Dupixent's Expanding Indications, Including Prurigo Nodolaris, Set to Drive REGN's Latest Earnings

Regeneron Pharmaceuticals has positioned itself for another strong quarterly performance, with investor attention centered on surging Dupixent profits and the accelerating adoption of Eylea HD. When the biotech powerhouse announces its fourth-quarter 2025 results on Jan. 30, 2026, Wall Street expects revenues to reach $3.82 billion and earnings per share to hit $10.56, according to Zacks Consensus estimates. The question for market participants isn’t whether REGN will deliver—it’s by how much.

Historical Earnings Track Record Points to Consistent Upside

Regeneron has demonstrated remarkable consistency in beating market expectations. Over the past four quarters, the company surpassed earnings estimates in three quarters and missed in just one, posting an average surprise of 21.81%. Most impressively, in its most recent quarter, REGN delivered a 25.32% earnings beat, signaling robust execution across its portfolio.

This track record matters. The Zacks Investment Model currently assigns REGN a #1 Rank (Strong Buy), complemented by a positive Earnings ESP of +0.82%. The Most Accurate Estimate for EPS stands at $10.65 versus the consensus $10.56, creating a favorable setup for another earnings surprise.

Dupixent Growth Across Multiple Indications, Including Prurigo Nodularis

The real story behind REGN’s earnings strength lies in Dupixent’s expanding market opportunity. Originally approved for atopic dermatitis, the drug has evolved into a blockbuster addressing multiple therapeutic areas. Today, Dupixent treats patients with asthma, chronic rhinosinusitis with nasal polyposis, eosinophilic esophagitis, prurigo nodularis, chronic spontaneous urticaria, chronic obstructive pulmonary disease, and bullous pemphigoid.

This diversification across indications has proven transformative. Through its collaboration agreement with Sanofi, Regeneron captures its share of global profits from Dupixent sales. The fourth quarter likely saw particularly robust demand across the entire indication spectrum, with prurigo nodularis emerging as a notable growth contributor. Solid uptake across all approved indications has positioned Dupixent as a consistent profit driver, more than compensating for headwinds faced by other products in REGN’s portfolio.

Eylea HD Gains Traction Amid Competitive Pressures

While Dupixent powers forward, Regeneron’s flagship ophthalmology franchise faces mounting competitive intensity. Eylea, developed jointly with pharma partner Bayer, generated $577 million in U.S. net sales during the fourth quarter—a reflection of ongoing market share loss to rival Vabysmo.

Rather than concede ground, Regeneron accelerated the rollout of Eylea HD, its higher-dose formulation. The initial market response has been exceptionally strong. Preliminary results show Eylea HD capturing $506 million in U.S. sales during the same quarter, demonstrating rapid patient transition from standard Eylea. In November 2025, the FDA expanded Eylea HD’s indication to include macular edema following retinal vein occlusion, with up to eight-week dosing intervals after an initial monthly dosing period. Additional monthly dosing flexibility became available for select patients across approved indications.

The combined Eylea and Eylea HD performance—totaling more than $1 billion in U.S. sales for Q4—underscores management’s strategic pivot. Rather than watching a core franchise erode, Regeneron introduced a product evolution that’s resonating with both physicians and patients.

Forecasting REGN’s Q4 Performance

The Zacks Model points clearly toward an earnings beat. The positive combination of Earnings ESP and a #1 Rank has historically increased the probability of outperformance. REGN checks both boxes, suggesting the consensus estimates could prove conservative.

Operating expenses likely increased as Regeneron advanced its research pipeline, but management has offset this pressure through disciplined share repurchases. In February 2025, the board authorized a new $3.0 billion buyback program. As of September 30, 2025, $2.156 billion remained available, signaling ongoing commitment to enhancing shareholder value per share.

Oncology Franchise Expansion and Portfolio Diversification

Beyond Dupixent and Eylea, REGN is methodically building a competitive oncology presence. Libtayo, its anti-PD-L1 checkpoint inhibitor, is capturing growing market share in non-melanoma skin cancer indications following recent label expansions in both the U.S. and Europe. The European Commission approved Libtayo as an adjuvant treatment for cutaneous squamous cell carcinoma (CSCC) at high recurrence risk, broadening its commercial footprint. Consensus estimates peg Libtayo Q4 sales at $482 million.

Newly approved Lynozyfic (linvoseltamab-gcpt) targets relapsed or refractory multiple myeloma, while Ordspono (odronextamab) addresses relapsed or refractory follicular lymphoma and diffuse large B-cell lymphoma. These oncology additions represent Regeneron’s deliberate strategy to reduce reliance on any single franchise and build durable, multi-product revenue streams.

Market Valuation and Competitive Context

Over the past 12 months, Regeneron’s stock appreciated 12.2%, lagging the broader biotech industry’s 17.1% gain. This relative underperformance, despite strong fundamentals, may reflect earlier uncertainties around Eylea’s competitive trajectory. With Eylea HD demonstrating unexpected traction and Dupixent expanding into additional indications, the next earnings announcement could shift investor sentiment.

Several peers merit monitoring alongside REGN. Veracyte (VCYT) carries a #1 Rank with +7.98% Earnings ESP and has beaten earnings in four consecutive quarters, averaging 45.12% surprises. Amneal Pharmaceuticals (AMRX) shows +11.77% Earnings ESP with a #2 Rank, posting 71% share gains over six months. Novartis (NVS), carrying a #3 Rank with +1.16% Earnings ESP, rounds out a solid group of biotech names poised for potential earnings surprises.

For Regeneron specifically, the convergence of Dupixent’s diversified growth, Eylea HD’s strong uptake, and an expanding oncology portfolio creates a compelling narrative heading into the Jan. 30 earnings release. Investors positioning ahead of the announcement may find opportunity in a company executing on multiple fronts simultaneously.