• Amgen for antibody-driven blockbusters.
• Genentech for next-gen antibody therapies.

• Eylea (aflibercept): A treatment for various retinal diseases including wet age-related macular degeneration and diabetic macular edema.
• Dupixent (dupilumab): A biologic medicine used to treat inflammatory conditions such as atopic dermatitis, asthma, and chronic rhinosinusitis with nasal polyps.
• Libtayo (cemiplimab): An immunotherapy used to treat certain advanced skin cancers and non-small cell lung cancer.
• Praluent (alirocumab): A medication used to lower LDL cholesterol in adults with cardiovascular disease or familial hypercholesterolemia.

• Cardinal Health, Inc. (symbol: CAH)
• McKesson Corporation (symbol: MCK)
• AmerisourceBergen Corporation (now Cencora, symbol: COR)

null

Leonard S. Schleifer, MD, PhD, Co-Chairman of the Board, President and Chief Executive Officer

Dr. Schleifer co-founded Regeneron in 1988 and has served as its President and Chief Executive Officer since its inception, making him the longest-serving CEO of a major U.S. biotechnology company. Under his leadership, Regeneron grew from a startup to a significant biotechnology company with multiple FDA-approved drugs. Prior to founding Regeneron, he was an Assistant Professor at Cornell University Medical College in the Departments of Neurology and Neurobiology.

Christopher R. Fenimore, Executive Vice President, Finance and Chief Financial Officer

Mr. Fenimore joined Regeneron in 2003 and has held various finance roles within the company, including Senior Vice President, Head of Accounting and Controller, and Vice President, Financial Planning and Analysis. Before joining Regeneron, he was Vice President of Finance at Mojave Therapeutics, Inc., a biotechnology startup. He also has prior experience in healthcare industry-focused venture capital and investment banking roles, and began his career as an audit senior at KPMG.

George D. Yancopoulos, MD, PhD, Co-founder, President and Chief Scientific Officer

Dr. Yancopoulos co-founded Regeneron with Dr. Schleifer in 1989 and serves as its President and Chief Scientific Officer. He is a principal inventor and developer of many of Regeneron's FDA-approved treatments and foundational technologies. He left academia in 1989 to co-found Regeneron, having previously conducted seminal work in molecular immunology at Columbia University.

Marion McCourt, Executive Vice President, Head of Commercial

Ms. McCourt joined Regeneron in 2018 and leads the company's commercial organization. Her extensive background includes serving as President and Chief Operating Officer at Axovant, and Chief Operating Officer of Medivation until its acquisition by Pfizer Inc. in 2016. She also held commercial leadership roles at Amgen and spent 12 years at AstraZeneca, where she became Chief Operating Officer for AstraZeneca U.S.

Daniel P. Van Plew, Executive Vice President and General Manager, Industrial Operations and Product Supply

Mr. Van Plew joined Regeneron in 2007 and has served as Executive Vice President and General Manager, Industrial Operations and Product Supply since January 2016. Prior to Regeneron, he was Executive Vice President, R&D and Technical Operations of Crucell Holland B.V. from 2006 to 2007. He also held positions at Chiron Biopharmaceuticals, including Senior Director, Vacaville Operations, and various managerial roles in the health and life sciences practice at Accenture.

1. Patent Expiration and Biosimilar Competition for Eylea: Regeneron's flagship eye drug, Eylea, which has historically accounted for a significant portion of the company's total revenue, faces substantial risk due to patent expirations. Primary U.S. patents for Eylea expired around 2023-2024, and European protection is set to end around 2025, paving the way for biosimilar competition. Although Regeneron has launched Eylea HD, a high-dose formulation, and is actively engaged in patent litigation to extend exclusivity, the entry of biosimilars from companies like Samsung Bioepis, Amgen, and Viatris is anticipated and is expected to erode Eylea's market share and impact revenue projections.
2. Pipeline Dependence and Clinical Trial Risks: To offset the anticipated decline in Eylea revenue, Regeneron is highly dependent on the successful development and commercialization of new product candidates from its pipeline. The process of drug development is inherently uncertain, and clinical trials may not consistently demonstrate the statistically sufficient effectiveness and safety required for regulatory approvals. Setbacks in clinical trials, such as the mixed data observed for the chronic obstructive pulmonary disease drug itepekimab, can significantly impact investor confidence and the company's future growth prospects.
3. Intensified Competition in Key Markets: Beyond biosimilar threats to Eylea, Regeneron faces growing competition from existing and emerging therapies across its key therapeutic areas. In the retinal disorder market, Eylea already competes with products like Roche's Vabysmo, which has intensified competition and contributed to Eylea's sales decline. The broader biopharmaceutical landscape also presents competitive challenges from other innovative treatments, including gene therapies and new drugs in areas like obesity, which could impact Regeneron's market position and profitability.

Eylea (aflibercept injection) and Eylea HD (aflibercept injection 8 mg)

• The global Eylea market was valued at USD 7.8 billion in 2024 and is anticipated to reach approximately USD 12 billion by 2033. Another estimate places the global Eylea market at USD 10.14 billion in 2025, projected to grow to US$ 16.71 billion by 2032.
• The overall global ophthalmology market, which encompasses Eylea's indications, was USD 77.10 billion in 2024, estimated at USD 81.72 billion in 2025, and is anticipated to reach around USD 144.04 billion by 2034.
• North America holds the largest share of the Eylea market, approximately 45% of the global share. The North American ophthalmology market size accounted for USD 34.82 billion in 2024.
• Eylea HD sales are forecasted to reach $1.4 billion in 2024 and climb to $5.5 billion in 2030. Combined, Eylea products held 45% of the market.

Dupixent (dupilumab)

• The global Dupixent market size was estimated at USD 14.15 billion in 2024 and is projected to reach USD 27.58 billion by 2033. Another source estimates the Dupixent market size at USD 14.18 billion in 2024, expected to reach USD 25.70 billion by 2032.
• The U.S. Dupixent market size was estimated at USD 10.39 billion in 2024 and is projected to reach USD 16.82 billion by 2033. North America led the Dupixent market with a 76.15% share in 2024. The U.S. Dupixent market size was valued at USD 8.16 billion in 2024 and is expected to reach USD 14.11 billion by 2032.
• The global atopic dermatitis (AD) market in the seven major markets (US, UK, France, Germany, Italy, Spain, and Japan) is estimated to grow from $8.5 billion in 2023 to $22.4 billion by 2033. The global atopic dermatitis drugs market size was estimated at USD 17.64 billion in 2024 and is projected to reach USD 29.88 billion by 2030. The global atopic dermatitis treatment market size was valued at USD 17.05 billion in 2024 and is expected to reach USD 32.04 billion by 2032.
• The global asthma treatment market size was valued at USD 28.28 billion in 2024 and is anticipated to reach around USD 35.93 billion by 2034.

Libtayo (cemiplimab)

• The global oncology/cancer drugs market size was valued at $167.0 billion in 2023 and is projected to reach $335.2 billion by 2033. Another source indicates the global oncology drugs market size was valued at USD 190.10 billion in 2023 and is anticipated to exceed USD 564.50 billion by 2033.
• North America is the largest regional market for oncology-cancer drugs. In 2022, North America held a dominant market position, capturing over 40.5% share, with a market value of US$ 84.2 billion.

Arcalyst (rilonacept)

• The global rare disease treatment market size was valued at USD 7.02 billion in 2024 and is projected to reach USD 15.11 billion by 2032. Other estimates for the global rare disease treatment market size range from USD 182.28 billion in 2024 to USD 587.08 billion by 2034.
• North America's rare disease treatment market dominated the global market, accounting for 62.9% of the revenue share in 2024.

Veopoz (pozelimab)

• CHAPLE disease affects fewer than 100 patients worldwide.
• The global CHAPLE disease therapeutics market size is expected to reach US$ 160.2 million by 2032, increasing from US$ 145.3 million in 2025.
• North America holds a 39.8% share of the CHAPLE Syndrome Market.

Praluent (alirocumab)

• No specific addressable market size for Praluent or PCSK9 inhibitors was found in the provided search results.

Inmazeb (atoltivimab, maftivimab, and odesivimab-ebgn)

• No specific addressable market size for Inmazeb or Zaire ebolavirus infection treatment was found in the provided search results.

Regeneron Pharmaceuticals (REGN) is expected to drive future revenue growth over the next two to three years through several key factors:

1. Continued Expansion and Growth of Dupixent

   Dupixent remains a primary growth engine for Regeneron, with analysts anticipating its continued strong performance. Global sales of Dupixent increased significantly year-over-year in Q2 2025, with growth across all approved indications, age groups, and geographic regions. Recent approvals for new indications, such as Chronic Obstructive Pulmonary Disease (COPD), Chronic Spontaneous Urticaria (CSU), and Bullous Pemphigoid (BP), are expected to further drive revenue growth. The expansion into COPD is particularly highlighted as a potential next phase of revenue growth for the drug.

2. Growth of Libtayo

   Libtayo is another significant contributor to Regeneron's revenue growth. The drug demonstrated a notable increase in global net sales in Q2 2025. Additionally, Libtayo received a recommendation for EU approval for the adjuvant treatment of Cutaneous Squamous Cell Carcinoma (CSCC) with a high risk of recurrence after surgery and radiation, which could contribute to further expansion and revenue.

3. Advancements and Launches from a Robust Clinical Pipeline

   Regeneron's innovative pipeline, particularly in oncology, immunology, and rare diseases, is a crucial long-term driver of revenue. The company is continuously investing in research and development to support future growth and has ongoing advancements in its clinical pipeline, including efforts in obesity, hematology, and thrombosis. The company's proprietary technologies, such as VelociSuite, are used to produce optimized fully human antibodies and new classes of bispecific antibodies, which are key to developing new therapies. Successful progression and launch of these product candidates are expected to fuel future revenue growth.

4. Strategic Collaborations and Partnerships

   Strategic collaborations and partnerships, such as the one with Sanofi for Dupixent, are integral to Regeneron's revenue model. These collaborations contribute to higher collaboration revenue, as observed in Q2 2025, primarily driven by Dupixent. These partnerships help in expanding market reach and sharing development costs and expertise for new therapeutic technologies.

Share Repurchases

• In May 2020, Regeneron announced a share repurchase of approximately 19.2 million of its shares for around $5 billion from Sanofi.
• In 2024, the company repurchased $2.6 billion of common stock.
• In February 2025, the Board of Directors authorized an additional $3 billion share repurchase program, increasing the total current capacity to approximately $4.5 billion. As of March 31, 2025, the total repurchase flexibility, including prior programs, reached $6.874 billion.

Share Issuance

• Regeneron received proceeds from the issuance of Common Stock in connection with exercises of employee stock options totaling $1.465 billion in 2024, $1.146 billion in 2023, and $1.520 billion in 2022.
• No new Class A stock has been issued since the company's IPO.

Inbound Investments

• In July 2020, Regeneron was awarded a $450 million government contract under Operation Warp Speed for the manufacturing and supply of its experimental COVID-19 treatment, REGN-COV2.

Outbound Investments

• The company acquired Checkmate Pharmaceuticals for approximately $250 million in April 2022, enhancing its immuno-oncology drug pipeline.
• Regeneron announced the acquisition of Decibel Therapeutics in August 2023, and acquired 2seventy Bio in April 2024.
• In April 2024, Regeneron launched Regeneron Ventures, committing up to $500 million over the next five years to invest in biotechnology, devices, tools, and enabling technologies.

Capital Expenditures

• In 2024, Regeneron invested $756 million in capital expenditures, primarily to expand its Tarrytown, New York R&D headquarters.
• Regeneron plans to invest over $7 billion in infrastructure and manufacturing facilities in New York and North Carolina over the coming years.
• The company is constructing a fill/finish facility in Rensselaer, New York, which is currently undergoing process validation. The company's capital expenditure guidance indicates an outlook of USD 850-890 million for the fiscal year.