Regeneron Pharmaceuticals is relying increasingly on Dupixent, its collaboration with Sanofi, as sales of its long-established eye drug Eylea weaken under competition. The shift was visible in the company’s second-quarter results: revenue rose 17% from a year earlier to $4. 3 billion, while Sanofi collaboration revenue increased 51% to $2. 2 billion.
Global Dupixent sales reached $6 billion in the quarter, up 38% year over year. Profits equally, and Sanofi receives between 55% and 65% of profits generated outside the United States. Dupixent is approved for eczema, asthma, chronic obstructive pulmonary disease and other conditions.
Eylea remained a significant drag. Sales of the original formulation fell 45% to $412 million, while the higher-dose Eylea HD formulation climbed 52% to $596 million. Combined U.S. Regeneron’s non-GAAP earnings per share nevertheless increased 11% to $14.
The company also said the Sanofi Development Balance had been fully repaid by the end of June, removing that deduction from collaboration revenue beginning in the third quarter.
That outlook leaves Dupixent as a major growth engine, but the medicine could face biosimilar competition in the early 2030s as patent protections weaken.
The companies are developing another Dupixent formulation aimed at offering more convenient dosing, an effort that could help preserve the franchise after the original product’s exclusivity period. They are also collaborating on potential medicines that could extend the partnership beyond Dupixent, although those programs have not established commercial success.
Regeneron is separately building options in its pipeline. It licensed olatorepatide, an investigational drug designed to activate GLP-1 and GIP pathways, from a Chinese biotechnology company. In a Phase 3 study conducted in China, participants receiving the treatment recorded mean weight loss of as much as 19% over 48 weeks. The drug still requires U.S. Clinical development, so its potential contribution to Regeneron remains unconfirmed.
The longer-term picture depends on whether the partners can extend Dupixent’s franchise and whether Regeneron’s pipeline produces approved products before that exposure becomes more consequential.