Regeneron Reports Q3 2026 Financial Results: Revenue Up 36% to $5.12B, Non-GAAP EPS Surges 70% to $20.07

Regeneron Pharmaceuticals, Inc. (REGN) - Q3 2026 Financial & Operating Results Summary

Executive Overview

On October 30, 2026, Regeneron Pharmaceuticals, Inc. filed a Current Report on Form 8-K under Item 2.02 detailing financial and operational results for the third quarter ended September 30, 2026. The company delivered strong top- and bottom-line growth, powered by expanded Sanofi collaboration revenue post-Development Balance repayment and robust sales momentum across key commercial products.

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Key Financial Highlights

• Total Revenues: $5,116 million, up 36% compared to $3,754 million in Q3 2025.
• GAAP Net Income: $1,949 million, an increase of 33% from $1,460 million in Q3 2025.
• GAAP Diluted EPS: $18.45, climbing 35% from $13.62 in Q3 2025.
• Non-GAAP Net Income: $2,150 million, up 67% from $1,287 million in Q3 2025.
• Non-GAAP Diluted EPS: $20.07, up 70% from $11.83 in Q3 2025.

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Product & Revenue Performance Breakdown

1. EYLEA Portfolio (U.S.):

   • EYLEA HD: $699 million (+62% YoY from $431 million), driven by volume growth and patient conversion.
   • EYLEA (Standard): $400 million (-41% YoY from $681 million) due to ongoing competitive pressures and transition to EYLEA HD.
   • Combined U.S. EYLEA Franchise: $1,099 million (-1% YoY from $1,112 million).

2. Libtayo (cemiplimab):

   • Global Net Product Sales: $550 million (+51% YoY from $365 million).
   • U.S. Sales: $396 million (+81% YoY).
   • Rest of World (ROW): $154 million (+5% YoY).

3. Other Products:

   • Praluent (U.S.): $81 million (+21% YoY).
   • Evkeeza (U.S.): $55 million (+28% YoY).
   • Lynozyfic (Global): $19 million.

4. Collaboration & Other Revenue:

   • Sanofi Collaboration: $2,724 million (+68% YoY vs. $1,617 million in Q3 2025), reflecting higher profit shares driven by Dupixent global sales ($6.5 billion, +35% YoY) and the elimination of the Development Balance deduction following its full repayment in Q2 2026.
   • Bayer Collaboration: $267 million (-23% YoY).
   • Other Revenue: $310 million (+57% YoY).

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Key Business & Clinical Pipeline Updates

• Sanofi Alliance Expansion: Regeneron amended its agreement with Sanofi to add multiple next-generation, long-acting immunology antibodies. Regeneron received a $1.0 billion upfront payment (recognized in Q4 2026) with eligibility for up to $7.0 billion in development, regulatory, and sales milestones, plus 50/50 profit and cost-sharing globally.
• Pasatru (garetosmab): Received FDA approval in August 2026 for the treatment of fibrodysplasia ossificans progressiva (FOP).
• Cemdisiran: FDA decision anticipated in November 2026 for generalized myasthenia gravis.
• Ordspono (odronextamab): Resubmission accepted by the FDA for relapsed/refractory DLBCL with a PDUFA target action date in February 2027.
• CIDEB RNAi Therapy: Reported positive Phase 1/2 interim data reducing liver fat by ~70% at 12 weeks; Phase 3 study in MASH/MASLD scheduled to start in Q4 2026.