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REGN Q3 Earnings Beat on Dupixent Profits & Eylea HD Growth, Stock Up
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Key Takeaways
Regeneron's Q3 adjusted EPS surged 70% to $20.07, while revenues jumped 36% to $5.12 billion.
Higher Dupixent profits and strong Eylea HD and Libtayo demand drove quarterly growth.
Regeneron raised R&D expense guidance and secured a $1 billion Sanofi upfront payment.
Regeneron Pharmaceuticals (REGN - Free Report) reported third-quarter 2026 adjusted earnings per share (EPS) of $20.07, which beat the Zacks Consensus Estimate of $16.08. Earnings surged 70% from $11.83 recorded in the year-ago quarter.
Total revenues increased 36% year over year to $5.12 billion, surpassing the Zacks Consensus Estimate of $4.55 billion.
Strong Dupixent profits, higher Eylea HD sales and robust Libtayo demand drove the performance.
The stock is trading up in response to better-than-expected quarterly results.
Regeneron’s shares have gained 6.1% year to date compared with the industry’s growth of 7.2%.
Image Source: Zacks Investment Research
REGN's Eylea HD Sales Rise While Legacy Eylea Sales Decline
Eylea HD generated sales of $699 million in the United States, up 62% year over year, driven by higher demand and sales volumes. Sales beat the Zacks Consensus Estimate of $632 million.
Eylea sales declined 41% to $400 million in the United States, primarily due to continued competitive pressure and patients transitioning to Eylea HD. Nevertheless, sales exceeded the Zacks Consensus Estimate of $331 million.
Combined U.S. sales of Eylea and Eylea HD declined 1% to $1.10 billion, reflecting the ongoing shift toward the higher-dose formulation.
Regeneron records U.S. sales of both drugs, while Bayer BAYRY records sales outside the country. Regeneron's share of profits from international sales is included in collaboration revenues.
Regeneron's Collaboration Revenues Jump in Q3
Total collaboration revenues increased 52% year over year to $3.00 billion, beating the Zacks Consensus Estimate of $2.75 billion.
Sanofi’s SNY collaboration revenues surged 68% to $2.72 billion, surpassing the Zacks Consensus Estimate of $2.51 billion. Growth reflected higher profits associated with Dupixent.
Global Dupixent sales climbed 35% to $6.54 billion.
Regeneron records its share of profits from global Dupixent and Kevzara sales within collaboration revenues, while Sanofi records the products' net sales.
Bayer’s collaboration revenues declined 23% to $267 million, reflecting lower profit contributions from international Eylea sales.
REGN's Libtayo Sales Maintain Strong Momentum
Global Libtayo sales surged 51% year over year to $550 million, exceeding the Zacks Consensus Estimate of $493 million. U.S. sales climbed 81% to $396 million, supported by higher demand.
Praluent's U.S. sales increased 21% to $81 million, while Evkeeza sales rose 28% to $55 million.
Lynozyfic, approved for certain patients with relapsed or refractory multiple myeloma, generated global sales of $19 million.
Regeneron's Q3 Expenses and Margins
Adjusted research and development (R&D) expenses increased 23% year over year to $1.65 billion, driven by clinical pipeline advancement and increased manufacturing activities involving product candidates.
Adjusted selling, general and administrative expenses increased 9% to $588 million.
Adjusted gross margin on net product sales remained unchanged at 86%.
REGN's Pipeline and Regulatory Updates
In August, the FDA approved Pasatru for adults with fibrodysplasia ossificans progressiva, a rare disorder involving abnormal bone formation. A regulatory application is also under review in the EU.
The FDA also accepted the resubmitted application for Ordspono in relapsed or refractory diffuse large B-cell lymphoma, with a decision expected in February 2027.
Regeneron expects an FDA decision on cemdisiran for generalized myasthenia gravis in November 2026.
Meanwhile, the company plans to initiate a phase III study of its CIDEB-targeting RNAi therapy for metabolic liver disease in the fourth quarter.
Regeneron Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Regeneron raised its 2026 adjusted R&D expense guidance to $6.05-$6.15 billion from $5.95-$6.05 billion.
However, the company lowered adjusted SG&A expense guidance to $2.40-$2.50 billion from $2.50-$2.60 billion. It raised its adjusted gross margin outlook to approximately 86% from 84-85%.
During the first nine months of 2026, Regeneron repurchased $2.30 billion of its shares. As of Sept. 30, $2.20 billion remained available under its repurchase programs.
Our Take on REGN's Q3 Performance
Regeneron's strong quarterly performance reflects growing Dupixent profit contributions and continued commercial momentum for Eylea HD and Libtayo.
However, declining legacy Eylea sales remain a headwind, while higher R&D spending reflects the company's expanding clinical pipeline. The revised guidance also indicates increased investment in development activities.
Regeneron's expanded Sanofi collaboration adds four next-generation, long-acting immunology antibodies. The agreement includes a $1 billion upfront payment to be recognized as fourth-quarter collaboration revenues, with future milestones of up to $7 billion.
This agreement, together with continued pipeline advancement, expands Regeneron's development opportunities beyond its existing commercial portfolio.
View the Zacks #1 Rank List
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REGN Q3 Earnings Beat on Dupixent Profits & Eylea HD Growth, Stock Up
Key Takeaways
Regeneron Pharmaceuticals (REGN - Free Report) reported third-quarter 2026 adjusted earnings per share (EPS) of $20.07, which beat the Zacks Consensus Estimate of $16.08. Earnings surged 70% from $11.83 recorded in the year-ago quarter.
Total revenues increased 36% year over year to $5.12 billion, surpassing the Zacks Consensus Estimate of $4.55 billion.
Strong Dupixent profits, higher Eylea HD sales and robust Libtayo demand drove the performance.
The stock is trading up in response to better-than-expected quarterly results.
Regeneron’s shares have gained 6.1% year to date compared with the industry’s growth of 7.2%.
Image Source: Zacks Investment Research
REGN's Eylea HD Sales Rise While Legacy Eylea Sales Decline
Eylea HD generated sales of $699 million in the United States, up 62% year over year, driven by higher demand and sales volumes. Sales beat the Zacks Consensus Estimate of $632 million.
Eylea sales declined 41% to $400 million in the United States, primarily due to continued competitive pressure and patients transitioning to Eylea HD. Nevertheless, sales exceeded the Zacks Consensus Estimate of $331 million.
Combined U.S. sales of Eylea and Eylea HD declined 1% to $1.10 billion, reflecting the ongoing shift toward the higher-dose formulation.
Regeneron records U.S. sales of both drugs, while Bayer BAYRY records sales outside the country. Regeneron's share of profits from international sales is included in collaboration revenues.
Regeneron's Collaboration Revenues Jump in Q3
Total collaboration revenues increased 52% year over year to $3.00 billion, beating the Zacks Consensus Estimate of $2.75 billion.
Sanofi’s SNY collaboration revenues surged 68% to $2.72 billion, surpassing the Zacks Consensus Estimate of $2.51 billion. Growth reflected higher profits associated with Dupixent.
Global Dupixent sales climbed 35% to $6.54 billion.
Regeneron records its share of profits from global Dupixent and Kevzara sales within collaboration revenues, while Sanofi records the products' net sales.
Bayer’s collaboration revenues declined 23% to $267 million, reflecting lower profit contributions from international Eylea sales.
REGN's Libtayo Sales Maintain Strong Momentum
Global Libtayo sales surged 51% year over year to $550 million, exceeding the Zacks Consensus Estimate of $493 million. U.S. sales climbed 81% to $396 million, supported by higher demand.
Praluent's U.S. sales increased 21% to $81 million, while Evkeeza sales rose 28% to $55 million.
Lynozyfic, approved for certain patients with relapsed or refractory multiple myeloma, generated global sales of $19 million.
Regeneron's Q3 Expenses and Margins
Adjusted research and development (R&D) expenses increased 23% year over year to $1.65 billion, driven by clinical pipeline advancement and increased manufacturing activities involving product candidates.
Adjusted selling, general and administrative expenses increased 9% to $588 million.
Adjusted gross margin on net product sales remained unchanged at 86%.
REGN's Pipeline and Regulatory Updates
In August, the FDA approved Pasatru for adults with fibrodysplasia ossificans progressiva, a rare disorder involving abnormal bone formation. A regulatory application is also under review in the EU.
The FDA also accepted the resubmitted application for Ordspono in relapsed or refractory diffuse large B-cell lymphoma, with a decision expected in February 2027.
Regeneron expects an FDA decision on cemdisiran for generalized myasthenia gravis in November 2026.
Meanwhile, the company plans to initiate a phase III study of its CIDEB-targeting RNAi therapy for metabolic liver disease in the fourth quarter.
Regeneron Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Regeneron Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Regeneron Pharmaceuticals, Inc. Quote
Regeneron Revises 2026 Guidance
Regeneron raised its 2026 adjusted R&D expense guidance to $6.05-$6.15 billion from $5.95-$6.05 billion.
However, the company lowered adjusted SG&A expense guidance to $2.40-$2.50 billion from $2.50-$2.60 billion. It raised its adjusted gross margin outlook to approximately 86% from 84-85%.
During the first nine months of 2026, Regeneron repurchased $2.30 billion of its shares. As of Sept. 30, $2.20 billion remained available under its repurchase programs.
Our Take on REGN's Q3 Performance
Regeneron's strong quarterly performance reflects growing Dupixent profit contributions and continued commercial momentum for Eylea HD and Libtayo.
However, declining legacy Eylea sales remain a headwind, while higher R&D spending reflects the company's expanding clinical pipeline. The revised guidance also indicates increased investment in development activities.
Regeneron's expanded Sanofi collaboration adds four next-generation, long-acting immunology antibodies. The agreement includes a $1 billion upfront payment to be recognized as fourth-quarter collaboration revenues, with future milestones of up to $7 billion.
This agreement, together with continued pipeline advancement, expands Regeneron's development opportunities beyond its existing commercial portfolio.
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.