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• Total Revenue: $3 billion for Q1 2025.

• Net Income: $928 million for Q1 2025.

• Diluted EPS: $8.22 for Q1 2025.

• Sanofi Collaboration Revenue: Approximately $1.2 billion, with $1 billion related to collaboration profits.

• EYLEA US Net Sales: $736 million, down 39% year-over-year.

• EYLEA HD US Net Sales: $307 million, up 54% year-over-year.

• Dupixent Global Net Sales: $3.7 billion, up 20% year-over-year on a constant currency basis.

• Dupixent US Net Sales: $2.6 billion, up 19% year-over-year.

• Libtayo Global Net Sales: $285 million, up 8% year-over-year on a constant currency basis.

• Free Cash Flow: $816 million for Q1 2025.

• Cash and Marketable Securities: $17.6 billion as of the end of Q1 2025.

• Debt: Approximately $2.7 billion as of the end of Q1 2025.

• Gross Margin Guidance: Updated to 86% to 87% for 2025.

• Share Repurchases: Approximately $1.1 billion worth of shares repurchased in Q1 2025.

• Quarterly Dividend: $0.88 per share, with the next payment in June.

• Warning! GuruFocus has detected 3 Warning Signs with REGN.

Release Date: April 29, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Dupixent achieved a 20% year-over-year increase in global net sales, driven by strong demand across all approved indications.

• EYLEA HD sales grew by 54% year-over-year, maintaining its position as a leader in the anti-VEGF category.

• Regeneron Pharmaceuticals Inc (NASDAQ:REGN) has a robust pipeline with approximately 45 product candidates in clinical development, including four regulatory approvals and nine regulatory submissions in 2025.

• Libtayo's US sales increased by 21% year-over-year, establishing it as a cornerstone therapy for advanced non-melanoma skin cancer.

• The company is making significant investments in R&D and manufacturing, with over $7 billion planned for US expansions to support growth and innovation.

Negative Points

• EYLEA US net sales declined by 39% compared to the first quarter of the previous year, impacted by increased competition and lower wholesaler inventory levels.

• The FDA issued a complete response letter for the EYLEA HD prefilled syringe, delaying its approval and impacting potential sales growth.

• Regeneron Pharmaceuticals Inc (NASDAQ:REGN) faces challenges from increased use of low-cost off-label Avastin due to patient affordability issues.

• The company has experienced multiple complete response letters (CRLs) and regulatory delays, raising concerns about its regulatory performance.

• There is uncertainty regarding the reopening of foundation funding for patient assistance, which affects the affordability of EYLEA for some patients.