Regeneron - Reflections on Q2 2025
"Dear Len" / Going full steam ahead
Friends of NFTBC.
Regeneron gave us their second quarter earnings yesterday - I know many of you are interested in the company and will have seen these already. The last thing I want to do at NFTBC is litter your inbox with duplicated figures and words, which is why I’ve decided to approach earnings commentary in perhaps a slightly unconventional way. In those quarters where developments at a business have been unremarkable, I’ll probably have little to communicate to you. But one of the things I like about Regeneron’s earnings calls is that Len and George frequently do have interesting things to say - if you’re prepared to sustain your attention beyond the drudgery of the usual Eylea questions. And Q2 2025 was a good one.
You can find all the Q2 materials here.
Let’s dig in.
