Regeneron Pharmaceuticals, Inc.
Regeneron Pharmaceuticals, Inc. discovers, invents, develops, manufactures, and commercializes medicines to treat various diseases worldwide. The company develops product candidates to treat eye, allergic and inflammatory, cardiovascular, metabolic, neurological, infectious, and rare diseases; and cancer, hematologic conditions. It also offers EYLEA injections for wet age-related macular degeneration and diabetic macular edema; myopic choroidal neovascularization; diabetic retinopathy; neovascular glaucoma; retinopathy of prematurity; Dupixent injection to treat atopic dermatitis and asthma; Libtayo injection for metastatic or locally advanced cutaneous squamous cell carcinoma; Praluent injection to treat heterozygous familial hypercholesterolemia (HoFH); and Kevzara solution for rheumatoid arthritis. It has license and collaboration agreement with Bayer for the development and commercialization of EYLEA 8 mg and EYLEA; Alnylam Pharmaceuticals, Inc. to discover, develop, and commercialize RNAi therapeutics for diseases by addressing therapeutic disease targets expressed in eye and central nervous system; Intellia Therapeutics, Inc. to advance CRISPR/Cas9 gene-editing technology for in vivo therapeutic development for therapies focused on neurological and muscular diseases; Hansoh Pharmaceuticals Group Company Limited to acquire development and commercial rights for HS-20094, a dual GLP-1/GIP receptor; and Tessera Therapeutics, Inc. develops and commercializes TSRA-196, an investigational gene editing therapy for Alpha-1 antitrypsin deficiency. The company has a strategic collaboration with Telix Pharmaceuticals Limited to develop and commercialize radiopharmaceutical therapies. It also has a strategic collaboration with CytomX Therapeutics, Inc. to create conditionally-activated bispecific cancer therapies. It has a strategic alliance with Sanofi to develop long-acting immunology antibodies. The company was incorporated in 1988 and is based in Tarrytown, New York.
What does it do?
Regeneron is a biotech company that invents and sells medicines for serious diseases — things like blindness, severe allergies, high cholesterol, and cancer. Their biggest product is EYLEA, an injection that goes directly into the eye to prevent vision loss in people with conditions like wet macular degeneration, which is a leading cause of blindness in older adults. They also make Dupixent, a drug that treats severe eczema, asthma, and nasal polyps by calming down an overactive immune response. Think of them as a science-first company that builds drugs from scratch rather than acquiring other companies' work.
Regeneron matters right now because it sits at the intersection of two massive trends: an aging global population that needs more eye and cardiovascular treatments, and the race to develop next-generation antibody-based medicines. Dupixent is one of the fastest-growing drugs in the entire pharmaceutical industry, and Regeneron has a deep pipeline of experimental drugs that could extend growth well beyond its current hits. With $4.5B in net profit on $14.3B in revenue, this is a profitable, cash-generating machine — rare in biotech, where many companies burn money for years.
How does it make money?
Regeneron makes money primarily by selling two blockbuster drugs: EYLEA (eye injections) and Dupixent (allergy and inflammatory disease). EYLEA has historically been their biggest revenue driver, but it now faces competition from biosimilars — cheaper copycat versions — which is putting pressure on that income stream. Dupixent, which they co-commercialize with French pharma giant Sanofi (meaning they split costs and profits), has been growing rapidly and is increasingly carrying more of the revenue load. The company also earns smaller amounts from collaboration agreements, milestone payments from partners, and a handful of other approved drugs like Kevzara and Praluent.
Why do investors care?
The core growth story is Dupixent becoming one of the world's best-selling drugs. It treats a broad and expanding list of conditions, and Regeneron is constantly running trials to add new approved uses — each new approval opens up a bigger pool of patients and more revenue. Investors are also watching the company's oncology (cancer treatment) pipeline, which includes promising drugs that could become the next major revenue driver if clinical trials succeed. For the bull case to play out, Dupixent needs to keep growing fast enough to offset the declining EYLEA business, and at least one pipeline drug needs to graduate into a commercial success.
Deep Dive
MemberA full investor briefing on Regeneron Pharmaceuticals, Inc. — history, leadership, risks, and outlook.