as revised expense assumptions reduced the 2025 outlook.

Key takeaways

  • Dupixent, Libtayo and EYLEA HD provided commercial momentum.
  • Lynozyfic approval and bispecific-antibody data strengthened the pipeline case.
  • Management highlighted a $7 billion U.S. manufacturing expansion and continued internal R&D.
  • Catalent-related regulatory delays and lower guidance temper the otherwise strong quarter.

Management priorities

  • Expand Dupixent indications and commercial reach.
  • Advance Libtayo, Lynozyfic, odronextamab and the broader bispecific pipeline.
  • Progress obesity GLP-1/GIP programs and other pipeline candidates.
  • Expand U.S. manufacturing and fill/finish capacity.

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Earnings History

Estimate Beat Miss Match
REGN REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $3B Q1 '24 actual $3B, miss Q2 '24 estimate $3B Q2 '24 actual $4B, beat Q3 '24 estimate $4B Q3 '24 actual $4B, beat Q2 '25 estimate $3B Q2 '25 actual $4B, beat Q3 '25 estimate $4B Q3 '25 actual $4B, beat Q4 '25 estimate $4B Q4 '25 actual $4B, beat Q1 '26 estimate $3B Q1 '26 actual $4B, beat Q2 '26 estimate $4B Q2 '26 actual $4B, beat Q3 '26 estimate $5B Q4 '26 estimate $4B Q1 '27 estimate $4B
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Analyst Consensus ?

ConsensusBuy49 ratings
Bullish3469.4%
Neutral1530.6%
Bearish00.0%

Analyst 52W Price Targets

$750.95Current
$584Low
$848.41Average
$1,292High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 9, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Truist Securities Buy BuyMaintainOct 7, 2026
Morgan Stanley Equal Weight Equal WeightMaintainOct 7, 2026
JP Morgan Overweight OverweightMaintainOct 6, 2026
Jefferies Buy BuyMaintainOct 1, 2026
Argus Research Buy HoldUpgradeOct 1, 2026
Show 44 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $750.95. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
RBC CapitalBrian Abrahams$810$730.08 +7.9%Oct 8, 2026
Raymond JamesChris Raymond$911$742.12 +21.3%Oct 8, 2026
Truist FinancialAnalyst unavailable$780$747.51 +3.9%Oct 7, 2026
Morgan StanleyAnalyst unavailable$779$743.6 +3.7%Oct 7, 2026
JefferiesAnalyst unavailable$930$741.16 +23.8%Oct 1, 2026
See 146 more

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Company context

Snapshot as of publication

Regeneron Pharmaceuticals, Inc. is a global biopharmaceutical enterprise focused on discovering, inventing, developing, manufacturing, and bringing to market medical treatments for a wide array of illnesses. Its therapeutic portfolio includes EYLEA, an injection used to treat various ophthalmic conditions such as wet age-related macular degeneration, diabetic macular edema, myopic choroidal neovascularization, diabetic retinopathy, and macular edema resulting from retinal vein occlusion (both central and branch). Other significant offerings are Dupixent, an injectable solution for atopic dermatitis and asthma in both adults and pediatric patients; Libtayo, indicated for metastatic or locally advanced cutaneous squamous cell carcinoma; Praluent, an injection prescribed for adults with heterozygous familial hypercholesterolemia or clinical atherosclerotic cardiovascular disease; REGEN-COV for COVID-19; and Kevzara, a solution targeting rheumatoid arthritis in adult patients.…

Historical context

All REGN earnings

Healthcare peers this season

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MDT Medtronic plc FY2027 Q1 · Calendar Q3 2026 +4.3% +1.5% Medtronic raises FY27 outlook as growth broadens across platforms

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-09T14:40:45.799779+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-09T14:40:45.797011+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-09. For educational purposes only; not investment advice.