Regeneron Pharmaceuticals reported second-quarter 2025 revenue of $3.68 billion, a 4% increase from a year earlier, and adjusted earnings of $12.89 a share, up 12%. GAAP net income was $1.39 billion. The performance exceeded analysts’ expectations, helped by strong uptake of newer medicines and collaboration income. Sales of Eylea HD, the company’s high-dose retinal therapy introduced last year, rose 29% to $393 million in the United States, partially offsetting a 39% slide in legacy Eylea sales. Combined U.S. revenue for the Eylea franchise fell 25% to $1.15 billion as patients continued to transition to the upgraded formulation amid heightened competition and pricing pressure. Dupixent, marketed globally with Sanofi, remained Regeneron’s biggest growth driver. Global net sales booked by Sanofi climbed 22% to $4.34 billion, lifting Regeneron’s share of antibody profits and collaboration revenue. Libtayo oncology sales advanced 27% to $377 million, while other marketed products such as Praluent and Kevzara posted double-digit gains. Regeneron highlighted a series of regulatory wins, including the U.S. approval in July of Lynozyfic (linvoseltamab) for heavily pre-treated multiple myeloma and new U.S. indications for Dupixent in bullous pemphigoid and chronic spontaneous urticaria. Management said the latest approvals and a diverse late-stage pipeline position the company for continued growth despite near-term pressure on the Eylea franchise.