Regeneron revenue jumps 36% to $5.116 billion in third quarter
Key Facts
Regeneron reported a 36% increase in third-quarter 2026 revenue to $5.116 billion, from $3.754 billion in the same period last year, according to the company statement accompanying its filing with the U.S. Securities and Exchange Commission. GAAP net income rose 33% to $1.949 billion from $1.460 billion. GAAP diluted earnings per share were $18.45, up 35% from $13.62 a year earlier. Adjusted earnings per share rose 70% to $20.07, compared with $11.83. Results exceeded analyst expectations of $16.06 in adjusted earnings per share and $4.54 billion in revenue, according to Investing.com.
The revenue increase came as Sanofi collaboration revenue grew to $2.724 billion from $1.617 billion, up 68% year over year. Net product sales rose 14% to $1.805 billion, compared with $1.588 billion a year earlier. The chief financial officer said the company had recorded a third consecutive quarter of double-digit growth in revenue and adjusted earnings per share. The statement attributed the growth in collaboration revenue to an increase in Regeneron's share of antibody commercialization profits, which totaled $2.575 billion for the quarter, compared with $1.456 billion in the year-earlier period. The company said the Sanofi development balance no longer reduced collaboration revenue starting in the third quarter, after it was paid off by the end of the second quarter.
U.S. eye-treatment sales showed mixed performance, with EYLEA HD sales rising 62% to $699 million in the third quarter from $431 million a year earlier. By contrast, EYLEA sales fell 41% to $400 million, compared with $681 million. The company attributed the decline in EYLEA to competition and patients switching to EYLEA HD. The chief executive said Dupixent, EYLEA HD and Libtayo each posted record net sales during the quarter.
Libtayo grew across its markets, with global sales rising 51% to $550 million from $365 million in the third quarter of 2025. U.S. sales increased 81% to $396 million, compared with $219 million a year earlier. On regulatory expansion, Regeneron announced that the U.S. Food and Drug Administration had approved Pasatru, the generic name for which is garetosmab, to treat progressive osseous fibrodysplasia. The European Medicines Agency's CHMP committee also recommended an alternative Libtayo dosing schedule, reducing dosing frequency from once every 3 weeks to once every 6 weeks after the first 12 weeks of treatment. The company said a final decision by the European Commission is expected in the coming months.
Under the expanded agreement with Sanofi, Regeneron will record the $1 billion upfront payment as collaboration revenue in the fourth quarter of 2026, according to the correction to the filing included in the evidence. The company raised its full-year GAAP research and development expense range to $6.600–$6.735 billion, from a previous range of $6.500–$6.635 billion. It lowered its GAAP selling, general and administrative expense range to $2.730–$2.860 billion, from $2.830–$2.960 billion. The company expects a Food and Drug Administration decision next month on cemdisiran to treat generalized myasthenia gravis. In premarket trading on October 30, the stock rose 8.1% after the results were announced, according to Investing.com.