Regeneron Q1 Revenue Falls, Profit Rises, Shares Down

Regeneron Pharmaceuticals reported first-quarter 2025 financial results with revenues down 4% year-over-year to $3.03 billion and non-GAAP earnings per share dropping to $8.22, both missing analyst expectations. GAAP net income rose 12% to $809 million, supported by a 19% increase in global Dupixent sales to $3.67 billion and a 54% surge in EYLEA HD U.S. sales, though overall EYLEA sales declined due to inventory issues and biosimilar competition. The company trimmed its 2025 capital expenditure forecast but maintained R&D spending guidance, and is investing over $7 billion in infrastructure and manufacturing in New York and North Carolina. Regeneron also announced a new $3 billion share buyback program. Management highlighted a strong pipeline and recent regulatory approvals, but noted near-term challenges including slowing revenue growth and shrinking margins. Shares have declined about 14% so far in 2025, with future performance hinging on the company addressing competitive pressures and executing on its clinical and business initiatives.