Regeneron Pharmaceuticals (REGN) investor relations material

Executive summary

• Q2 2026 revenues rose 17% year-over-year to $4.3 billion, driven by record sales of Dupixent ($6.0B, up 38%), EYLEA HD ($596M, up 52%), and Libtayo ($489M, up 30%), while EYLEA U.S. sales declined 45% due to biosimilar competition and patient transitions.

• Non-GAAP EPS increased 11% to $14.29, while GAAP EPS was $12.23, both impacted by IPR&D charges; net income was $1.3–$1.5 billion.

• Major R&D milestones included FDA approvals for EYLEA HD extended dosing, Otarmeni for genetic hearing loss, and new indications for Dupixent; robust pipeline progress with ~50 active clinical programs.

• The Sanofi development balance was fully repaid as of June 30, 2026, increasing future collaboration profits.

• Approximately $3.0 billion was deployed in the first half of 2026 for share repurchases, dividends, capital expenditures, and business development.

Financial highlights

• Q2 2026 total revenue was $4.29–$4.3 billion, up 17% year-over-year, with Dupixent, EYLEA HD, and Libtayo as key drivers.

• GAAP net income was $1.3 billion (down 7%); non-GAAP net income was $1.54 billion (up 8%).

• GAAP EPS was $12.23 (down 5%); non-GAAP EPS was $14.29 (up 11%).

• Gross margin on net product sales: 78% GAAP (down from 83%), 87% non-GAAP (up from 86%), impacted by a temporary manufacturing interruption.

• Sanofi collaboration revenue reached $2.17–$2.2 billion, up 51–59% year-over-year, reflecting higher Dupixent profits.

Outlook and guidance

• Continued strong growth expected for Dupixent, EYLEA HD, and Libtayo, with some moderation in Dupixent growth as recent launches annualize.

• Anticipates FDA approval for EYLEA HD pre-filled syringe and cemdisiran in gMG before year-end; multiple regulatory milestones expected in 2026–2027.

• 2026 full-year guidance: GAAP R&D $6.5–$6.635B; non-GAAP R&D $5.95–$6.05B; capital expenditures $985M–$1.1B; GAAP gross margin 78–79%.