On this page of StockholderLetter.com we present the latest annual shareholder letter from REGENERON PHARMACEUTICALS, INC. — ticker symbol REGN. Reading current and past REGN letters to shareholders can bring important insights into the investment thesis.

 •  4/24/2026 Letter Continued (Full PDF)
 •  4/21/2023 REGN Stockholder Letter
 •  4/25/2024 REGN Stockholder Letter
 •  4/29/2025 REGN Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  REGN Benford's Law Stock Score = 82

REGN Shareholder/Stockholder Letter Transcript:

2025
ANNUAL
REPORT

2025 At-a-Glance
Financial Strength
    $14.3B in 2025 revenues
    4 currently marketed blockbuster medicines: Dupixent   (dupilumab), EYLEA HD  
(aflibercept) Injection 8 mg, EYLEA   (aflibercept) Injection, and Libtayo  
(cemiplimab)
    Dupixent: >1.4M patients actively treated globally; $17.8B in 2025 global net
product sales (recorded by our collaborator Sanofi)
    Retinal franchise (EYLEA HD and EYLEA): $7.9B in 2025 global net product sales
(ex-U.S. sales of $3.5B recorded by our collaborator Bayer)
    Libtayo: $1.5B in 2025 global net product sales
Investing for Growth
    $5.9B invested in R&D in 2025, representing ~41% of 2025 revenues
    ~$6.6B anticipated R&D investment in 2026
    $9B committed to ongoing/upcoming U.S. manufacturing and R&D infrastructure
expansion
    $3.8B returned to shareholders through share repurchases and dividends in 2025
Innovation Engine
    Nearly 50 clinical candidates across six therapeutic areas
    Advancing clinical programs with near-term impact in immunology and
inflammation, cancer, hematology, neurology, cardiovascular and metabolic
diseases, and rare diseases.
    15 internally developed medicines approved or authorized over past ~15 years
    R&D powered by proprietary VelociSuite   technologies and the Regeneron
Genetics Center  
Responsibility
    Achieved or exceeded nearly all of our 2025 responsibility goals
    10 years of our flagship social impact programs, the Regeneron Science Talent
Search and Day for Doing Good
    Donated up to 500 doses of our Ebola medicine to the World Health Organization
for use in countries most at risk
    Debuted 2030 responsibility goals focused on advancing our mission

FORM 10-K

4/24/2026 Letter Continued (Full PDF)

 

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