Regeneron Tops Revenue Estimates at $5.1 Billion as Sanofi Collaboration Revenue Rises 68%
Regeneron updated its 2026 guidance, raising non-GAAP R&D to $6.05 billion to $6.15 billion and lowering non-GAAP SG&A to $2.40 billion to $2.50 billion.
Key points
- Revenue of $5.12 billion beat the $4.56 billion analyst estimate and rose 36% from a year earlier
- Adjusted EPS of $20.07 compared with the $16.25 consensus; GAAP EPS was $18.45, up 35%
- Sanofi collaboration revenue rose 68% to $2.72 billion; net product sales rose 14% to $1.81 billion
- Updated 2026 guidance raises non-GAAP R&D to $6.05 billion to $6.15 billion
- Dividend of $0.94 per share declared; $2.2 billion remained for buybacks as of Sept. 30
Regeneron Pharmaceuticals (Nasdaq: REGN) reported third-quarter revenue of $5.12 billion, above the $4.56 billion analysts expected, and adjusted earnings of $20.07 per share against the $16.25 consensus estimate, in an 8-K filed Friday, Oct. 30, 2026. Total revenue rose 36% from a year earlier. GAAP earnings per diluted share were $18.45, up 35%.
Collaboration revenue drives growth
Sanofi collaboration revenue reached $2.72 billion, up 68%. The company's share of profits from antibody commercialization was $2.575 billion, compared with $1.456 billion a year earlier. The release attributes the increase mainly to higher Dupixent sales, which Sanofi records and which rose 35% to $6.5 billion. The Sanofi Development Balance was fully repaid at the end of the second quarter and no longer reduced collaboration revenue beginning in the third quarter.
Product sales and pipeline
Net product sales rose 14% to $1.81 billion. U.S. EYLEA HD sales increased 62% to $699 million, while U.S. EYLEA sales fell 41% to $400 million, which the company said reflected competitive pressures and the transition of patients to EYLEA HD. Global Libtayo sales rose 51% to $550 million. The company also said Pasatru was approved by the FDA for fibrodysplasia ossificans progressiva in August. In October, Regeneron and Sanofi expanded their antibody collaboration, and Regeneron received a $1.0 billion up-front payment, to be recognized as collaboration revenue in the fourth quarter, with up to an additional $7.0 billion in potential milestones.
Expenses, guidance and capital
GAAP research and development expense rose 22% to $1.80 billion, which the company attributed to pipeline advancement and increased manufacturing activity. GAAP selling, general and administrative expense rose 3% to $678 million. The updated 2026 guidance calls for GAAP gross margin on net product sales of approximately 80% and non-GAAP gross margin of approximately 86%, capital expenditures of $1.050 billion to $1.100 billion, and a non-GAAP effective tax rate of approximately 15%.
Regeneron repurchased $2.3 billion of its common stock in the first nine months of 2026, and $2.2 billion remained available under its repurchase programs as of Sept. 30. The company declared a cash dividend of $0.94 per share, payable Dec. 3 to shareholders of record as of Nov. 20.
The stock closed at $818.77 on Thursday, Oct. 29, the last close before the filing, giving the company a market value of about $84.30 billion.
Sources
Written with AI from the company's results filing with the SEC, analysts' estimates where we had them, and our market data, and checked against those sources before publishing. Our editorial standards.
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