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Regeneron Pharmaceuticals, Inc. (REGN - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of $9.47, which comfortably beat the Zacks Consensus Estimate of $8.52 and was up from $8.22 recorded in the year-ago quarter.
The strong bottom-line performance was driven by higher revenues and a reduced share count.
Total revenues grew 19% year over year to $3.6 billion, driven by higher sales of Eylea HD and increased Dupixent profits.
Revenues also beat the Zacks Consensus Estimate of $3.4 billion.
However, shares are trading lower despite the outperformance due to a year-over-year decline in GAAP earnings.
Regeneron’s shares have lost 5.2% so far this year compared with the industry’s decline of 1.5%.
Image Source: Zacks Investment Research
Eylea HD and Dupiexent Power REGN’s Q1 Results
The lead drug, Eylea, is approved for various ophthalmology indications (neovascular age-related macular degeneration, diabetic macular edema and macular edema, among others).
Eylea’s sales in the United States plunged 36% year over year to $473 million, primarily due to increased competition from other drugs like Roche’s (RHHBY - Free Report) Vabysmo and continued transition of patients to higher doses of the drug (Eylea HD). Eylea sales in the United States beat the Zacks Consensus Estimate of $436 million.
Please note that Regeneron co-developed Eylea with the HealthCare unit of Bayer AG (BAYRY - Free Report) . Regeneron records net product sales of Eylea and Eylea HD in the United States and Bayer does the same outside the country. The company records its share of profits in connection with Eylea and Eylea HD sales outside the United States within collaboration revenues.
In August 2023, the FDA approved Eylea HD (a higher dose of Eylea) for the treatment of patients with wet age-related macular degeneration, diabetic macular edema and diabetic retinopathy.
Eylea HD generated revenues of $468 million in the United States, up 52% year over year, backed by higher sales volumes driven by increased demand. However, sales were negatively impacted by lower wholesaler inventory levels at the end of the first quarter of 2026 compared to the end of the fourth quarter of 2025. Eylea HD sales beat the Zacks Consensus Estimate by 0.12%.
Total revenues include collaboration revenues of $1.9 billion from Sanofi (SNY - Free Report) and Bayer. The figure increased 24% from that recorded in the year-ago quarter. Total collaboration revenues beat the Zacks Consensus Estimate of $1.86 billion.
Sanofi’s collaboration revenues increased 36% to $1.6 billion, driven by profits associated with higher Dupixent sales. The figure beat the Zacks Consensus Estimate of $1.5 billion. We note that Sanofi records global net product sales of Dupixent and Kevzara, while Regeneron records its share of profits/losses in connection with the global sales of both drugs within collaboration revenues. Dupixent’s sales increased 33% year over year to $4.9 billion.
Bayer’s collaboration revenues totaled $287 million, down 17% year over year.
Regeneron records net product sales of Praluent in the United States and Sanofi does the same outside the country. SNY pays REGN a royalty on such sales. Regeneron records global net product sales of Libtayo and pays Sanofi a royalty on such sales.
Total Libtayo sales were $438 million, up 54% year over year. The figure beat the Zacks Consensus Estimate of $361 million. Praluent’s net sales in the United States were $67 million.
The FDA had earlier approved linvoseltamab-gcpt for the treatment of relapsed or refractory (R/R) multiple myeloma (MM). The drug was granted accelerated approval by the FDA under the brand name Lynozyfic. It is also approved in the EU to treat adults with R/R MM after at least three prior therapies, including a proteasome inhibitor, an immunomodulatory agent and an anti-CD38 monoclonal antibody.
Lynozyfic sales came in at $11 million.
A Look at REGN’s Q1 Expense Summary
Gross margin on net product sales inched up to 86% from 85%.
Adjusted R&D expenses increased 19% year over year to $1.4 billion due to the advancement of the company's pipeline, including programs in hematology-oncology, complement-mediated diseases and anticoagulation. Adjusted SG&A expenses increased 4% to $560 million due to an increase in commercialization-related expenses for Eylea HD and Libtayo and higher headcount and headcount-related costs.
During the first quarter of 2026, the company repurchased $803 million worth of its common stock. As of March 31, 2026, $688 million remained available under its existing share repurchase programs.
In April 2026, the board authorized a new program allowing for up to an additional $3.0 billion in share buybacks.
REGN’s Key Pipeline and Regulatory Updates
In April 2026, the FDA and European Commission approved Dupixent for the treatment of chronic spontaneous urticaria (CSU) in children aged two to 11 years who remain symptomatic despite antihistamine treatment. This expands the previous approvals in the United States and EU for CSU in adults and adolescents aged 12 years and older.
In February 2026, the FDA approved Dupixent as the first and only medicine for the treatment of adults and children aged six years and older with allergic fungal rhinosinusitis.
In April 2026, the FDA approved extending Eylea HD dosing intervals up to 20 weeks for wAMD and DME patients after one year of sustained response, further enhancing its dosing flexibility among anti-VEGF therapies.
The company also resubmitted its application for the Eylea HD pre-filled syringe (PFS) at Catalent’s Indiana site following a re-inspection. A decision on a second PFS manufacturing application was not made by the April 2026 target action date and remains under review. REGN expects a regulatory update on one or both applications in the second quarter of 2026.
The FDA recently granted accelerated approval to Otarmeni (lunsotogene parvec, formerly DB-OTO), the first gene therapy cleared under the FDA Commissioner’s National Priority Voucher Program. The adeno-associated virus-based treatment is indicated for pediatric and adult patients with severe-to-profound hearing loss caused by OTOF gene variants.
The company submitted a new drug application seeking FDA approval of cemdisiran in myasthenia gravis using a rare pediatric disease priority review voucher.
Our Take on REGN’s Q1 Performance
Regeneron’s first-quarter performance was encouraging, with overall revenues rising despite continued declines in sales of its flagship product, Eylea. This performance underscores the resilience and breadth of the company’s diversified portfolio.
Regeneron Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
However, Eylea sales remain under pressure amid intensifying competition from Roche’s Vabysmo, which has seen strong and rapid uptake. Vabysmo was designed to inhibit both Ang-2 and VEGF-A pathways, offering a differentiated mechanism that has resonated with physicians.
Regeneron is actively strengthening its oncology portfolio as well to further diversify its revenue base. The company’s oncology franchise recently gained momentum following the label expansion of Libtayo, helping offset headwinds in the ophthalmology segment.
View the Zacks #1 Rank List
Image: Bigstock
Regeneron Q1 Earnings Top, Sales Up on Dupixent & Eylea HD Strength
Key Takeaways
Regeneron Pharmaceuticals, Inc. (REGN - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of $9.47, which comfortably beat the Zacks Consensus Estimate of $8.52 and was up from $8.22 recorded in the year-ago quarter.
The strong bottom-line performance was driven by higher revenues and a reduced share count.
Total revenues grew 19% year over year to $3.6 billion, driven by higher sales of Eylea HD and increased Dupixent profits.
Revenues also beat the Zacks Consensus Estimate of $3.4 billion.
However, shares are trading lower despite the outperformance due to a year-over-year decline in GAAP earnings.
Regeneron’s shares have lost 5.2% so far this year compared with the industry’s decline of 1.5%.
Image Source: Zacks Investment Research
Eylea HD and Dupiexent Power REGN’s Q1 Results
The lead drug, Eylea, is approved for various ophthalmology indications (neovascular age-related macular degeneration, diabetic macular edema and macular edema, among others).
Eylea’s sales in the United States plunged 36% year over year to $473 million, primarily due to increased competition from other drugs like Roche’s (RHHBY - Free Report) Vabysmo and continued transition of patients to higher doses of the drug (Eylea HD). Eylea sales in the United States beat the Zacks Consensus Estimate of $436 million.
Please note that Regeneron co-developed Eylea with the HealthCare unit of Bayer AG (BAYRY - Free Report) . Regeneron records net product sales of Eylea and Eylea HD in the United States and Bayer does the same outside the country. The company records its share of profits in connection with Eylea and Eylea HD sales outside the United States within collaboration revenues.
In August 2023, the FDA approved Eylea HD (a higher dose of Eylea) for the treatment of patients with wet age-related macular degeneration, diabetic macular edema and diabetic retinopathy.
Eylea HD generated revenues of $468 million in the United States, up 52% year over year, backed by higher sales volumes driven by increased demand. However, sales were negatively impacted by lower wholesaler inventory levels at the end of the first quarter of 2026 compared to the end of the fourth quarter of 2025. Eylea HD sales beat the Zacks Consensus Estimate by 0.12%.
Total revenues include collaboration revenues of $1.9 billion from Sanofi (SNY - Free Report) and Bayer. The figure increased 24% from that recorded in the year-ago quarter. Total collaboration revenues beat the Zacks Consensus Estimate of $1.86 billion.
Sanofi’s collaboration revenues increased 36% to $1.6 billion, driven by profits associated with higher Dupixent sales. The figure beat the Zacks Consensus Estimate of $1.5 billion. We note that Sanofi records global net product sales of Dupixent and Kevzara, while Regeneron records its share of profits/losses in connection with the global sales of both drugs within collaboration revenues. Dupixent’s sales increased 33% year over year to $4.9 billion.
Bayer’s collaboration revenues totaled $287 million, down 17% year over year.
Regeneron records net product sales of Praluent in the United States and Sanofi does the same outside the country. SNY pays REGN a royalty on such sales. Regeneron records global net product sales of Libtayo and pays Sanofi a royalty on such sales.
Total Libtayo sales were $438 million, up 54% year over year. The figure beat the Zacks Consensus Estimate of $361 million.
Praluent’s net sales in the United States were $67 million.
The FDA had earlier approved linvoseltamab-gcpt for the treatment of relapsed or refractory (R/R) multiple myeloma (MM). The drug was granted accelerated approval by the FDA under the brand name Lynozyfic. It is also approved in the EU to treat adults with R/R MM after at least three prior therapies, including a proteasome inhibitor, an immunomodulatory agent and an anti-CD38 monoclonal antibody.
Lynozyfic sales came in at $11 million.
A Look at REGN’s Q1 Expense Summary
Gross margin on net product sales inched up to 86% from 85%.
Adjusted R&D expenses increased 19% year over year to $1.4 billion due to the advancement of the company's pipeline, including programs in hematology-oncology, complement-mediated diseases and anticoagulation. Adjusted SG&A expenses increased 4% to $560 million due to an increase in commercialization-related expenses for Eylea HD and Libtayo and higher headcount and headcount-related costs.
During the first quarter of 2026, the company repurchased $803 million worth of its common stock. As of March 31, 2026, $688 million remained available under its existing share repurchase programs.
In April 2026, the board authorized a new program allowing for up to an additional $3.0 billion in share buybacks.
REGN’s Key Pipeline and Regulatory Updates
In April 2026, the FDA and European Commission approved Dupixent for the treatment of chronic spontaneous urticaria (CSU) in children aged two to 11 years who remain symptomatic despite antihistamine treatment. This expands the previous approvals in the United States and EU for CSU in adults and adolescents aged 12 years and older.
In February 2026, the FDA approved Dupixent as the first and only medicine for the treatment of adults and children aged six years and older with allergic fungal rhinosinusitis.
In April 2026, the FDA approved extending Eylea HD dosing intervals up to 20 weeks for wAMD and DME patients after one year of sustained response, further enhancing its dosing flexibility among anti-VEGF therapies.
The company also resubmitted its application for the Eylea HD pre-filled syringe (PFS) at Catalent’s Indiana site following a re-inspection. A decision on a second PFS manufacturing application was not made by the April 2026 target action date and remains under review. REGN expects a regulatory update on one or both applications in the second quarter of 2026.
The FDA recently granted accelerated approval to Otarmeni (lunsotogene parvec, formerly DB-OTO), the first gene therapy cleared under the FDA Commissioner’s National Priority Voucher Program. The adeno-associated virus-based treatment is indicated for pediatric and adult patients with severe-to-profound hearing loss caused by OTOF gene variants.
The company submitted a new drug application seeking FDA approval of cemdisiran in myasthenia gravis using a rare pediatric disease priority review voucher.
Our Take on REGN’s Q1 Performance
Regeneron’s first-quarter performance was encouraging, with overall revenues rising despite continued declines in sales of its flagship product, Eylea. This performance underscores the resilience and breadth of the company’s diversified portfolio.
Regeneron Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Regeneron Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Regeneron Pharmaceuticals, Inc. Quote
However, Eylea sales remain under pressure amid intensifying competition from Roche’s Vabysmo, which has seen strong and rapid uptake. Vabysmo was designed to inhibit both Ang-2 and VEGF-A pathways, offering a differentiated mechanism that has resonated with physicians.
Regeneron is actively strengthening its oncology portfolio as well to further diversify its revenue base. The company’s oncology franchise recently gained momentum following the label expansion of Libtayo, helping offset headwinds in the ophthalmology segment.
REGN’s Zacks Rank
Regeneron currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.