Key Highlights

  • REGN shares trading up 14.21% today to $935.14
  • Third-quarter Revenue up 36% to $5.1 billion
  • Non-GAAP diluted EPS of $20.07, up 70%
  • EYLEA HD U.S. net sales up 62% to $699 million
  • $1.0 billion upfront payment from Sanofi for four long-acting antibodies

Third-Quarter Revenue Jumps 36% to $5.1 Billion

Regeneron Pharmaceuticals (NASDAQ:REGN) shares are trading up 14.21% today at $935.14 after the biotechnology company reported third-quarter 2026 results. Total revenue rose 36% to $5.1 billion, the third straight quarter of double-digit growth in both revenue and non-GAAP earnings per share.

GAAP diluted Earnings Per Share were $18.45, up 35%, and non-GAAP Diluted Earnings per Share were $20.07, up 70%. GAAP Net Income rose 33% to $1.95 billion. Collaboration revenue from Sanofi (NASDAQ:SNY) grew 68%, helped by a higher profit share on antibody sales and full repayment of the Sanofi development balance.

EYLEA HD Gains 62% as the Broader EYLEA Franchise Stays Flat

U.S. net sales of EYLEA HD rose 62% to $699 million on higher volumes, partly offset by lower net prices. Total U.S. EYLEA franchise sales were flat at $1.1 billion, as the decline in original EYLEA offset the growth in EYLEA HD.

Global net sales of Dupixent, which are recorded by Sanofi, rose 35% to $6.5 billion. Libtayo global net sales increased 51% to $550 million, with U.S. sales up 81%. Japan also approved Libtayo for cutaneous squamous cell carcinoma, and a U.S. regulatory decision for Libtayo is due in March 2027.

Sanofi Pays $1.0 Billion Upfront and Pipeline Milestones Stack Up

Regeneron received a $1.0 billion upfront payment from Sanofi, to be recognized as fourth-quarter 2026 collaboration revenue, for four next-generation long-acting antibodies. It is eligible for up to $7.0 billion in additional milestones, and costs and any profits will be shared equally.

On the pipeline, the FDA approved Pasatru (garetosmab) in August 2026 for fibrodysplasia ossificans progressiva, and the agency accepted a resubmission for Ordspono (odronextamab) in relapsed or refractory DLBCL, with a target date in February 2027. An FDA decision for cemdisiran in generalized myasthenia gravis is expected next month.

An RNAi therapy targeting CIDEB cut liver fat by about 70% on average at 12 weeks in early data, with a Phase 3 start planned for the fourth quarter. Fuller data will be presented at a medical meeting in November, and Phase 2 results for baloncibart in POTS are due the same month.

Balance Sheet, Guidance Changes and Where the Stock Stands Against Its 52-Week Range

Cash and marketable securities were about $18.9 billion at September 30, 2026, essentially unchanged from year-end 2025, and free Cash Flow for the first nine months was $2.9 billion. Regeneron repurchased $2.3 billion of stock in the first nine months, leaving $2.2 billion authorized, and declared a quarterly Dividend of $0.94 payable December 3.

Regeneron also signed a new agreement to Supply Inmazeb to the U.S. government for Ebola preparedness from 2027 through 2031. The company raised 2026 GAAP Research and Development guidance to $6.600 billion to $6.735 billion and lowered GAAP selling and administrative guidance to $2.730 billion to $2.860 billion.

Market data from October 27 showed a market Capitalization of about $81.2 billion, a price-to-earnings ratio near 20.1 and a 52-week range of $575.93 to $859.34. Today's price sits above that high, based on the figures shown. The average analyst price target was about $867.33, and upcoming catalysts include the cemdisiran decision and November data presentations.