Regeneron Pharmaceuticals (REGN) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 36% YoY to $5.116B; GAAP diluted EPS was $18.45, up 35%, and non-GAAP diluted EPS was $20.07, up 70%.

• DUPIXENT, EYLEA HD, and LIBTAYO each reached record quarterly sales; a broad pipeline includes pivotal results expected from 2027 onward.

• Expanded Sanofi alliance adds four long-acting antibody programs, with a $1B upfront payment and up to $7B in additional milestones.

Financial highlights

• GAAP net income was $1.949B, up 33% YoY; non-GAAP net income was $2.150B, up 67%.

• Net product sales were $1.805B, up 14%; collaboration revenue was $3.001B, up 52%; other revenue was $310M, up 57%.

• GAAP operating income was $2.048B versus $1.027B; Q3 operating expenses were $3.068B.

• Nine-month operating cash flow was $3.675B; free cash flow was $2.904B.

Outlook and guidance

• FY 2026 non-GAAP R&D guidance is $6.05B–$6.15B; GAAP R&D guidance is $6.600B–$6.735B.

• FY 2026 gross margin guidance is ~80% GAAP and ~86% non-GAAP; capital expenditures are guided to $1.050B–$1.100B.

• EYLEA HD full-year net sales are expected to grow over 50% versus 2025; 2027 R&D expense is expected to rise at a mid-teens rate versus 2026.

• Cemdisiran gMG FDA decision is expected in November 2026; Phase 3 obesity programs are planned to start in Q4 2026, with pivotal Factor XI results anticipated from 2027.

• EYLEA HD pre-filled syringe FDA decision is an anticipated milestone; Ordspono BLA action date is February 2027.