Regeneron Pharmaceuticals, Inc.

Regeneron Pharmaceuticals, Inc. is a fully integrated American biotechnology company that invents, develops, manufactures, and commercializes medicines for people with serious diseases, recording $14.34 billion of revenue in fiscal 2025 and carrying a market capitalization of roughly $76 billion. Founded in 1988 and led since inception by Leonard Schleifer, with George Yancopoulos as founding scientist from 1989, it is unusual among large biotechnology companies in that every one of its thirteen approved medicines was discovered in its own laboratories rather than licensed in.

The company is in the middle of the most consequential handoff in its history. Its founding franchise, the eye drug EYLEA, is in steep decline as biosimilars and competing anti-VEGF agents take share, while its successor, EYLEA HD, is growing quickly and in the second quarter of 2026 outsold the original product for the first time. At the same time, the profit share Regeneron earns on Dupixent — a drug that Sanofi commercializes under a decades-old collaboration — has quietly become the largest single revenue line, and the balance sheet holds $17.8 billion of cash and marketable securities against barely $2 billion of senior notes.

The file turns on a single question: whether the Dupixent profit-share annuity and a broad but still-unproven pipeline can replace the earnings power of the old EYLEA before multiple U.S. aflibercept biosimilars launch in the second half of 2026.