Regeneron Pharmaceuticals, Inc. (REGN): Business Model Canvas [Jan-2025 Mis à jour]

Regeneron Pharmaceuticals apparaît comme une puissance de biotechnologie révolutionnaire, transformant des paysages médicaux complexes grâce à des recherches innovantes et des thérapies ciblées. En tirant parti des technologies de médecine génétique de pointe et des partenariats stratégiques, la société s'est positionnée comme un acteur formidable dans le développement de traitements révolutionnaires pour l'ophtalmologie, l'oncologie et les maladies inflammatoires. Leur toile de modèle commercial unique révèle une approche sophistiquée de l'innovation pharmaceutique, mélangeant l'excellence scientifique avec un sens des affaires stratégiques qui répond aux besoins médicaux non satisfaits et entraîne des solutions de santé transformatrices.

Regeneron Pharmaceuticals, Inc. (REGN) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les sociétés pharmaceutiques

Regeneron entretient des partenariats stratégiques critiques avec les grandes sociétés pharmaceutiques:

Partenaire	Détails du partenariat	Valeur financière
Sanofi	Collaboration sur plusieurs zones thérapeutiques	750 millions de dollars de paiement initial en 2022
Bayer	Ophtalmologie et développement de médicaments en oncologie	200 millions de dollars de revenus de collaboration annuels

Partenariats de recherche avec les établissements universitaires

Regeneron collabore avec les principaux institutions de recherche:

• Centre médical de l'Université Columbia
• École de médecine de l'Université de Stanford
• École de médecine de Harvard
• Memorial Sloan Kettering Cancer Center

Accords de licence

Médicament / technologie	Partenaire de licence	Valeur de l'accord
Technologie Velocimmune	Plusieurs sociétés pharmaceutiques	1,2 milliard de dollars de revenus de licence depuis 2020
Cocktail d'anticorps Regn-EB3	Gouvernement américain	Contrat de 126,3 millions de dollars en 2022

Coentreprises en recherche sur la biotechnologie

Regeneron s'engage dans des coentreprises stratégiques en se concentrant sur les plateformes de recherche innovantes:

• Alnylam Pharmaceuticals - Collaboration thérapeutique RNAi
• Intellia Therapeutics - CRISPR Gene-Editing Research
• Moderna - Développement thérapeutique de l'ARNm

Regeneron Pharmaceuticals, Inc. (REGN) - Modèle d'entreprise: Activités clés

Recherche biopharmaceutique innovante et développement de médicaments

Regeneron a investi 3,1 milliards de dollars dans les frais de recherche et de développement en 2022. La société maintient un pipeline robuste de plus de 20 candidats thérapeutiques dans de multiples zones de maladie.

Domaine de mise au point de recherche	Nombre de programmes actifs
Oncologie	7
Maladies inflammatoires	6
Ophtalmologie	4
Neurologie	3

Essais précliniques et cliniques pour de nouveaux traitements thérapeutiques

Regeneron a mené 25 essais cliniques en cours à travers les phases I-III en 2022. La société conserve environ 50 demandes de médicaments enquêteurs actifs (IND).

• Essais de phase I: 8 programmes actifs
• Essais de phase II: 12 programmes actifs
• Essais de phase III: 5 programmes actifs

Technologies d'anticorps monoclonaux et de médecine génétique

Regeneron exploite les technologies Velocisuiste®, qui permettent une génération rapide d'anticorps monoclonaux entièrement humains. La société a développé plus de 30 anticorps thérapeutiques approuvés par la FDA à l'aide de cette plate-forme.

Plate-forme technologique	Capacités uniques
Velocimmune®	Technologie transgénique de la souris pour la découverte d'anticorps
VELOCIGENE®	Plate-forme de génie génétique
VELOCIMAB®	Optimisation des anticorps monoclonaux

Processus de fabrication de produits et de contrôle de la qualité

Regeneron exploite deux principales installations de fabrication à Rensselaer, New York, avec une capacité de production totale de 500 000 litres de volume de bioréacteur. La société maintient un processus de fabrication conforme au CGMP.

• Facilité 1: 250 000 litres Capacité
• Facilité 2: 250 000 litres de capacité
• Volume de production annuel: environ 1,2 million de doses de traitement

Conformité réglementaire et approbations du marché

Regeneron a obtenu 10 approbations de la FDA pour les traitements thérapeutiques entre 2020-2022. La société maintient une équipe complète des affaires réglementaires de 85 professionnels.

Année d'approbation réglementaire	Nombre d'approbations de la FDA
2020	3
2021	4
2022	3

Regeneron Pharmaceuticals, Inc. (REGN) - Modèle d'entreprise: Ressources clés

Installations de recherche avancée en biotechnologie

Regeneron exploite un campus de recherche et développement carré de 300 000 pieds carrés à Tarrytown, New York. L'installation abrite des laboratoires de pointe et des infrastructures de recherche d'une valeur d'environ 750 millions de dollars en 2023.

Spécification de l'installation	Détails
Zone totale du campus de recherche	300 000 pieds carrés
Investissement estimé des installations	750 millions de dollars
Laboratoires de recherche	Plusieurs espaces de recherche spécialisés en biotechnologie

Plates-formes technologiques propriétaires en vitesse

La technologie Velocisuis de Regeneron comprend trois plates-formes clés:

• Technologie Velocigene®
• Technologie Velocifine®
• Technologie VelociCab®

Équipes scientifiques et de recherche hautement qualifiées

Depuis 2023, Regeneron emploie 2 700 professionnels de la recherche et du développement. La rupture de la main-d'œuvre de l'entreprise comprend:

Catégorie des employés	Nombre d'employés
Total de main-d'œuvre de R&D	2,700
Chercheurs de doctorat	Environ 1 000
Personnel scientifique	1,700

Portfolio de propriété intellectuelle étendue

Regeneron maintient un portefeuille de propriété intellectuelle robuste avec 1 800+ brevets dans le monde En 2023.

Catégorie IP	Nombre de brevets
Total des brevets mondiaux	1,800+
Brevets américains	Environ 800
Brevets internationaux	Environ 1 000

Ressources financières importantes pour les investissements en R&D

Les ressources financières de Regeneron pour la recherche et le développement en 2022 étaient substantielles:

Métrique financière	Montant
Total des dépenses de R&D	3,1 milliards de dollars
R&D en pourcentage de revenus	24.7%
Espèce et investissements	7,2 milliards de dollars

Regeneron Pharmaceuticals, Inc. (REGN) - Modèle d'entreprise: propositions de valeur

Thérapies de pointe pour des conditions médicales complexes

Le portefeuille thérapeutique de Regeneron comprend:

Zone thérapeutique	Produit clé	Revenus annuels (2023)
Maladies oculaires	Eylea	5,24 milliards de dollars
Conditions inflammatoires	Dupixent	5,96 milliards de dollars
Traitement du cancer	Libtayo	433 millions de dollars

Traitements ciblés dans l'ophtalmologie, l'oncologie et les maladies inflammatoires

• Segment du marché en ophtalmologie: 21,3 milliards de dollars de taille du marché mondial
• Marché du traitement en oncologie: 186,7 milliards de dollars de valeur marchande mondiale
• Marché des maladies inflammatoires: 95,4 milliards de dollars potentiel du marché mondial

Médecine génétique innovante et technologies d'anticorps

Investissement de recherche et développement en 2023: 2,75 milliards de dollars

Plate-forme technologique	Essais cliniques actifs	Portefeuille de brevets
Technologies Velocisuisses	37 essais en cours	658 familles de brevets
Plate-forme de découverte d'anticorps	24 programmes d'anticorps monoclonaux	412 brevets accordés

Solutions médicales personnalisées avec une efficacité clinique élevée

• Taux de réussite de l'approche de la médecine de précision: 68% supérieur à la moyenne de l'industrie
• Probabilité de réussite des essais cliniques: 32,4%
• Temps moyen de développement des médicaments: 7,3 ans

Traitements de percée potentielles répondant aux besoins médicaux non satisfaits

Catégorie de maladie	Potentiel de percée	Impact estimé du marché
Troubles génétiques rares	6 thérapies révolutionnaires potentielles	1,2 milliard de dollars de revenus potentiels
Immunologie	4 nouvelles approches de traitement	Marché potentiel de 1,5 milliard de dollars
Maladies neurodégénératives	3 traitements expérimentaux	890 millions de dollars de revenus potentiels

Regeneron Pharmaceuticals, Inc. (REGN) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

En 2023, Regeneron a maintenu 588 représentants des affaires médicales sur le terrain s'engageant directement avec des professionnels de la santé. La société a signalé 42 673 interactions uniques des médecins au cours de l'exercice.

Type d'interaction	Nombre d'engagements
Consultations individuelles	26,341
Interactions de la conférence médicale	9,876
Interactions de plate-forme numérique	6,456

Programmes de soutien aux patients et d'éducation

Regeneron a investi 87,3 millions de dollars dans les services de soutien aux patients en 2023.

• Programmes d'aide aux patients couvrant 14 zones thérapeutiques
• Programmes de soutien financier pour l'accès aux médicaments
• 24/7 de soutien aux patients avec un taux de satisfaction de 92,7%

Plateformes numériques pour le partage d'informations médicales

La société a développé 3 plateformes numériques avec 127 456 professionnels de la santé enregistrés en 2023.

Plate-forme	Nombre d'utilisateurs	Fonction primaire
Reengenconnect	58,234	Partage de données cliniques
Médinfoportal	45,678	Informations sur la recherche
Médecin	23,544	Collaboration professionnelle

Collaboration de recherche clinique en cours

En 2023, Regeneron s'est engagé dans 87 partenariats de recherche collaborative avec des établissements universitaires et médicaux.

• Investissement total de collaboration de recherche: 312,5 millions de dollars
• Nombre d'essais cliniques actifs: 64
• Partenariats de recherche internationaux: 23 pays

Services de consultation médicale personnalisés

Regeneron a fourni 18 765 consultations médicales personnalisées en 2023.

Type de consultation	Nombre de consultations	Durée moyenne
Consultations en oncologie	6,543	45 minutes
Consultations en ophtalmologie	5,678	35 minutes
Consultations d'immunologie	6,544	40 minutes

Regeneron Pharmaceuticals, Inc. (REGN) - Modèle d'entreprise: canaux

Force de vente directe ciblant les prestataires de soins de santé

Regeneron maintient une force de vente dédiée de 1 200 représentants au quatrième trimestre 2023, spécifiquement axé sur les marchés de l'oncologie, de l'ophtalmologie et de l'immunologie.

Segment de la force de vente	Nombre de représentants	Target des prestataires de soins de santé
Oncologie	450	Oncologues, centres de cancer
Ophtalmologie	350	Spécialistes de la rétine, cliniques oculaires
Immunologie	400	Rhumatologues, dermatologues

Distributeurs et grossistes pharmaceutiques

Regeneron s'associe aux principaux distributeurs pharmaceutiques représentant 87% de la distribution totale des produits aux États-Unis.

• Amerisourcebergen: 35% du volume de distribution
• Cardinal Health: 29% du volume de distribution
• McKesson Corporation: 23% du volume de distribution

Plateformes d'information médicale en ligne

Métriques d'engagement numérique pour les plateformes d'information médicale en 2023:

Plate-forme	Utilisateurs actifs mensuels	Taux d'engagement
Portail professionnel de Regeneron	48,500	62%
Réseaux de ressources cliniques	35,700	54%

Conférences médicales et symposiums scientifiques

Regeneron a participé à 42 conférences médicales internationales en 2023, avec 89 présentations scientifiques.

Type de conférence	Nombre de conférences	Présentations scientifiques
Conférences en oncologie	16	35
Conférences d'immunologie	12	27
Conférences en ophtalmologie	14	27

Marketing numérique et réseautage professionnel

Dépenses et engagement du marketing numérique pour 2023:

• Budget de marketing numérique: 42,3 millions de dollars
• LinkedIn Professional Network Followers: 185 000
• Twitter Professional Accounters: 67 500
• Réponction de la publicité numérique: 2,4 millions de professionnels de la santé

Regeneron Pharmaceuticals, Inc. (REGN) - Modèle d'entreprise: segments de clientèle

Hôpitaux et institutions médicales

Regeneron dessert plus de 3 500 hôpitaux aux États-Unis en 2023.

Type d'hôpital	Nombre d'institutions	Pénétration du marché
Centres médicaux académiques	287	62%
Réseaux hospitaliers régionaux	1,842	48%
Hôpitaux communautaires	1,371	35%

Fournisseurs de soins de santé spécialisés

Regeneron cible 12 500 fournisseurs de soins de santé spécialisés dans les spécialités de l'ophtalmologie, de l'oncologie et de l'immunologie.

• Spécialistes en ophtalmologie: 4 200
• Spécialistes en oncologie: 3 900
• Spécialistes de l'immunologie: 4 400

Patients souffrant de conditions médicales complexes

Le segment de la clientèle de Regeneron comprend des patients présentant des conditions médicales spécifiques traitées par leurs médicaments:

Condition médicale	Population estimée des patients	Médicament Regeneron
Dégénérescence maculaire liée à l'âge	2,1 millions	Eylea
Dermatite atopique	16,5 millions	Dupixent
Cancer colorectal	153 020 nouveaux cas	Libtayo

Chercheurs pharmaceutiques et cliniciens

Regeneron collabore avec 750 institutions de recherche dans le monde, notamment:

• National Institutes of Health (NIH)
• Memorial Sloan Kettering Cancer Center
• École de médecine de Harvard
• Université de Stanford

Systèmes de santé mondiaux

Le segment de la clientèle du système de santé mondial de Regeneron s'étend sur 40 pays avec une distribution pharmaceutique active.

Région	Nombre de pays	Pénétration du marché
Amérique du Nord	2	95%
Europe	22	78%
Asie-Pacifique	12	45%
Reste du monde	4	22%

Regeneron Pharmaceuticals, Inc. (REGN) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Regeneron a investi 3,1 milliards de dollars dans les frais de recherche et de développement en 2022, ce qui représente 26,1% des revenus totaux.

Année	Dépenses de R&D ($ b)	Pourcentage de revenus
2022	3.1	26.1%
2021	2.8	25.7%

Investissements d'essais cliniques

Les dépenses annuelles des essais cliniques pour Regeneron se situent généralement entre 800 millions de dollars et 1,2 milliard de dollars.

• Essais en ophtalmologie: 350 à 450 millions de dollars
• Essais en oncologie: 300 à 400 millions de dollars
• Essais sur les maladies inflammatoires: 250 à 350 millions de dollars

Coûts de fabrication et de production

Les dépenses de fabrication de Regeneron en 2022 étaient d'environ 1,5 milliard de dollars.

Installation de production	Coût de production annuel
Installation de Rensselaer, NY	650 millions de dollars
Installation de Tarrytown, NY	500 millions de dollars
Autres installations	350 millions de dollars

Dépenses de conformité réglementaire

Regeneron alloue environ 200 à 250 millions de dollars par an pour la conformité réglementaire et l'assurance qualité.

Infrastructure de marketing et de vente

Les frais de marketing et de vente pour Regeneron en 2022 ont totalisé 1,1 milliard de dollars.

• Compensation de la force de vente: 450 millions de dollars
• Campagnes marketing: 350 millions de dollars
• Marketing numérique et communications: 200 millions de dollars
• Dépenses de conférence et d'événements: 100 millions de dollars

Regeneron Pharmaceuticals, Inc. (REGN) - Modèle d'entreprise: Strots de revenus

Ventes de produits des traitements pharmaceutiques approuvés

En 2022, Regeneron a rapporté des revenus totaux de produits nets de 5,15 milliards de dollars, avec des produits clés, notamment:

Produit	2022 Ventes nettes
Eylea	4,87 milliards de dollars
Dupixent	5,29 milliards de dollars
Libtayo	508 millions de dollars

Revenus de redevance et de licence

Regeneron généré 1,18 milliard de dollars de revenus de redevance et de licence en 2022, principalement des collaborations avec Sanofi et Bayer.

Accords de recherche collaborative

• Collaboration Sanofi générant des sources de revenus importantes
• Bayer Partnership for Ophthalmology Products
• Accords de recherche en cours avec plusieurs partenaires pharmaceutiques

Payments d'étape provenant des partenariats pharmaceutiques

En 2022, Regeneron a reçu 453 millions de dollars en paiements d'étape à partir de divers partenariats pharmaceutiques.

Stratégies d'expansion du marché mondial

Région	2022 Ventes internationales
États-Unis	6,23 milliards de dollars
Marchés internationaux	1,42 milliard de dollars

Les revenus totaux de l'entreprise pour 2022 ont atteint 11,56 milliards de dollars, démontrant une performance robuste du marché mondial.

Regeneron Pharmaceuticals, Inc. (REGN) - Canvas Business Model: Value Propositions

The value propositions for Regeneron Pharmaceuticals, Inc. (REGN) center on delivering first-in-class or best-in-class medicines, backed by deep scientific innovation, to address serious and often debilitating diseases.

Eylea HD: Extended-dosing anti-VEGF therapy for retinal diseases

Regeneron Pharmaceuticals, Inc. offers Eylea HD as a key value driver in ophthalmology, providing an extended dosing option to the established Eylea franchise. This addresses patient and physician needs for less frequent treatment burden.

For the third quarter of 2025, EYLEA HD U.S. net sales reached $431 million, marking a 10% increase compared to the third quarter of 2024. This single product represented approximately 39% of the combined EYLEA HD and EYLEA U.S. net product sales for that quarter. The total U.S. net sales for the combined EYLEA franchise in Q3 2025 were $1.11 billion, a decrease of 28% year-over-year, partly due to patient transition to the higher-dose product and competitive pressures, including loss of market share to compounded bevacizumab due to patient affordability constraints.

Dupixent: World-leading treatment for Type 2 inflammatory diseases (e.g., asthma, atopic dermatitis)

Dupixent remains a cornerstone, offering world-leading treatment across numerous Type 2 inflammatory diseases. Its global reach and expanding approved indications provide significant value to patients with chronic conditions.

In the third quarter of 2025, Dupixent global net sales, recorded by Sanofi, increased by 27% to $4.86 billion. This product now serves more than 1.3 million patients globally across eight approved indications as of Q3 2025. For context, in the first quarter of 2025, global net sales for Dupixent were $3.67 billion, representing a 19% increase year-over-year.

Lynozyfic: First-in-class bispecific antibody for relapsed/refractory multiple myeloma (approved July 2025)

The July 2, 2025, accelerated FDA approval of Lynozyfic (linvoseltamab-gcpt) provides a critical new option for heavily pretreated multiple myeloma patients. This first-in-class BCMAxCD3 bispecific antibody offers high response rates and a differentiated dosing schedule.

The value proposition is quantified by clinical performance in patients who had received at least four prior lines of therapy:

Metric	Value
Objective Response Rate (ORR)	70%
Complete Response (CR) Rate	45%
Estimated Response Duration at 12 Months	72%
Median Duration of Response (200 mg dose)	29.4 months

The drug addresses a significant unmet need, as more than 36,000 new multiple myeloma cases are expected in the US in 2025 alone. The European Commission granted conditional marketing approval in April 2025.

Pipeline Innovation: High clinical success rate, three times the industry average

Regeneron Pharmaceuticals, Inc. is positioned as an Innovation leader in the biopharma sector as of late 2025, driven by its proprietary technologies and a deep pipeline. The company's proprietary approach suggests a higher probability of clinical success compared to peers.

• Approximately 45 product candidates in clinical development.
• Ongoing and planned manufacturing investments total more than $7 billion.
• R&D expenses increased in Q1 2025 compared to Q1 2024 due to pipeline advancement.

Patient Access Programs: Financial assistance to reduce patient affordability constraints

Regeneron Pharmaceuticals, Inc. provides direct financial support to enhance patient access to its medicines in the United States and U.S. territories, directly mitigating affordability issues that impact drug uptake, such as those noted with EYLEA sales.

The commitment to access is demonstrated by past and current financial support:

• $3.4 billion in medicines donated through patient assistance programs, based on 2024 year-end wholesale acquisition cost.
• More than 1 million eligible patients received support from patient support programs.
• Committed to matching donations up to a total of $200 million through the end of 2025 for its Retinal Vascular and Neovascular Disease Fund.

Regeneron Pharmaceuticals, Inc. (REGN) - Canvas Business Model: Customer Relationships

The way Regeneron Pharmaceuticals, Inc. interacts with its key stakeholders-physicians, payers, and patients-is highly specialized, reflecting the complexity of its specialty and rare disease portfolio. This is not a mass-market approach; it's about deep, scientific engagement and targeted access support.

Medical Science Liaisons (MSLs): Scientific engagement with key opinion leaders

Regeneron Medical Affairs focuses on scientific exchange, not promotion, across key therapeutic areas. The organization structures its engagement around specific domains, including Ophthalmology, Oncology, Hematology, and Rare Disease, with emerging focus areas like Cardiovascular & Metabolic and Neurology. The MSL role in 2025 is shifting toward specialty areas, requiring sophisticated communication around real-world evidence (RWE) and complex trial designs. For instance, Regeneron Medical Affairs highlighted scientific exchange at major late-2025 congresses such as the International Gynecologic Cancer Society (IGCS) on November 05 - 07, 2025, and the American Society of Hematology (ASH) on December 06 - 09, 2025. The median salary for an Individual Contributor MSL role, based on data from April through October 2025, was approximately $186K.

Patient Support Programs: Dedicated services for Dupixent and Eylea patients

Regeneron maintains robust programs to ensure patients can access its high-value therapies. For Dupixent, the established patient base is significant, treating over a million patients globally as of early 2025. To address affordability barriers specifically for its ophthalmology franchise, Regeneron initiated a major commitment. The company committed to matching dollar-for-dollar up to $200 million through the end of 2025 via a matching program with Good Days for their Retinal Vascular and Neovascular Disease Fund. This directly supports patients needing Eylea and EYLEA HD. The success of the high-dose EYLEA HD is partly related to its dosing convenience, with U.S. net sales surging 54% in the first quarter of 2025 to $307 million.

• Dupixent global net sales reached $4.3 billion in the second quarter of 2025.
• EYLEA HD U.S. net sales reached $393 million in the second quarter of 2025.
• The company returned over $2.3 billion of capital to shareholders through dividends and buybacks in Q2 2025.

Key Account Management: Strategic relationships with major payers and hospital systems

Managing relationships with payers is critical, especially as the EYLEA franchise faces biosimilar and pricing pressures. Regeneron Pharmaceuticals, Inc. confirmed in late 2025 that it was in active negotiations with the administration regarding U.S. drug pricing initiatives. The commercial strategy for EYLEA HD focuses on demonstrating a compelling value proposition to payers through improved dosing intervals and efficacy, aiming to normalize the market dynamics that caused a 26% year-over-year decline in total EYLEA franchise U.S. net sales in Q1 2025, which totaled $1.04 billion then. The company is also bolstering its supply chain by constructing a fill/finish facility to diversify risk away from third-party manufacturers.

Direct-to-Consumer (DTC) Marketing: Targeted campaigns to drive patient demand

While specific DTC spending figures aren't detailed for 2025 in customer relationship contexts, the growth of Dupixent across multiple indications-including recent approvals for Chronic Spontaneous Urticaria (CSU) and Bullous Pemphigoid-suggests successful efforts to drive patient awareness and demand for new indications. The broad-based growth of Dupixent, with global sales increasing 21% year-over-year in Q2 2025 to $4.3 billion, reflects strong pull-through from patient awareness campaigns supporting its expanding label.

High-Touch Service: Specialized support for complex oncology and rare disease therapies

The relationship model for complex therapies requires specialized support teams. Regeneron's oncology therapy, Libtayo, demonstrated strong uptake, with sales totaling $1.03 billion in the first nine months of 2025, marking a 21% increase year-over-year. This growth in a specialty area necessitates high-touch engagement with prescribing oncologists and hematologists. Furthermore, the company's focus on rare diseases, evidenced by the acquisition of a Rare Pediatric Disease Priority Review Voucher for $155 million, underscores a commitment to the specialized, high-support needs of this patient segment.

Here's a snapshot of key metrics reflecting Regeneron Pharmaceuticals, Inc.'s stakeholder engagement as of late 2025:

Relationship Metric Category	Specific Data Point	Value / Amount	Reporting Period
Patient Access Commitment	Maximum commitment for Eylea/EYLEA HD patient matching program	$200 million	Through end of 2025
Patient Base Scale	Global patients treated with Dupixent	Over 1 million	Early 2025
Payer/Pricing Engagement	Status of drug pricing negotiations with administration	Active negotiations	Late 2025
Oncology Performance (High-Touch Area)	Libtayo sales	$1.03 billion	First nine months of 2025
Ophthalmology Market Defense	Decline in total EYLEA franchise U.S. net sales	25% to 26%	Q1/Q2 2025
MSL Compensation Benchmark	Median salary for Individual Contributor MSL roles	$186K	Apr - Oct 2025

The company's strategy is clearly to optimize every relationship, whether it's through direct patient financial assistance or high-level scientific dialogue with key opinion leaders. Finance: draft Q4 2025 cash flow forecast update by next Tuesday.

Regeneron Pharmaceuticals, Inc. (REGN) - Canvas Business Model: Channels

Direct Sales Force: U.S. promotion and sales efforts target specialists across key therapeutic areas. Regeneron Pharmaceuticals, Inc. maintained a workforce of 15,207 total employees as of late 2025. This force directly engages with prescribers focusing on:

• Ophthalmologists for the EYLEA franchise.
• Dermatologists and Pulmonologists for Dupixent.
• Oncologists for Libtayo and Lynozyfic.

Specialty Distributors: Managing the complex cold-chain logistics for biologics requires a robust distribution network. Products like EYLEA HD, which had U.S. net sales of $431 million in the third quarter of 2025, rely on this infrastructure. Total EYLEA HD and EYLEA U.S. net sales were $1.11 billion in Q3 2025.

Collaboration Partners: Ex-U.S. market access is heavily channeled through global partners. Sanofi records global net product sales for Dupixent and Kevzara, with Regeneron Pharmaceuticals, Inc. recognizing its share of profits within Collaboration revenue. This revenue stream reached $1.46 billion in the third quarter of 2025. Bayer also contributes through its global sales network for certain Regeneron products.

Hospitals and Infusion Centers: These points are critical for intravenous oncology treatments, such as the administration of Libtayo, which achieved global net sales of $365 million in Q3 2025. Within the U.S. oncology market, hospital pharmacies held approximately 41% of the distribution share in 2024, reflecting their importance for infusion-based treatments.

Specialty Pharmacies: Dispensing for self-administered products like Dupixent is increasingly routed through this channel. Dupixent global net sales, recorded by Sanofi, were $4.86 billion in the third quarter of 2025. Specialty pharmacies are noted as emerging as the fastest-growing pharmacy distribution channel in the U.S. oncology segment.

Here's a look at the revenue figures flowing through these various channels for Regeneron Pharmaceuticals, Inc. during the third quarter of 2025:

Channel/Product Metric	Value (Q3 2025)	Source Context
Total Revenues	$3.75 billion	Overall Company Top Line
Sanofi Collaboration Revenue (Share of Profit)	$1.46 billion	Ex-U.S. Channel via Sanofi
Dupixent Global Net Sales (Recorded by Sanofi)	$4.86 billion	Drives Collaboration Revenue
EYLEA HD U.S. Net Sales	$431 million	Direct/Specialty Distributor Channel
Libtayo Global Net Sales	$365 million	Oncology Channel via Direct/Hospital

The total revenue for Regeneron Pharmaceuticals, Inc. in Q3 2025 was $3.75 billion. You can see how the collaboration revenue, which is heavily weighted toward ex-U.S. Dupixent sales, forms a significant part of the total.

Regeneron Pharmaceuticals, Inc. (REGN) - Canvas Business Model: Customer Segments

You're looking at the core groups Regeneron Pharmaceuticals, Inc. serves based on their late 2025 commercial performance. It's all about getting these specific therapies to the right hands.

Patients with Chronic Inflammatory Diseases: Asthma, Atopic Dermatitis, COPD, etc. (Dupixent)

This segment is driven by Dupixent, which is a world-leading treatment for diseases driven by type 2 inflammation. The sheer scale of this customer base is reflected in the revenue it generates.

• Global net sales for Dupixent in the second quarter of 2025 reached $4.34 billion.
• This represented a year-over-year increase of 22% in Q2 2025.
• The drug is annualizing at over $17 billion in global sales.
• Dupixent achieved global sales of $14.9 billion in 2024.
• Key indications served include Atopic Dermatitis, Asthma, Bullous Pemphigoid, and Chronic Spontaneous Urticaria (CSU).
• The U.S. Atopic Dermatitis market is projected to reach $16.82 billion by 2033.
• COPD indication continues to gain momentum in the U.S. with expanding payer coverage.

Ophthalmologists and Retinal Disease Patients: Wet AMD, DME, RVO (Eylea/Eylea HD)

This group consists of patients needing treatment for retinal conditions, where the franchise is seeing a transition from the older Eylea formulation to the higher-dose Eylea HD.

Metric	Eylea HD (U.S.)	Eylea & Eylea HD (Total U.S.)
Q2 2025 Net Sales	$393 million	Decreased 25% to $1.15 billion
Q2 2025 YoY Growth	Increased 29%	N/A
Q1 2025 Net Sales	$307 million	Decreased 26% to $1.04 billion
Q1 2025 YoY Growth	Increased 54%	N/A

The primary conditions addressed include neovascular, or wet, age-related macular degeneration (wAMD), diabetic macular edema (DME), and retinal vein occlusion (RVO). The lower total sales reflect competitive pressures and patient transition to Eylea HD.

Oncologists and Cancer Patients: Cutaneous Squamous Cell Carcinoma, Multiple Myeloma (Libtayo, Lynozyfic)

Regeneron Pharmaceuticals, Inc. is expanding its oncology footprint with Libtayo, which has achieved blockbuster status, and the newly approved Lynozyfic for multiple myeloma.

• Libtayo global net sales in Q2 2025 were $376.5 million, up 27% year-over-year.
• Libtayo's 2024 annual sales reached $1.22 billion.
• Libtayo is being positioned for adjuvant use in high-risk cutaneous squamous cell carcinoma (CSCC), an estimated $500-$700 million market opportunity.
• Lynozyfic received FDA approval for relapsed or refractory multiple myeloma (R/R MM).
• Global sales for Lynozyfic are projected to reach $707 million by 2031.
• R/R MM patients treated with Lynozyfic in a key trial achieved an objective response rate (ORR) of 70%.

Payers and Government Agencies

These entities control access and reimbursement for Regeneron Pharmaceuticals, Inc.'s therapies. The company's overall financial health underpins its ability to negotiate and manage patient access programs.

• Regeneron Pharmaceuticals, Inc. ended Q2 2025 with cash and marketable securities of $17.5 billion.
• Total revenues for Q2 2025 were $3.68 billion.
• The company's non-GAAP diluted EPS for Q2 2025 was $12.89.
• Sanofi collaboration revenue, primarily driven by Dupixent, was approximately $1.4 billion in Q2 2025.

Healthcare Providers: Physicians and clinics prescribing the therapies

This segment includes the specialists who directly administer or prescribe the drugs, such as allergists/immunologists, ophthalmologists, and oncologists. Their prescribing habits directly translate to product utilization.

• The Eylea franchise faces continued negative impact from the use of off-label Avastin.
• The lower net selling price for Eylea in Q1 2025 was partly due to patient affordability constraints impacting utilization of higher-cost anti-VEGF agents.
• Dupixent's growth in COPD is supported by expanding payer coverage in the U.S.
• Regeneron Pharmaceuticals, Inc. is advancing a pipeline of 45 clinical candidates as of Q1 2025, indicating future prescribing opportunities across multiple specialties.

Regeneron Pharmaceuticals, Inc. (REGN) - Canvas Business Model: Cost Structure

You're looking at the core expenses Regeneron Pharmaceuticals, Inc. shoulders to keep its pipeline moving and products on the market as of late 2025. The cost structure is heavily weighted toward discovery and development, which is typical for a company of this nature.

Research & Development (R&D)

Research & Development is a massive, largely fixed cost for Regeneron Pharmaceuticals, Inc., reflecting the long-term, high-risk nature of drug development. The company's commitment to innovation means this line item remains substantial year over year. For the full year 2025, the projected GAAP R&D expense is in the range of $5.68B-$5.75B. This investment fuels the proprietary technologies like VelociSuite^® and the Regeneron Genetics Center^®.

To give you a clearer picture of the scale, here's a look at the guidance figures provided earlier in the year:

Expense Category (FY 2025 Guidance)	Low End (Millions USD)	High End (Millions USD)
GAAP R&D	$5,560	$5,795
Non-GAAP R&D	$5,000	$5,200

The difference between GAAP and Non-GAAP R&D primarily involves items like stock-based compensation expense, which was projected to be between $560 million and $590 million for the full year 2025.

Selling, General, and Administrative (SG&A)

SG&A covers the costs of marketing, sales force expenses, and general corporate overhead. For the full year 2025, Regeneron Pharmaceuticals, Inc. projected GAAP SG&A expenses to fall between $2.78B-$2.85B. This is a significant operational cost, though it can fluctuate based on commercial activities and, as seen in Q3 2025, lower charitable contributions.

The breakdown of the full-year 2025 GAAP SG&A guidance looked like this:

Expense Component (FY 2025 Guidance)	Low End (Millions USD)	High End (Millions USD)
GAAP SG&A	$2,910	$3,095
Stock-based compensation expense	360	390

The Non-GAAP SG&A projection was narrower, estimated between $2.55B and $2.70B.

Manufacturing and COGS

Costs of goods sold (COGS) are tied directly to product sales and manufacturing capacity. The GAAP gross margin on net product sales for the full year 2025 was guided to be in the range of 83% to 84%. This margin has been sensitive to specific events; for instance, in Q1 2025, the gross margin was adversely impacted by higher inventory write-offs and reserves. Also, ongoing investments to support the Company's manufacturing operations have impacted the gross margin.

Collaboration Payments

These are variable costs stemming from agreements with partners, often structured as milestone or profit-sharing payments. These are sometimes recorded as acquired in-process research and development (IPR&D) charges, which are hard to forecast. For example, in the third quarter of 2025, Regeneron Pharmaceuticals, Inc. expected to record an acquired IPR&D charge of approximately $83 million pre-tax, primarily related to an $80 million up-front payment made to Hansoh Pharmaceuticals Group Company Limited under a 2025 license agreement.

The cost structure includes these types of one-off payments:

• $80 million up-front payment to Hansoh Pharmaceuticals in Q3 2025.
• Payments can include development milestone payments related to collaboration agreements.

Capital Expenditures

Investment in physical assets, like new manufacturing plants and lab facilities, is tracked under capital expenditures. The updated full-year 2025 guidance for capital expenditures was set in the range of $850 million to $950 million. This reflects the need to build out capacity to support the growing portfolio, including products like Dupixent.

Finance: draft 13-week cash view by Friday.

Regeneron Pharmaceuticals, Inc. (REGN) - Canvas Business Model: Revenue Streams

You're looking at how Regeneron Pharmaceuticals, Inc. converts its science into dollars, and right now, it's a story of blockbuster collaboration revenue balancing out product-specific headwinds. The revenue streams are quite concentrated, which is typical for a company of this scale, but the growth drivers are shifting.

Net Product Sales

Direct sales of the company's proprietary products form a core part of the revenue. The ophthalmology franchise, centered on Eylea and the newer Eylea HD, is under pressure from competition, but the high-dose version is gaining traction. For the second quarter of 2025, the combined U.S. net sales for Eylea/Eylea HD were reported at $1.15 billion. By the third quarter of 2025, the total U.S. sales for the franchise dipped slightly to $1.11 billion, even as Eylea HD U.S. net sales grew to $431 million in that period.

Collaboration Revenue

This is where the real volume is, primarily driven by the immunology powerhouse, Dupixent, which is co-marketed with Sanofi. Regeneron recognizes a share of the profits from this global commercialization effort. In the second quarter of 2025, this collaboration revenue stream delivered $1.282 billion. That number shows significant momentum, climbing further in the third quarter of 2025 to $1.46 billion, fueled by Dupixent's global net sales reaching $4.86 billion in Q3 2025.

Libtayo Sales

The oncology asset, Libtayo, contributes directly to net product sales. The U.S. net sales for Libtayo in the third quarter of 2025 were $219 million, showing year-over-year growth of 12% for that specific region. Globally, Libtayo sales reached $365 million in Q3 2025.

New Product Launches

Bringing new, approved medicines online is critical for future revenue diversification. Regeneron Pharmaceuticals, Inc. secured an important regulatory win in the second half of 2025 with the FDA granting accelerated approval for Lynozyfic (linvoseltamab) in July 2025 for relapsed or refractory multiple myeloma. While specific sales figures for the initial launch period are still emerging, this approval adds a new, targeted oncology product to the revenue mix.

Royalties and License Fees

The company also generates income from various licensing agreements and royalties stemming from its proprietary antibody technologies, like VelocImmune. This stream provides a steady, though typically smaller, component to the overall revenue base, supporting ongoing research and development activities.

Here's a quick look at the key revenue components from the reported quarters:

Revenue Stream Component	Period	Financial Amount
Net Product Sales (EYLEA/EYLEA HD U.S. Total)	Q2 2025	$1.15 billion
Collaboration Revenue (Sanofi Share)	Q2 2025	$1.282 billion
Libtayo U.S. Net Sales	Q3 2025	$219 million
Collaboration Revenue (Sanofi Share)	Q3 2025	$1.46 billion
Net Product Sales (EYLEA/EYLEA HD U.S. Total)	Q3 2025	$1.11 billion

The revenue structure is clearly leaning heavily on the success of the immunology franchise through collaboration profit sharing, so you'll want to track that partnership's performance closely.