Regeneron Pharmaceuticals earnings: third quarter 2026

Regeneron Pharmaceuticals had a very big third quarter of 2026. Revenue rose 36% to $5.1 billion, mostly because its share of the money from Dupixent, the drug it shares with Sanofi, jumped. Costs grew far more slowly, so the profit from running the business nearly doubled. Its own eye-drug sales in the U.S. were flat, as the newer EYLEA HD made up for the older EYLEA. The company gives no forecast for sales or profit, but it now expects a higher gross margin on its products this year. ¹

Against what analysts expected

Earnings per share were $20.07 on the company's adjusted basis and $18.45 on the standard basis, both well above the $13.76 that analysts expected on average (Nasdaq's earnings calendar). ¹²

The strong points

• Money from the Sanofi partnership, built on Dupixent, rose 68%, helped by the end of a past debt repayment to Sanofi that used to shrink this line. ¹
• Costs rose far more slowly than sales, so the profit from running the business, before interest and tax, nearly doubled, up 99.5%. ¹
• Earnings per share on the company's own adjusted basis rose 70% to $20.07. ¹

The weak points

• In the U.S., the company's own eye-drug sales slipped 1%, as the older EYLEA lost ground and the newer EYLEA HD only just made up for it. ¹
• Money owed to the company by customers and partners grew by about a third in nine months, while cash and investments ended September roughly where they began the year. ¹

What the company expects

• Regeneron raised the gross margin it expects on product sales this year to about 86% on its adjusted basis, from 84%–85% before. ¹
• It now expects to spend more on research this year, $6.050–$6.150 billion on its adjusted basis, while cutting its expected selling and running costs. ¹

Our verdict on the quarter

A strong report. Sales and profit grew sharply and earnings per share came in well above what analysts expected; the company gives no forecast for sales or profit, but it raised the gross margin it expects for the year.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Regeneron Pharmaceuticals's results release, 30 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 30 October 2026. ↩