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Regeneron Pharmaceuticals makes medicines for serious diseases, including eye conditions, allergic and inflammatory diseases, and cancer. It sells drugs to wholesalers, specialty distributors and healthcare providers, which bring them to patients. Insurers and government health programs largely determine whether patients can afford and use these medicines.
Most revenue comes from U.S. sales of EYLEA HD and EYLEA and the Sanofi collaboration, chiefly Regeneron’s share of Dupixent profits. Regeneron sells EYLEA HD and EYLEA itself in the United States; Bayer sells them elsewhere and shares the profits with Regeneron. Sanofi handles global Dupixent sales and shares profits with Regeneron, which also helps commercialize the medicine and supplies some of its bulk product. Regeneron therefore depends heavily on Sanofi and Bayer, not just on demand for its medicines.
Two U.S. distributors account for most of Regeneron’s product sales before rebates and other deductions. Sales also depend on insurance coverage and reimbursement terms. Regeneron and its partners may sell medicines only with the relevant regulatory approvals, whose permitted uses and prescribing restrictions limit how the products can be marketed.
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Regeneron's results hinge on Dupixent profit sharing with Sanofi and the EYLEA franchise, but this list omits Bayer, its overseas EYLEA partner, and Roche, a major retinal-treatment rival.
Sanofi's Dupixent and Kevzara sales feed directly into Regeneron's shared profits, and Sanofi also pays Regeneron to manufacture the collaboration antibodies. Watch Dupixent sales: their growth drove the increase in Regeneron's collaboration profits in 2025.
Amgen competes for Regeneron's medicine sales on two fronts: PAVBLU, a biosimilar version of aflibercept, challenges EYLEA, while Repatha competes with Praluent. Watch PAVBLU's sales and patent litigation, as Regeneron already reports pressure on EYLEA volumes and prices from competing treatments.
AbbVie's Rinvoq competes for the same atopic dermatitis patients as Dupixent, the medicine whose profits Regeneron shares with Sanofi.
Eli Lilly's Ebglyss directly competes with Dupixent for moderate-to-severe atopic dermatitis patients, putting it against a medicine whose profits Regeneron shares with Sanofi.
GSK's Nucala competes with Dupixent for severe asthma patients and other overlapping inflammatory respiratory conditions, challenging part of Regeneron's profit-sharing business with Sanofi.
AstraZeneca competes with two Regeneron medicines: its respiratory biologic medicines challenge Dupixent, while Imfinzi overlaps with Libtayo in treating lung cancer.
Merck's Keytruda competes with Regeneron's Libtayo for cancer patients, including those with non-small-cell lung cancer, receiving medicines called checkpoint inhibitors.
Bristol Myers Squibb both competes with Regeneron's Libtayo through Opdivo and grants Regeneron patent rights to develop and sell Libtayo.
Alvotech's biosimilar versions of aflibercept compete with EYLEA outside the United States, where Regeneron shares sales profits with Bayer; Alvotech manufactures medicines for partners that pay it to supply and license them. Watch launches in the specified markets allowed by settlements beginning in 2026, with earlier launches possible under some agreements.
Novartis has opposing ties to Regeneron: its eye medicines compete with Regeneron's retinal treatments, but its Ilaris sales generate royalty payments to Regeneron.
Kiniksa Pharmaceuticals International, plc pays Regeneron half the profits from ARCALYST, which it sells through specialty pharmacies in the United States for recurrent pericarditis and other approved uses. ARCALYST profitability directly affects Regeneron's share, which contributed $231.2 million in 2025.
Intellia Therapeutics, Inc leads nex-z development, with Regeneron paying 25% of development costs and taking 25% of eventual profits or losses if it reaches commercialization. Watch its Phase 3 results in transthyretin amyloidosis: nex-z remains a development program, not a source of product sales.
Genmab A/S competes with Regeneron for B-cell lymphoma treatment through epcoritamab, against Regeneron's odronextamab; both are bispecific medicines directed at CD20. Watch epcoritamab's clinical results in B-cell lymphomas, where odronextamab is also being evaluated in Phase 3 trials.
Alnylam grants Regeneron rights to develop and sell cemdisiran alone or with pozelimab, while Regeneron bears its own expenses and pays Alnylam milestone payments and sales royalties. Regulatory approvals and eventual sales determine those payments, rather than a shared-profit arrangement.
Kodiak Sciences Inc is a potential future challenger to Regeneron's EYLEA and EYLEA HD, developing late-stage retinal treatments but selling no approved medicines yet. Watch clinical and approval news for Zenkuda, KSI-501 and KSI-101 rather than product revenue.
Kiniksa Pharmaceuticals International, plc earningsKNSA
Kiniksa’s report will show whether ARCALYST sales and profitability are supporting the profit share it pays Regeneron.
Look at Kiniksa’s ARCALYST sales and profitability: strength in both would point to a larger pool of profits and a bigger potential contribution to Regeneron; weakness in either would mean this direct profit-sharing stream may contribute less.
Eli Lilly & Co. earningsLLY
Lilly’s report will show whether Ebglyss is winning atopic dermatitis prescriptions from Dupixent, whose profits Regeneron shares with Sanofi.
Watch Lilly’s disclosures on Ebglyss sales and uptake alongside Dupixent’s growth. Ebglyss gaining while Dupixent slows would point to fiercer competition for the same patients and prescribers, putting more pressure on Regeneron’s profit-sharing business; limited Ebglyss uptake with Dupixent still growing would suggest this competitor is not yet materially weakening that source of collaboration profit.
Regeneron Pharmaceuticals Inc earningsThis company
Regeneron’s report will show whether EYLEA HD can make up for lost EYLEA sales and whether its profit-sharing business with Sanofi keeps growing.
Read U.S. EYLEA HD and EYLEA product sales together: HD growth with EYLEA stabilizing would show the newer medicine is replacing sales lost by the older one; weak HD sales alongside further EYLEA declines would mean competition is widening the gap. Then look at Sanofi collaboration revenue, which mainly reflects Regeneron’s share of profits from collaboration products such as Dupixent. Continued growth would show the business is not relying only on eye medicines; a slowdown would leave the pressured eye business carrying more weight.
Sanofi earningsSNY
Sanofi’s report will show whether Dupixent and Kevzara sales keep growing the profits it shares with Regeneron.
Read Sanofi’s reported Dupixent and Kevzara sales alongside Regeneron’s recorded share of Sanofi collaboration profits. Continued sales growth would support this revenue stream for Regeneron; slower sales would weaken its growth engine. Sanofi reports product sales, while Regeneron records its profit share and supply-related revenue, so the figures are not the same revenue.
Amgen Inc earningsAMGN
Amgen’s report will show whether PAVBLU, its aflibercept biosimilar, is gaining ground against EYLEA, whose sales drive Regeneron revenue.
Watch Amgen’s disclosures on PAVBLU sales or uptake alongside the pressure Regeneron reports on EYLEA. PAVBLU gaining ground would point to added competition that could weigh on EYLEA volume or pricing; limited uptake would suggest this rival has not yet added much pressure. Regeneron records U.S. EYLEA sales, while Bayer records sales outside the United States and shares profits with Regeneron, so Amgen’s sales are not a direct measure of Regeneron’s losses.
