Regeneron Posts Adjusted EPS of $20.07 as Quarterly Revenue Jumps 36%

Key Facts

Regeneron reported adjusted earnings per share of $20.07 in the third quarter of 2026, topping analysts’ estimate of $16.06, according to Investing.com. The company reported total revenue of $5.116 billion, up 36% from $3.754 billion in the same period of 2025. Unadjusted GAAP earnings per share also rose 70% year over year to $20.07, while diluted GAAP earnings per share were about $18.45. Chief Financial Officer Christopher Fenimore attributed the revenue and earnings growth to commercial execution across the company’s portfolio and an expected increase in collaboration revenue with Sanofi. He said “strong commercial execution across our portfolio, together with the expected increase in collaboration revenue with Sanofi” contributed to the results.

Dupixent sales were among the quarter’s highlights, with global net sales reported by Sanofi rising 35% to $6.5 billion. The distinction between the companies matters because Sanofi records the drug’s sales, while Regeneron benefits from collaboration and profit-sharing arrangements. Regeneron’s share of antibody commercialization profits totaled $2.575 billion in the quarter, compared with $1.456 billion a year earlier. Collaboration revenue with Sanofi rose to $2.724 billion from $1.617 billion, an increase of 68%. By contrast, collaboration revenue with Bayer fell 23% to $267 million from $345 million in the third quarter of 2025.

Growth extended to other products in Regeneron’s portfolio, with U.S. sales of EYLEA HD rising 62% to $699 million. Compared with $431 million in the third quarter of 2025, the figure shows growth broadening beyond Dupixent. At the same time, U.S. EYLEA sales fell to $400 million from $681 million a year earlier. Global Libtayo sales rose 51% to $550 million. Chief Executive Officer Leonard Schleifer said Dupixent, EYLEA HD and Libtayo each posted record net sales during the quarter.

Competitive figures in the drug market also point to an upward trend at Eli Lilly, without making its product revenue directly comparable with Dupixent sales. Lilly’s Ebglyss revenue was about $202 million in the third quarter of 2026, compared with $127 million in the same period of 2025, an increase of 59%. Lilly also reported a 39% rise in global revenue to $24.4 billion, driven mainly by Mounjaro and Zepbound. For Regeneron, Fenimore said the results put the company in a position to deliver “one of its strongest years ever.” REGN closed at $818.77 on October 29, up from $805.02 on October 23, before the results were released.

Amendments to the Sanofi collaboration provide additional support for fourth-quarter revenue, including an upfront payment of $1 billion that Regeneron said it would record as collaboration revenue in that quarter. The amendments also provide for the potential to receive up to an additional $7 billion tied to the achievement of future milestones. The company raised its forecast for 2026 GAAP gross margin on product sales to about 80%. The previous range was 78% to 79%. The forecast follows quarterly revenue growth and a larger contribution from the Sanofi collaboration, while future payments remain contingent on achieving specified milestones.