Revenue growth remains volatile, peaking at 19.0% in 2026Q1, while gross margins consistently exceed 80% despite competitive pressures on legacy products.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 14.92B | 14.34B | 14.2B | 13.12B | 12.17B | 16.07B | 8.5B | 6.56B | 6.71B | 5.87B | 4.86B | 4.1B | 2.82B | 2.1B | 1.38B | 445.82M | 459.07M | 379.27M | 238.46M | 125.02M | 63.45M | 66.19M | 174.02M | 57.5M | 21.99M | 21.97M | 59.28M | 34.5M | 38.2M | 33.1M | 24.1M |
| Revenue Growth % | 5.92% | 0.99% | 8.27% | 7.76% | -24.26% | 89.14% | 29.58% | -2.28% | 14.28% | 20.82% | 18.44% | 45.55% | 33.96% | 52.69% | 209.2% | -2.89% | 21.04% | 59.05% | 90.73% | 97.05% | -4.15% | -61.96% | 202.65% | 161.49% | 0.07% | -62.93% | 71.81% | -9.69% | 15.41% | 37.34% | -12.04% |
| Cost of Goods Sold | 2.31B | 2.1B | 1.97B | 2.24B | 1.71B | 2.72B | 1.36B | 975.4M | 582.3M | 542.53M | 404.44M | 467.62M | 257.7M | 196.56M | 121.39M | 35.3M | 21.78M | 15.93M | 12.21M | 0 | 22.74M | 25.06M | 151.31M | 6.68M | 6.48M | 6.51M | 15.57M | 3.6M | 5M | 2.6M | 1.1M |
| COGS % of Revenue | - | 14.65% | 13.87% | 17.11% | 14.01% | 16.95% | 15.96% | 14.87% | 8.68% | 9.24% | 8.32% | 11.39% | 9.14% | 9.34% | 8.81% | 7.92% | 4.74% | 4.2% | 5.12% | - | 35.84% | 37.86% | 86.95% | 11.61% | 29.48% | 29.62% | 26.26% | 10.43% | 13.09% | 7.85% | 4.56% |
| Gross Profit | 12.61B | 12.24B | 12.23B | 10.87B | 10.47B | 13.35B | 7.14B | 5.58B | 6.13B | 5.33B | 4.46B | 3.64B | 2.56B | 1.91B | 1.26B | 410.53M | 437.29M | 363.33M | 226.25M | 0 | 40.71M | 41.13M | 22.71M | 50.82M | 15.51M | 15.46M | 43.71M | 30.9M | 33.2M | 30.5M | 23M |
| Gross Margin % | 84.55% | 85.35% | 86.13% | 82.89% | 85.99% | 83.05% | 84.04% | 85.13% | 91.32% | 90.76% | 91.68% | 88.61% | 90.86% | 90.66% | 91.19% | 92.08% | 95.26% | 95.8% | 94.88% | - | 64.16% | 62.14% | 13.05% | 88.39% | 70.52% | 70.38% | 73.74% | 89.57% | 86.91% | 92.14% | 95.44% |
| Gross Profit Growth % | - | 0.09% | 12.5% | 3.87% | -21.58% | 86.91% | 27.93% | -8.91% | 14.99% | 19.61% | 22.55% | 41.93% | 34.26% | 51.79% | 206.21% | -6.12% | 20.36% | 60.59% | - | -100% | -1.03% | 81.13% | -55.32% | 227.77% | 0.27% | -64.62% | 41.46% | -6.93% | 8.85% | 32.61% | -16.06% |
| Operating Expenses | 8.98B | 8.66B | 8.24B | 6.52B | 5.08B | 4.4B | 3.56B | 3.37B | 3.59B | 3.25B | 3.13B | 2.38B | 1.72B | 1.15B | 796.57M | 615.68M | 534.77M | 437.44M | 316.08M | 227.99M | 148.02M | 163.34M | 17.06M | 150.81M | 137.46M | 101.15M | 68.99M | 54.7M | 45.8M | 38M | 40.3M |
| OpEx % of Revenue | - | 60.41% | 58.03% | 49.74% | 41.75% | 27.38% | 41.95% | 51.43% | 53.56% | 55.35% | 64.3% | 58.1% | 61.12% | 54.53% | 57.79% | 138.1% | 116.49% | 115.34% | 132.55% | 182.36% | 233.29% | 246.76% | 9.8% | 262.29% | 625.15% | 460.32% | 116.38% | 158.55% | 119.9% | 114.8% | 167.22% |
| Selling, General & Admin | 2.71B | 2.7B | 2.95B | 2.54B | 2.12B | 1.82B | 1.35B | 1.34B | 1.56B | 1.32B | 1.18B | 838.53M | 504.75M | 328.92M | 207.96M | 117.26M | 65.2M | 52.92M | 49.35M | 37.87M | 25.89M | 25.42M | 17.06M | 14.79M | 12.53M | 9.61M | 8.31M | 6.4M | 5.8M | 5.8M | 5.9M |
| SG&A % of Revenue | - | 18.82% | 20.8% | 19.36% | 17.38% | 11.35% | 15.84% | 20.46% | 23.19% | 22.49% | 24.23% | 20.43% | 17.9% | 15.63% | 15.09% | 26.3% | 14.2% | 13.95% | 20.69% | 30.29% | 40.81% | 38.4% | 9.8% | 25.71% | 56.99% | 43.72% | 14.02% | 18.55% | 15.18% | 17.52% | 24.48% |
| Research & Development | 6.26B | 5.85B | 5.23B | 3.99B | 3.06B | 2.62B | 2.5B | 2.24B | 2.04B | 1.93B | 1.95B | 1.55B | 1.22B | 818.74M | 588.61M | 498.42M | 469.56M | 384.51M | 266.73M | 190.13M | 122.12M | 137.92M | 136.09M | 136.02M | 124.93M | 91.54M | 56.26M | 44.9M | 37M | 27.8M | 28.3M |
| R&D % of Revenue | - | 40.79% | 36.85% | 30.39% | 25.11% | 16.31% | 29.41% | 34.15% | 30.37% | 32.86% | 40.07% | 37.66% | 43.22% | 38.9% | 42.7% | 111.8% | 102.29% | 101.38% | 111.86% | 152.07% | 192.48% | 208.36% | 78.21% | 236.58% | 568.16% | 416.6% | 94.91% | 130.14% | 96.86% | 83.99% | 117.43% |
| Other Operating Expenses | 0 | 114.1M | 53.4M | -2.1M | -89.9M | -45.6M | -280.4M | -209.2M | 0 | 0 | 0 | 0 | -1.2B | -801.26M | 0 | 0 | 0 | 0 | 0 | 11.49M | 0 | 0 | -136.09M | 0 | 0 | 0 | 4.42M | 3.4M | 3M | 4.4M | 6.1M |
| Operating Income | 3.63B | 3.58B | 3.99B | 4.35B | 5.39B | 8.95B | 3.58B | 2.21B | 2.53B | 2.08B | 1.33B | 1.25B | 823.92M | 743.05M | 460.51M | -205.16M | -97.47M | -74.1M | -89.83M | -114.45M | -107.31M | -124.42M | 5.65M | -99.99M | -121.95M | -85.68M | -25.28M | -23.8M | -12.5M | -7.5M | -17.3M |
| Operating Margin % | 24.32% | 24.95% | 28.1% | 33.15% | 44.24% | 55.67% | 42.09% | 33.7% | 37.77% | 35.41% | 27.38% | 30.51% | 29.22% | 35.3% | 33.41% | -46.02% | -21.23% | -19.54% | -37.67% | -91.55% | -169.13% | -187.97% | 3.24% | -173.9% | -554.63% | -389.95% | -42.64% | -68.99% | -32.72% | -22.66% | -71.78% |
| Operating Income Growth % | - | -10.34% | -8.23% | -19.26% | -39.8% | 150.15% | 61.85% | -12.81% | 21.87% | 56.27% | 6.3% | 51.95% | 10.88% | 61.35% | 324.47% | -110.48% | -31.54% | 17.51% | 21.51% | -6.66% | 13.75% | -2303.7% | 105.65% | 18.01% | -42.33% | -238.99% | -6.2% | -90.4% | -66.67% | 56.65% | -127.63% |
| EBITDA | 4.17B | 4.12B | 4.47B | 4.77B | 5.73B | 9.23B | 3.81B | 2.42B | 2.68B | 2.23B | 1.44B | 1.33B | 876.61M | 784.25M | 497.45M | -174.08M | -77.78M | -59.86M | -78.54M | -102.97M | -92.72M | -108.92M | 21.01M | -87.05M | -113.5M | -79.61M | -20.86M | -20.4M | -9.5M | -3.1M | -11.2M |
| EBITDA Margin % | 27.94% | 28.74% | 31.5% | 36.36% | 47.05% | 57.45% | 44.87% | 36.91% | 39.97% | 37.89% | 29.53% | 32.33% | 31.09% | 37.26% | 36.09% | -39.05% | -16.94% | -15.78% | -32.94% | -82.36% | -146.13% | -164.54% | 12.07% | -151.4% | -516.19% | -362.29% | -35.18% | -59.13% | -24.87% | -9.37% | -46.47% |
| EBITDA Growth % | -3.64% | -7.87% | -6.21% | -16.72% | -37.97% | 142.18% | 57.53% | -9.79% | 20.56% | 55% | 8.19% | 51.36% | 11.78% | 57.65% | 385.77% | -123.79% | -29.95% | 23.79% | 23.72% | -11.06% | 14.88% | -618.45% | 124.13% | 23.3% | -42.58% | -281.71% | -2.23% | -114.74% | -206.45% | 72.32% | -558.82% |
| D&A (Non-Cash Add-back) | 540M | 543.7M | 482.9M | 421M | 341.4M | 286.2M | 235.9M | 210.3M | 148.2M | 145.47M | 104.75M | 74.91M | 52.69M | 41.2M | 36.94M | 31.08M | 19.69M | 14.25M | 11.29M | 11.49M | 14.59M | 15.5M | 15.36M | 12.94M | 8.45M | 6.08M | 4.42M | 3.4M | 3M | 4.4M | 6.1M |
| EBIT | 5.2B | 5.27B | 4.84B | 4.27B | 4.92B | 9.38B | 3.87B | 2.46B | 2.58B | 2.1B | 1.34B | 1.24B | 813.12M | 759.8M | 459.73M | -201.61M | -95.35M | -69.61M | -72.61M | -93.56M | -91.11M | -83.4M | 53.87M | -99.99M | -121.95M | -85.68M | -25.28M | -23.8M | -12.5M | -13.7M | -17.3M |
| Net Interest Income | 678.7M | 673M | 656.2M | 422.9M | 100.7M | -57.3M | -56.9M | -30.2M | -28.2M | -25.12M | -7.2M | -7.96M | -31.61M | -43.77M | -43.29M | -17.73M | -7.1M | 2.05M | 12.91M | 14.75M | 4.5M | -1.67M | -6.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 726.7M | 716.8M | 711.4M | 495.9M | 160.1M | 0 | 0 | 0 | 0 | 0 | 0 | 6.28M | 5.76M | 2.67M | 2.01M | 3.55M | 2.02M | 4.39M | 20.66M | 26.8M | 16.55M | 10.38M | 5.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 48M | 43.8M | 55.2M | 73M | 59.4M | 57.3M | 56.9M | 30.2M | 28.2M | 25.12M | 7.2M | 14.24M | 37.37M | 46.44M | 45.3M | 21.28M | 9.12M | 2.34M | 7.75M | 12.04M | 0 | 0 | 0 | 0 | 0 | 0 | 4.58M | 0 | 0 | 3.4M | 14.3M |
| Other Income/Expense | 1.53B | 1.65B | 789.2M | -149.3M | -526.8M | 379M | 233.8M | 219.3M | 19.1M | -1.08M | -926K | -26.82M | -62.68M | -47.17M | -46.09M | -17.73M | -7M | 2.15M | 9.47M | 8.85M | 4.16M | 26.76M | 36.05M | -7.47M | -2.42M | 9.5M | 25.28M | 23.8M | 12.5M | 6.2M | 0 |
| Pretax Income | 5.16B | 5.23B | 4.78B | 4.2B | 4.86B | 9.33B | 3.81B | 2.43B | 2.55B | 2.08B | 1.33B | 1.23B | 775.75M | 713.36M | 414.42M | -222.89M | -104.47M | -71.95M | -80.36M | -93.56M | -91.11M | 124.42M | 53.87M | -95.53M | -112.52M | -73.52M | -29.85M | -22.8M | -8.2M | -7.5M | -17.3M |
| Pretax Margin % | 34.56% | 36.47% | 33.66% | 32.01% | 39.91% | 58.03% | 44.84% | 37.04% | 38.05% | 35.4% | 27.36% | 29.85% | 27.51% | 33.89% | 30.06% | -50% | -22.76% | -18.97% | -33.7% | -74.83% | -143.6% | 187.97% | 30.96% | -166.14% | -511.72% | -334.61% | -50.36% | -66.09% | -21.47% | -22.66% | -71.78% |
| Income Tax | 733.5M | 725.8M | 367.3M | 245.7M | 520.4M | 1.25B | 297.2M | 313.3M | 109.1M | 880M | 434.29M | 589.04M | 427.67M | 289M | -335.85M | -1.13M | 0 | -4.12M | 2.35M | -29.75M | -21.87M | 178.85M | -84.28M | 3.01M | -7.01M | -21.66M | 2.51M | -1.7M | -8.4M | 7.5M | 29.4M |
| Effective Tax Rate % | 14.22% | 13.88% | 7.68% | 5.85% | 10.71% | 13.41% | 7.8% | 12.9% | 4.27% | 42.34% | 32.66% | 48.08% | 55.13% | 40.51% | -81.04% | 0.51% | 0% | 5.73% | -2.93% | 31.8% | 24% | 143.74% | -156.44% | -3.15% | 6.23% | 29.46% | -8.42% | 7.46% | 102.44% | -100% | -169.94% |
| Net Income | 4.42B | 4.5B | 4.41B | 3.95B | 4.34B | 8.08B | 3.51B | 2.12B | 2.44B | 1.2B | 895.52M | 636.06M | 348.07M | 424.36M | 750.27M | -221.76M | -104.47M | -67.83M | -82.71M | -105.6M | -102.34M | -95.45M | 41.7M | -107.46M | -124.38M | -76.18M | -23.21M | -23.1M | -8.6M | -11.6M | -32.4M |
| Net Margin % | 29.65% | 31.41% | 31.07% | 30.14% | 35.64% | 50.25% | 41.35% | 32.26% | 36.42% | 20.41% | 18.42% | 15.5% | 12.35% | 20.16% | 54.43% | -49.74% | -22.76% | -17.88% | -34.69% | -84.46% | -161.3% | -144.19% | 23.96% | -186.89% | -565.66% | -346.7% | -39.16% | -66.96% | -22.51% | -35.05% | -134.44% |
| Net Income Growth % | -1.69% | 2.09% | 11.61% | -8.87% | -46.28% | 129.86% | 66.05% | -13.44% | 103.95% | 33.83% | 40.79% | 82.74% | -17.98% | -43.44% | 438.32% | -112.28% | -54.01% | 17.99% | 21.68% | -3.19% | -7.22% | -328.89% | 138.8% | 13.6% | -63.27% | -228.15% | -0.5% | -168.6% | 25.86% | 64.2% | -37.87% |
| Net Income (Continuing) | 4.42B | 4.5B | 4.41B | 3.95B | 4.34B | 8.08B | 3.51B | 2.12B | 2.44B | 1.2B | 895.52M | 636.06M | 338.13M | 413.74M | 750.27M | -221.76M | -104.47M | -67.83M | -82.71M | -105.6M | -103.15M | -95.45M | 41.7M | -107.46M | -124.38M | -76.18M | -21.65M | -23.1M | -8.6M | -11.6M | -32.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 41.07 | 41.48 | 38.34 | 34.77 | 38.22 | 71.97 | 30.52 | 18.46 | 21.29 | 10.34 | 7.70 | 5.52 | 2.98 | 3.72 | 6.75 | -2.45 | -1.26 | -0.85 | -1.05 | -1.59 | -1.77 | -1.71 | 0.74 | -2.13 | -2.83 | -1.81 | -0.66 | -0.73 | -0.28 | -0.40 | -1.32 |
| EPS Growth % | 4.48% | 8.19% | 10.27% | -9.03% | -46.89% | 135.81% | 65.33% | -13.29% | 105.9% | 34.29% | 39.49% | 85.23% | -19.89% | -44.89% | 375.51% | -94.44% | -48.24% | 19.05% | 33.96% | 10.17% | -3.51% | -331.08% | 134.74% | 24.73% | -56.35% | -174.24% | 9.59% | -160.71% | 30% | 69.7% | -10.92% |
| EPS (Basic) | - | 43.07 | 40.90 | 37.05 | 40.51 | 76.40 | 32.65 | 19.38 | 21.29 | 11.27 | 8.55 | 6.17 | 3.36 | 4.23 | 7.92 | -2.45 | -1.26 | -0.85 | -1.05 | -1.59 | -1.77 | -1.71 | 0.75 | -2.13 | -2.83 | -1.81 | -0.66 | -0.74 | -0.28 | -0.40 | -1.32 |
| Diluted Shares Outstanding | 107.7M | 108.6M | 115.1M | 113.7M | 113.5M | 112.2M | 115.1M | 114.6M | 114.8M | 115.91M | 116.3M | 115.23M | 113.47M | 111.29M | 115.38M | 90.61M | 82.93M | 79.78M | 78.83M | 66.33M | 57.97M | 55.95M | 56.17M | 50.45M | 43.95M | 42.09M | 35.17M | 31.45M | 31M | 29M | 24.46M |
| Basic Shares Outstanding | 104M | 104.6M | 107.9M | 106.7M | 107.1M | 105.7M | 107.6M | 109.2M | 114.8M | 115.9M | 116.25M | 115.23M | 113.41M | 111.22M | 111.07M | 90.61M | 82.93M | 79.78M | 78.83M | 66.33M | 57.97M | 55.95M | 55.42M | 50.45M | 43.95M | 42.09M | 35.17M | 31.22M | 30.71M | 29M | 24.46M |
| Dividend Payout Ratio | - | 8.22% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Medicare Part B pricing
According to quarterly financial data, Regeneron's revenue growth has exhibited significant volatility, peaking at 19.0% in 2026Q1 while experiencing periods of contraction, suggesting that the company's reliance on legacy ophthalmology franchises creates a challenging environment for maintaining consistent top-line expansion as it navigates competitive market pressures.
The revenue trajectory appears heavily influenced by the timing of collaboration settlements and the ongoing transition of the Eylea patient base to high-dose formulations. Investors should monitor whether the expansion of Dupixent into new indications can sufficiently offset the potential revenue erosion from biosimilar entry in the ophthalmology segment.
As reported in recent income statements, Regeneron maintains robust gross margins consistently above 80%, with a peak of 86.8% in 2024Q3, reflecting the high-value nature of its proprietary biologics portfolio and the company's ability to command premium pricing despite increasing competition from emerging biosimilar entrants.
The stability of these gross margins suggests that the company's manufacturing and discovery platform provides a durable competitive moat. However, the compression observed in 2026Q1 to 81.4% warrants further investigation into whether this represents a permanent shift in pricing power or temporary fluctuations in collaboration-related cost accounting.
Based on the provided financial figures, Regeneron consistently allocates approximately $1.3B to $1.6B per quarter toward R&D, representing a significant portion of revenue that underscores the company's commitment to its proprietary VelociSuite platform at the expense of short-term operating margin expansion and bottom-line profitability.
This high fixed-cost structure is a deliberate strategic choice that prioritizes long-term pipeline development over immediate earnings growth. While this intensity is necessary for maintaining a competitive edge, it leaves the operating income vulnerable to any unexpected slowdowns in clinical trial productivity or regulatory approval timelines.
Analysis of recent filings reveals that stock-based compensation remains a persistent expense, frequently exceeding $230M per quarter, which serves to dilute the quality of reported net income and suggests that management's incentive structures are heavily weighted toward equity-based rewards rather than purely cash-based performance metrics.
The consistent level of SBC, when viewed alongside fluctuating EPS figures, indicates that shareholders should be cautious about the impact of dilution on long-term value. The divergence between net income and EPS growth in certain periods suggests that non-operating items and tax anomalies may also be obscuring the underlying operational performance.
While the company's platform-based narrative remains compelling, a critical assessment of the income statement suggests that the market may be underestimating the risk of margin compression as Eylea faces mounting pressure from biosimilars and potential legislative changes to Medicare Part B reimbursement structures.
Short-term volatility in operating margins, which dropped to 17.8% in 2026Q1, may indicate that the cost of defending market share is rising faster than anticipated. If the pipeline fails to deliver a successor to the Eylea franchise with similar profitability, the current valuation may prove difficult to sustain.
Quick answers to the most common questions about buying REGN stock.
For fiscal year 2025, Regeneron Pharmaceuticals, Inc. (REGN) reported total revenue of $14.34B. This represents a 59414.1% increase compared to $24.1M in 1996.
Regeneron Pharmaceuticals, Inc. (REGN) is profitable, generating $4.50B in net income for the fiscal year ending 2025 with a net profit margin of 31.4%.
Regeneron Pharmaceuticals, Inc. (REGN) reported an operating income of $3.58B, resulting in an operating profit margin of 24.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Regeneron Pharmaceuticals, Inc. (REGN) generated $12.24B in gross profit for the year, representing a gross profit margin of 85.4%. This demonstrates the company's core pricing power and production efficiency.