Regeneron Pharmaceuticals, Inc. · REGN · FY2025 Q3 · Calendar Q4 2025

Regeneron: Dupixent and pipeline momentum offset EYLEA pressure

The supplied analysis supports a constructive but qualified view: commercial momentum from Dupixent and EYLEA HD, plus pipeline progress, supports the growth case, while EYLEA pricing pressure, regulatory delays and execution requirements are material counterweights.

Reported Before market openNASDAQHealthcare $75.74B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $11.83 Consensus $9.65
EPS surprise +22.6% Reported versus consensus
Reported revenue $3.75B Consensus $3.59B
Revenue surprise +4.5% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +11.8% Event window
SPY move +0.3% Same window
Abnormal move +11.6% Stock minus SPY
Volume 2.0× Versus trailing sessions
Subsequent drift +20.3% Up to 20 sessions
REGNSPY benchmark

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, guidance sentiment moved from lowered to maintained. The current analysis emphasizes Dupixent’s continued expansion, EYLEA HD’s U.S. sales momentum, multiple positive Phase III readouts and a new prefilled-syringe regulatory hurdle.

Guidance delta

Current analysis says guidance was maintained, versus lowered sentiment in the prior-quarter analysis.

Key takeaways

  • Management highlighted continued Dupixent growth and expansion into new indications and markets.
  • EYLEA HD reached an all-time-high U.S. net-sales figure, while the broader anti-VEGF franchise faced pricing pressure.
  • The pipeline produced multiple positive Phase III readouts across immunology, oncology, ophthalmology and rare diseases.
  • The EYLEA HD prefilled-syringe regulatory hurdle and manufacturing scale-up remain important execution issues.

Management priorities

  • Expand Dupixent indications and geographic reach.
  • Advance EYLEA HD label enhancements and address the prefilled-syringe regulatory issue.
  • Progress cemdisiran, Lynozyfic and other late-stage pipeline programs.
  • Continue U.S. manufacturing investment and capacity expansion.

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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

$735.2Current
$584Low
$850.32Average
$1,292High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
Jefferies Buy BuyMaintainOct 1, 2026
Argus Research Buy HoldUpgradeOct 1, 2026
RBC Capital Sector Perform Sector PerformMaintainSep 29, 2026
HSBC Buy BuyMaintainSep 10, 2026
Leerink Partners Market Perform Market PerformMaintainAug 17, 2026
Show 44 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $735.2. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
JefferiesAnalyst unavailable$930$741.16 +26.5%Oct 1, 2026
BMO CapitalEvan David Seigerman$920$741.41 +25.1%Oct 1, 2026
Argus ResearchAnalyst unavailable$850$758.27 +15.6%Oct 1, 2026
HSBCRajesh Kumar$920$807.65 +25.1%Sep 10, 2026
Leerink PartnersDavid Risinger$824$803.48 +12.1%Aug 17, 2026
See 142 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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CompanyQuarterEPS surpriseMarket moveHeadline
COO The Cooper Companies, Inc. FY2026 Q3 · Calendar Q3 2026 +2.7% -14.7% CooperCompanies beats expectations as inventory reduction weighs on vision revenue
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 · 2026-10-04T02:40:42.318838+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T02:40:42.316137+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 2026-10-04. For educational purposes only; not investment advice.