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Regeneron Pharmaceuticals (REGN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Regeneron Pharmaceuticals (REGN) reported revenue of $3.8B for the third quarter 2025 (Q3 2025), +0.9% from a year earlier and +2% from the quarter before. Operating margin was 27.3%, net earnings $1.5B (38.9% of revenue).
Regeneron Pharmaceuticals, Q3 2025: revenue $3.8B (+0.9% year over year), operating margin 27.3%, net earnings $1.5B, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.8B | +2% | +0.9% |
| Operating profit | $1.0B | -5% | -13% |
| Net earnings | $1.5B | +5% | +9% |
| Operating cash flow | $1.6B | +41% | +25% |
| Free cash flow | $1.4B | +53% | +35% |
What changed
Revenue was $3.8B in Q3 2025, up 1% year over year and up 2% from the previous quarter. Collaboration revenue was the largest line at 52% of revenue. Collaboration revenue added $0.31B year over year (up 19%), 918% of the total change. Net product sales declined 18%.
Operating profit was $1.0B, a 27.3% margin (down 4.4 points year over year). Operating profit fell $0.15B even though revenue rose $0.03B versus a year earlier, so costs grew faster than sales. Total costs grew 7% against revenue growth of 1%. The fastest-growing cost line was Research & development (+16%). Net earnings were $1.5B, up 9% year over year. The effective tax rate was 17.2%. Non-operating items added $0.74B, 42% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.6B (up 25% year over year), 111% of net earnings. Non-cash charges added back $0.14B of depreciation and amortization and $0.24B of share-based compensation. Working capital and other items used $0.21B. Capital expenditures of $0.20B left free cash flow of $1.4B.
Questions
What was Regeneron Pharmaceuticals' revenue in the third quarter 2025?
Regeneron Pharmaceuticals (REGN) reported revenue of $3.8B for the third quarter 2025 (Q3 2025), +0.9% from a year earlier and +2% from the quarter before.
Was Regeneron Pharmaceuticals profitable in the third quarter 2025?
Operating profit was $1.0B (27.3% of revenue) and net earnings $1.5B.