Regeneron surges on 19% earnings beat as Dupixent sales hit $17.8B
Biotech giant returns $3.5B to shareholders through buybacks and announces $0.94 dividend
Regeneron Pharmaceuticals delivered a strong fourth-quarter performance that exceeded Wall Street expectations, driven by robust growth in its blockbuster Dupixent treatment and accelerated adoption of EYLEA HD, while returning significant capital to shareholders through share buybacks and dividends.
The biotechnology company reported fourth-quarter non-GAAP earnings per share of $11.44, surpassing analyst estimates of $9.64 by 18.6%, according to regulatory filings. Total revenue reached $3.88 billion for the quarter, beating consensus projections of $3.59 billion and representing a 3% increase year-over-year.
The standout performance came from Dupixent, the anti-inflammatory drug developed with partner Sanofi. Global sales of the treatment surged 34% to $4.9 billion in the fourth quarter, bringing full-year 2025 sales to $17.8 billion, a 26% increase from the previous year. The drug has established itself as the most widely used innovative branded antibody medicine globally, with more than 1.4 million active patients across its approved indications.
"Our fourth-quarter and full-year 2025 results reflect strong performance across our four blockbuster medicines," company leadership stated in the earnings announcement. "We delivered another year of growth driven by our commercial momentum and significant progress across our development programs."
EYLEA HD, the high-dose formulation of Regeneron's flagship eye treatment, demonstrated particularly strong momentum in the quarter, with U.S. net sales jumping 66% to $506 million. The growth follows recent regulatory wins, including FDA approval for macular edema following retinal vein occlusion (RVO) and expanded dosing flexibility across approved indications.
The company also secured regulatory progress for Libtayo, which received both FDA and European Commission approvals for high-risk adjuvant cutaneous squamous cell carcinoma (CSCC). Additionally, Dupixent secured European Commission approval for chronic spontaneous urticaria (CSU), further expanding its addressable market.
Beyond operational performance, Regeneron returned significant capital to shareholders in 2025. The company completed $3.5 billion in share repurchases during the year, with $1.5 billion remaining authorized under current buyback programs as of December 31. In a move signaling confidence in future cash flows, the board of directors declared a cash dividend of $0.94 per share, payable in March 2026.
Analysts have responded positively to the results. Evercore ISI maintained its "Outperform" rating while raising its price target to $875 from $750. Bank of America Securities upgraded the stock to "Buy" from "Underperform" earlier in January, establishing an $860 price target. The consensus rating among analysts remains "Moderate Buy" with an average price target of $831, according to current market data.
Looking ahead, Regeneron's pipeline includes multiple late-stage programs that investors are monitoring closely. The company's four core commercial products—Dupixent, EYLEA/EYLEA HD, Libtayo, and Praluent—continue to drive growth, while the late-stage portfolio offers additional catalysts for 2026 and beyond.
The company's strong fourth-quarter results come amid broader challenges in the biotechnology sector, where high interest rates and regulatory pressures have weighed on valuations throughout 2025. Regeneron's diversified revenue streams and demonstrated ability to exceed earnings expectations position it favorably relative to peers navigating similar market conditions.