Short answer
Regeneron Pharmaceuticals (REGN) filed its fiscal 2025 10-K annual report with the SEC on Feb 4, 2026. It reported revenue of $14.3B (+1.0% year over year) and net income of $4.5B.
- Top risk flagged: Lease financing $720M matures March 2027, full payment due unless extended with lender consent
FY2025 key financial metrics · XBRL
- Revenue
- $14.3B
- +1.0% YoY
- Net income
- $4.5B
- +2.1% YoY
- Operating margin
- 24.9%
- −3.2 pp YoY
- EPS (diluted)
- $41.48
- +8.2% YoY
- ROE
- 14.4%
- −0.6 pp YoY
- Operating cash flow
- $5.0B
- +12.6% YoY
Source: XBRL data from the Regeneron Pharmaceuticals (REGN) FY2025 10-K on SEC EDGAR. USD.
Regeneron Pharmaceuticals FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Development, manufacturing, and commercialization of innovative biologic drugs and drug-delivery devices with regulatory approval focus
- New emphasis on expanding internal manufacturing capacity and establishing fill/finish capabilities amid production constraints and pandemic-related impacts
- Strategic reliance increased on collaborators and contract manufacturers for bulk production and complex device supply chain management
- Manufacturing capacity limited to facilities in Rensselaer, NY and Limerick, Ireland; investing in expansion and new fill/finish facility undergoing process validation
- Noteworthy risk: Loss of U.S. market exclusivity for EYLEA as biosimilars launched May 2024, impacting patent protection and revenue outlook
Management Discussion & Analysis
- Investment portfolio equity securities decreased to $515.8M (Dec 31, 2025) from $1.307B (Dec 31, 2024)
- Foreign exchange risk growing due to international sales and operations; foreign currency hedging strategies considered
Risk Factors
- Lease financing $720M matures March 2027, full payment due unless extended with lender consent
- Exposure to SOFR-based variable interest rate plus margin tied to debt rating and leverage ratio
- Liabilities for unrecognized tax benefits $1.578B as of December 31, 2025, with high uncertainty in settlement timing
- Ongoing R&D and commercialization costs depend on trial outcomes, regulatory approvals, and market potential
- Contingent payments from collaboration agreements include milestone and royalty payments with unpredictable timing
Generated from the filing text; verify against the original. How to read a 10-K
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