Regeneron revenue jumps 36% to $5.116 billion in third quarter
Key Facts
Regeneron reported on October 30, 2026, that third-quarter revenue rose 36% to $5.116 billion, compared with $3.754 billion in the same period a year earlier, reflecting growth in sales of key drugs and higher collaboration revenue with Sanofi. Quarterly global sales of Dupixent, which are recorded by Sanofi, were $6.5 billion, up 35% year over year. The company said strong commercial execution across its portfolio, along with the expected increase in collaboration revenue with Sanofi, contributed to revenue growth. Revenue from the collaboration was $2.724 billion, up 68% from the comparable period. Results also showed increases in earnings per share on both a GAAP and non-GAAP basis.
Results topped consensus estimates reported by MarketBeat: diluted non-GAAP earnings per share were about $20.07, compared with an estimate of $16.51. Revenue was also $5.12 billion, according to MarketBeat's presentation, above the estimate of $4.58 billion. According to Regeneron's statement, GAAP diluted earnings per share rose 35% to $18.45, while non-GAAP diluted earnings per share climbed 70% to $20.07. The stock closed at $927.89 on October 30, up 13.33% during the session. EL7 data show the stock closed at $818.77 in the previous session, on October 29.
Eye-care product performance diverged, with growth in the newer version of EYLEA and a decline in the traditional version in the United States. EYLEA HD sales rose 62% to $699 million in the third quarter, compared with $431 million a year earlier. By contrast, U.S. EYLEA sales fell 41% to $400 million, from $681 million in the comparable period. In oncology treatments, global Libtayo sales increased 51% to $550 million. The CEO said Dupixent, EYLEA HD and Libtayo each posted record quarterly sales, despite the divergence in eye-care product performance.
The previous quarter provided context for the acceleration in revenue growth: in the second quarter of 2026, revenue rose 17% to $4.3 billion, while global Dupixent sales were $6.0 billion, up 38% year over year. In the third quarter, the drug's sales reached $6.5 billion, with year-over-year growth of 35%. Alongside sales growth, Regeneron and Sanofi expanded their collaboration to include long-acting next-generation antibodies. Regeneron said it will receive an upfront payment of $1.0 billion in the fourth quarter of 2026, which will be recorded as collaboration revenue, with the potential to receive up to $7.0 billion more from future milestones. The company is also relying on a development pipeline that includes about 50 drug candidates, according to its CEO.
The company raised its guidance for GAAP gross margin on product sales to about 80%, from its previous guidance range of 78%–79% for 2026. The revision comes alongside reported earnings growth, with GAAP earnings per share rising 35% to $18.45 and non-GAAP earnings per share increasing 70% to $20.07. Regeneron also declared a cash dividend of $0.94 per share. The dividend is payable on December 3, 2026, to shareholders of record on November 20. The company said it expects a U.S. Food and Drug Administration decision in November on cemdisiran for generalized myasthenia gravis, while Phase 3 programs in multiple cancers, thrombosis prevention and obesity continue to advance.