Regeneron Pharmaceuticals, Inc.: Beat — EPS $20.07, Revenue $5.12B
Earnings BeatQ3 2026 · Pre-market
Did Regeneron Pharmaceuticals, Inc. (REGN) beat earnings today?
Yes, Regeneron Pharmaceuticals, Inc. (REGN) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+23.51% surprise
$20.07Actual
Expected: $16.25
vs. year ago +70.0%
Total Revenue+12.19% surprise
$5.12BActual
Expected: $4.56B
vs. year ago +36.0%
Released Oct 30 · 6:30 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $5.12B | $3.75B | +36.0% |
| Revenue detail — reported lines | |||
| └─Net product sales | $1.80B | $1.59B | +14.0% |
| └─EYLEA HD - U.S. | $699.00M | $431.00M | +62.0% |
| └─EYLEA - U.S. | $400.00M | $681.00M | -41.0% |
| └─Total EYLEA HD and EYLEA - U.S. | $1.10B | $1.11B | -1.0% |
| └─Libtayo - U.S. | $396.00M | $219.00M | +81.0% |
| └─Libtayo - ROW | $154.00M | $146.00M | +5.0% |
| └─Total Libtayo - Global | $550.00M | $365.00M | +51.0% |
| └─Praluent - U.S. | $81.00M | $67.00M | +21.0% |
| └─Evkeeza - U.S. | $55.00M | $43.00M | +28.0% |
| └─Lynozyfic - Global | $19.00M | - | - |
| └─Other products - Global | $1.00M | - | - |
| └─Collaboration revenue | $3.00B | $1.97B | +52.4% |
| └─Sanofi | $2.72B | $1.62B | +68.0% |
| └─Bayer | $267.00M | $345.00M | -23.0% |
| └─Other | $10.00M | $6.00M | +66.7% |
| └─Other revenue | $310.00M | $198.00M | +57.0% |
| Net Income | $1.95B | $1.46B | +33.5% |
| Non-GAAP net income | $2.15B | $1.29B | +67.0% |
| GAAP Basic EPS | $19.16 | $14.09 | +36.0% |
| GAAP Diluted EPS | $18.45 | $13.62 | +35.0% |
| Non-GAAP Basic EPS | $21.14 | $12.42 | +70.2% |
| Non-GAAP Diluted EPS | $20.07 | $11.83 | +70.0% |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | FY26 Outlook |
|---|---|---|
| GAAP R&D | — | $6.600B-$6.735B (prev. $6.500B-$6.635B) |
| Non-GAAP R&D | — | $6.050B-$6.150B (prev. $5.950B-$6.050B) |
| GAAP SG&A | — | $2.730B-$2.860B (prev. $2.830B-$2.960B) |
| Non-GAAP SG&A | — | $2.400B-$2.500B (prev. $2.500B-$2.600B) |
| GAAP gross margin | — | ~80% (prev. 78%-79%) |
| Non-GAAP gross margin | — | ~86% (prev. 84%-85%) |
| GAAP COCM | — | $985M-$1.035B (unchanged) |
| Non-GAAP COCM | — | $970M-$1.020B (unchanged) |
| Capital expenditures | — | $1.050B-$1.100B (prev. $1.030B-$1.100B) |
Business Highlights
- ➤FDA approved Pasatru for adults with fibrodysplasia ossificans progressiva.
- ➤Japan approved Libtayo for adjuvant and metastatic or locally advanced CSCC.
- ➤EMA’s CHMP issued a positive opinion for six-week Libtayo dosing after 12 weeks.
- ➤FDA accepted the resubmitted Ordspono BLA for relapsed or refractory DLBCL.
- ➤Ubamatamab showed durable responses in advanced low-grade serous ovarian cancer.
- ➤Initiated a potentially registrational LGSOC trial and plans a confirmatory Phase 3 trial.
- ➤Initiated a Phase 3 PICC venous thromboembolism prevention study for cenvacibart and amrecibart.
- ➤CIDEB RNAi interim data showed reduced liver fat and supported planned Phase 3 initiation.
- ➤Initiated a second Phase 3 study for REGN1908-1909 in cat allergy.
- ➤Expanded the Sanofi antibody collaboration with next-generation long-acting antibodies.
- ➤Agreed with BARDA to supply Inmazeb doses for U.S. Ebola preparedness beginning in 2027.
- ➤Declared a $0.94 per-share cash dividend payable December 3, 2026.
Management Commentary
Leonard S. Schleifer, M.D., Ph.D., Board co-Chair, President and Chief Executive Officer of Regeneron
“This was an outstanding quarter for Regeneron, with Dupixent, EYLEA HD, and Libtayo each achieving record net sales. Our pipeline of about 50 product candidates is rapidly advancing. We expect an FDA decision for cemdisiran in generalized myasthenia gravis next month; our Phase 3 programs in multiple myeloma, lymphoma, anticoagulation, and obesity continue to advance; and we have generated encouraging early data in MASH, POTS, and ovarian cancer. Finally, we expanded our alliance with Sanofi to include four Regeneron-invented, next-generation, long-acting antibodies designed to build on the success of Dupixent.”
Christopher Fenimore, Executive Vice President, Finance and Chief Financial Officer of Regeneron
“We are pleased with our third quarter financial results, which marked our third consecutive quarter of double-digit growth in both revenue and non-GAAP EPS. Strong commercial execution across our portfolio, together with the anticipated step-up in Sanofi collaboration revenue in the first full quarter following repayment of the Development Balance, drove a 36% increase in total revenues and a 70% increase in non-GAAP EPS, positioning us to deliver one of our strongest years ever.”