REGENERON PHARMACEUTICALS, INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$14.3B
Gross margin	— not reported
Operating income	$3.6B
Net income	$4.5B
Diluted EPS	$41.48
Cash & equivalents	$3.1B
Total assets	$40.6B
Long-term debt	$2.0B

Key takeaway

Revenue increased modestly to $14.34B in 2025 (from $14.20B in 2024), with Dupixent collaboration sales surging to $17.8B globally and EYLEA HD U.S./ROW sales rising to $2.57B.

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Beneath the surface

The effective tax rate of 13.9% is well below the 21% federal statutory rate, aided by a 2.5% benefit from research tax credits ($133.3M) and a favorable geographic mix (foreign pre-tax income of $5.71B vs. a domestic pre-tax loss of $476.3M).

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