Bayer collaboration revenue grew 11% to $415 million, with $383 million related to Regeneron's share of net profits outside the U.S.
Effective tax rate was 8.3%, lowered by a favorable IRS audit settlement.
Free cash flow through the first six months of 2025 was $1.7 billion; cash and marketable securities totaled $17.5 billion with $2.7 billion in debt.
Gross margin on net product sales was 86%, lower than prior year due to investments in manufacturing and higher inventory write-offs.
Other revenue was $184 million, including $118 million of profit share and royalties, up 70% from the prior year.
R&D expense was $1.3 billion, reflecting continued investments in mid- to late-stage pipeline programs.
Regeneron's second quarter 2025 total revenues were $3.7 billion, growing 4% compared to the prior year, driven by higher Sanofi collaboration revenue, increased U.S. net sales of EYLEA HD, and growth in global net sales of Libtayo.
Sanofi collaboration revenues were approximately $1.4 billion, with $1.3 billion related to Regeneron's share of collaboration profits, which grew 30% year-over-year.
Second quarter diluted net income per share grew 12% to $12.89 on net income of $1.4 billion.
SG&A expense was $542 million, down 19% from the prior year due to lower general and administrative expenses.
Share repurchases totaled approximately $1.1 billion in Q2 and $2.2 billion year-to-date, reducing shares outstanding by 3.2 million.
Dafinchi