Antibody-led biopharma
Regeneron Pharmaceuticals
Regeneron sells ophthalmology, immunology and oncology medicines directly and earns profit-share and manufacturing revenue from products developed with Sanofi and Bayer. It spends on licensing upfront payments, milestones and patent royalties for external technology, while also taking equity stakes in selected development partners.
REGN Updated Sep 11, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Regeneron Pharmaceuticals is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 4 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · $14.343 billion (FY2025 total revenue, SEC 10-K XBRL)
- Segments · Product sales · Sanofi collaboration revenue · Bayer collaboration revenue · Other revenue
Revenue from
- Sanofi High confidence· Amount $5.9B · FY2025 · Total revenue recognized from the Sanofi collaboration, including profit share and reimbursement for commercial supplies
Sanofi is Regeneron's largest collaboration-revenue counterparty. Profit sharing led by Dupixent and reimbursement for commercial supplies were recognized as collaboration revenue in 2025.Mentions EN DBS Bank Published Sep 5, 2025: Regeneron Pharmaceuticals Inc: Dupixent's breakout performance drives EPS surgeConfirms KO Dailypharm Published Aug 4, 2025: Dupixent First-Half Sales Reach KRW 12 Trillion as Indications Expand - Bayer High confidence· Amount $1.4B · FY2025 · Total revenue recognized from the Bayer collaboration, including the share of ex-U.S. EYLEA profits and reimbursement for commercial supplies
Bayer commercializes EYLEA outside the United States and pays Regeneron its collaboration profit share and reimbursement for commercial supplies. Regeneron recognized these payments as Bayer collaboration revenue in 2025.
Pays to
- Alnylam Pharmaceuticals High confidence· Amount $100M · FY2023 · Development milestone recognized as acquired IPR&D expense under the Alnylam collaboration
Regeneron funds programs and pays milestones to Alnylam under their RNAi collaboration covering ocular, central nervous system and liver targets. It recognized a development milestone payment in 2023. - Bristol-Myers Squibb Company High confidence
Regeneron and Sanofi licensed patents needed to develop and sell Libtayo from Bristol-Myers Squibb entities and Ono Pharmaceutical. Regeneron pays royalties to the licensor group, but the portion attributable specifically to Bristol-Myers Squibb is not disclosed. - Fujifilm Holdings High confidence
Regeneron entered into a 10-year, $3B+ U.S. manufacturing agreement with Fujifilm Holdings subsidiary Diosynth to produce antibodies at the new Holly Springs plant ($3.2B), making it the anchor deal for Healthcare bio-CDMO growth.Confirms EN FUJIFILM Diosynth Biotechnologies Published Apr 22, 2025: FUJIFILM Diosynth Biotechnologies and Regeneron Sign a 10-Year U.S. Manufacturing Agreement Valued at Over $3 BillionConfirms KO Pharm Edaily Published Nov 8, 2024: Fujifilm adds KRW1.6T to US CDMO base, expanding antibody capacity
Investments
- Tessera Therapeutics High confidence
Regeneron purchased Tessera Therapeutics preferred stock after their TSRA-196 collaboration became effective. The amount allocated to the preferred-stock purchase was not disclosed separately from the licensing upfront payment.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Regeneron Pharmaceuticals | node | +30.7 | +14.2 | +21.7 | -18.9 | +9 | +7.7 |
| Bristol-Myers Squibb Company | benef1 | +2.9 | +19 | -26.1 | +15.8 | +0.1 | +28.1 |
| Fujifilm Holdings | benef1 | +29.2 | -8.9 | +40.2 | +11.6 | -8.5 | +8.6 |
| Alnylam Pharmaceuticals | benef1 | +30.5 | +40.1 | -19.5 | +22.9 | +69 | -33.1 |
| Samsung Biologics | benef2 | -6.8 | +8.6 | +5.8 | +28.7 | +5 | -17.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Regeneron Pharmaceuticals operates across Antibody-led biopharma. It is +7.7% in 2026. The stock (+7.7%) and its supply side (avg +18.4%) are moving in step. Among connected nodes the furthest ahead is Bristol-Myers Squibb Company (+28.1%) and the furthest behind is Fujifilm Holdings (+8.6%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on licensing upfront payments, milestones and patent royalties for external technology, while also taking equity stakes in selected development partners.
Analysis generated from returns as of 2026-09-04