Filing Flows › Regeneron Pharmaceuticals (REGN) › Q2 2025
Regeneron Pharmaceuticals (REGN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Regeneron Pharmaceuticals (REGN) reported revenue of $3.7B for the second quarter 2025 (Q2 2025), +4% from a year earlier and +21% from the quarter before. Operating margin was 29.4%, net earnings $1.4B (37.9% of revenue).
Regeneron Pharmaceuticals, Q2 2025: revenue $3.7B (+4% year over year), operating margin 29.4%, net earnings $1.4B, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | +21% | +4% |
| Operating profit | $1.1B | +82% | +0.9% |
| Net earnings | $1.4B | +72% | -3% |
| Operating cash flow | $1.1B | +10% | +223% |
| Free cash flow | $925M | +13% | +433% |
What changed
Revenue was $3.7B in Q2 2025, up 4% year over year and up 21% from the previous quarter. Collaboration revenue was the largest line at 51% of revenue. Collaboration revenue added $0.34B year over year (up 22%), 262% of the total change. Net product sales declined 15%.
Operating profit was $1.1B, a 29.4% margin (down 0.8 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, below the 30% margin then. Total costs grew 5% against revenue growth of 4%. The fastest-growing cost line was Research & development (+18%). Net earnings were $1.4B, down 3% year over year. The effective tax rate was 8.4%. Non-operating items added $0.44B, 29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.1B (up 223% year over year), 82% of net earnings. Non-cash charges added back $0.14B of depreciation and amortization and $0.25B of share-based compensation. Working capital and other items used $0.63B. Capital expenditures of $0.22B left free cash flow of $0.93B.
Questions
What was Regeneron Pharmaceuticals' revenue in the second quarter 2025?
Regeneron Pharmaceuticals (REGN) reported revenue of $3.7B for the second quarter 2025 (Q2 2025), +4% from a year earlier and +21% from the quarter before.
Was Regeneron Pharmaceuticals profitable in the second quarter 2025?
Operating profit was $1.1B (29.4% of revenue) and net earnings $1.4B.