Filing Flows › Regeneron Pharmaceuticals (REGN) › Q4 2025
Regeneron Pharmaceuticals (REGN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 4, 2026
Regeneron Pharmaceuticals (REGN) reported revenue of $3.9B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +3% from the quarter before. Operating margin was 22.7%, net earnings $845M (21.7% of revenue).
Regeneron Pharmaceuticals, Q4 2025: revenue $3.9B (+2% year over year), operating margin 22.7%, net earnings $845M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9B | +3% | +3% |
| Operating profit | $880M | -14% | -11% |
| Net earnings | $845M | -42% | -8% |
| Operating cash flow | $1.2B | -28% | -7% |
| Free cash flow | $922M | -35% | -13% |
What changed
Revenue was $3.9B in Q4 2025, up 3% year over year and up 3% from the previous quarter. Collaboration revenue was the largest line at 51% of revenue.
Operating profit was $0.88B, a 22.7% margin (down 3.5 points year over year). Operating profit fell $0.11B even though revenue rose $0.10B versus a year earlier, so costs grew faster than sales. Total costs grew 7% against revenue growth of 3%. The fastest-growing cost line was Research & development (+15%). Net earnings were $0.84B, down 8% year over year. The effective tax rate was 19.1%.
Operating cash flow was $1.2B (down 7% year over year), 139% 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 $0.07B. Capital expenditures of $0.25B left free cash flow of $0.92B.
Questions
What was Regeneron Pharmaceuticals' revenue in the fourth quarter 2025?
Regeneron Pharmaceuticals (REGN) reported revenue of $3.9B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +3% from the quarter before.
Was Regeneron Pharmaceuticals profitable in the fourth quarter 2025?
Operating profit was $880M (22.7% of revenue) and net earnings $845M.