Will Regeneron's Dupixent Growth in Prurigo Nodularis and Eylea HD Sales Drive Q4 Earnings Beat?

Regeneron Pharmaceuticals is set to reveal its fourth-quarter 2025 performance, and investors will be closely watching two revenue drivers: the expanding success of its blockbuster asthma and dermatology drug Dupixent, particularly its growing adoption in prurigo nodularis treatment, and the early uptake of the newly launched Eylea HD. The biotech giant faces a critical test of whether these newer products can offset competitive pressures and deliver the expected financial performance.

The Zacks Consensus Estimate projects revenues of $3.82 billion for Q4 2025, with earnings per share anticipated at $10.56. Our analysis suggests Regeneron has positioned itself well to potentially exceed these expectations, driven by solid product momentum and strategic market expansion.

Dupixent’s Expanding Role Beyond Traditional Indications

Dupixent has evolved into one of Regeneron’s most valuable assets, generating substantial profits through its collaboration with Sanofi. While the drug maintains strong demand across established indications—atopic dermatitis, chronic rhinosinusitis with nasal polyposis, eosinophilic esophagitis, chronic obstructive pulmonary disease, and bullous pemphigoid—the real growth story lies in emerging therapeutic areas.

The recent regulatory approvals have broadened Dupixent’s addressable market significantly. Notably, the drug’s effectiveness in treating prurigo nodolaris has opened a new patient population for the pharmaceutical company. Prurigo nodularis, a chronic inflammatory skin condition causing severe itching and nodules, represents a meaningful opportunity as healthcare providers recognize Dupixent’s clinical benefits in this indication. This therapeutic expansion underscores Regeneron’s strategy to maximize the commercial potential of its core portfolio while maintaining pricing power in developed markets.

Regeneron’s profit share from Dupixent sales has likely accelerated in the fourth quarter, driven by this combination of established market penetration and new indication uptake. The company’s financial team will be highlighting this diversified revenue stream as evidence of sustainable competitive advantage.

Eylea HD: A Strategic Response to Market Dynamics

Eylea, developed jointly with Bayer, remains a crucial revenue contributor despite facing competitive headwinds from alternatives like Vabysmo. To maintain market leadership in the ophthalmology segment, Regeneron introduced Eylea HD—a higher-dose formulation offering extended dosing intervals that enhance patient compliance and clinical outcomes.

Preliminary unaudited data shows Eylea traditional sales reached approximately $577 million in the U.S. during the fourth quarter, while the new Eylea HD formulation achieved roughly $506 million in quarterly sales. This substantial contribution from Eylea HD demonstrates strong physician and patient adoption, validating Regeneron’s innovation strategy.

The regulatory landscape has further supported this momentum. In November 2025, the FDA expanded Eylea HD’s approval to include macular edema following retinal vein occlusion with up to eight-week dosing intervals, addressing a broader patient demographic. These label expansions provide additional growth catalysts as healthcare providers integrate the higher-dose option into treatment protocols across multiple ophthalmology conditions—wet age-related macular degeneration, diabetic macular edema, diabetic retinopathy, and retinal vein occlusion.

Financial Expectations and Earnings Momentum

Regeneron’s historical track record supports optimistic fourth-quarter expectations. The company has beaten earnings estimates in three of the trailing four quarters, with an average earnings surprise of 21.81%. Most recently, the company exceeded earnings forecasts by 25.32%, establishing a strong performance baseline.

The Zacks proprietary model indicates a positive Earnings ESP of +0.82%, with the Most Accurate Estimate reaching $10.65 per share versus the consensus $10.56. Combined with Regeneron’s current Zacks Rank of #1 (Strong Buy), this analysis framework suggests elevated odds of an earnings beat. The combination of Dupixent’s profit acceleration and Eylea HD’s solid commercial traction provides the fundamental support for this positive outlook.

Diversification and Long-Term Growth Strategy

Beyond its two core profit engines, Regeneron is systematically building an oncology franchise to reduce long-term dependence on ophthalmology and dermatology products. Libtayo, the company’s anti-PD-L1 immunotherapy, has demonstrated accelerating sales growth, particularly in non-melanoma skin cancer indications. Current estimates project Libtayo sales of approximately $482 million, reflecting both market expansion and the recent European Commission approval for adjuvant CSCC treatment at high recurrence risk.

The newly approved Lynozyfic (linvoseltamab-gcpt) for relapsed/refractory multiple myeloma represents an early-stage oncology success, while Ordspono (odronextamab) approval in the European Union for lymphoma addresses another high-need patient population. These pipeline advances, though still early contributors, signal Regeneron’s commitment to building sustainable growth beyond mature product lines.

Share repurchase activity has also supported bottom-line performance. In February 2025, management authorized a $3.0 billion share buyback program. As of the third quarter 2025, approximately $2.156 billion remained available for repurchases, providing flexibility to continue returning capital to shareholders while managing share count dilution.

Stock Performance and Valuation Context

Regeneron’s stock has appreciated 12.2% over the past twelve months, modestly outpaced by the broader pharmaceutical industry’s 17.1% gain. This relative underperformance reflects market uncertainty regarding competitive dynamics and product lifecycle transitions. However, the convergence of Dupixent’s emerging indications, Eylea HD’s market acceptance, and early oncology wins positions the company favorably for potential multiple expansion.

Other Biotech Investment Opportunities

For investors seeking complementary biotech exposure with similar earnings upside potential:

Veracyte currently carries a Zacks Rank #1 with an Earnings ESP of +7.98%, having beaten earnings in each of the four preceding quarters with an average surprise of 45.12%. The stock has surged 62.6% over the past six months.

Amneal Pharmaceuticals presents an Earnings ESP of +11.77% alongside Zacks Rank #2 status, with three earnings beats in the trailing four quarters and a 22.4% average surprise rate. AMRX shares have gained 71% over the past six months.

Novartis, reporting Q4 results on February 4, 2026, maintains a Zacks Rank #3 with an Earnings ESP of +1.16%. The pharmaceutical giant has delivered a 4.55% average earnings surprise across the prior four quarters.

The core thesis for Regeneron’s Q4 earnings beat rests on Dupixent’s continued momentum—including its expanding clinical applications in conditions like prurigo nodularis—combined with Eylea HD’s successful market entry and the company’s broader portfolio diversification. These factors align to create a favorable earnings surprise probability for Q4 2025 results.