Regeneron Pharmaceuticals

Regeneron Pharmaceuticals is a U.S. biotechnology company. It invents, develops and sells medicines for eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases and rare diseases. Its own products include EYLEA HD and EYLEA for eye diseases, Libtayo for cancer, Praluent and Evkeeza. It develops Dupixent with Sanofi, which records Dupixent sales and shares the profit with Regeneron.

Bayer sells EYLEA outside the United States. Regeneron has about 50 product candidates in clinical development. Total revenues were $5.1 billion in Q3 2026.

The market doubts that Regeneron can replace lost EYLEA sales and grow after its present products age. EYLEA has had biosimilar competition in the United States since its regulatory exclusivity ended in May 2024, and its U.S. sales fell 41% in Q3 2026. Much of the profit now comes from Dupixent through the Sanofi collaboration, so the company depends on one medicine. Total revenues rose 36% to $5.1 billion in Q3 2026, and non-GAAP EPS rose 70% to $20.07, because Regeneron fully repaid the Sanofi Development Balance by the end of Q2 2026.

For the gap to close, three things must be true. EYLEA HD growth must offset the fall of EYLEA, as in Q3 2026, when combined U.S. sales fell only 1%. Dupixent sales must keep growing at a double-digit rate. New medicines must reach the market, such as cemdisiran in generalized myasthenia gravis, with an FDA target action date in November 2026, and Ordspono in lymphoma, with a target action date in February 2027.

The Q4 2026 report, expected in late January 2027, gives the next earnings test. If these tests pass, the gap can close within one to two years.

1. Oct 30, 2026Passed

   Q3 2026 resultsHigher Sanofi collaboration revenue after the repayment of the Development Balance and EYLEA HD growth that offsets EYLEA pass; a larger fall in combined EYLEA sales fails.Outcome: Sanofi collaboration revenue rose 68% to $2,724 million, non-GAAP EPS rose 70% to $20.07 and combined U.S. sales of EYLEA HD and EYLEA fell only 1%.
2. Nov 2026Due this month

   FDA decision on cemdisiran in generalized myasthenia gravisFDA approval by the target action date passes; a complete response letter or a delay fails.
3. Jan 29, 2027 · est.Pending

   Q4 2026 resultsContinued EYLEA HD growth, double-digit Dupixent growth and higher Sanofi collaboration revenue pass; a sharp fall in EYLEA HD sales or lower Sanofi profits fail.
4. Feb 2027Pending

   FDA decision on Ordspono in lymphomaFDA approval of Ordspono in relapsed or refractory diffuse large B-cell lymphoma passes; a complete response letter or a delay fails.

Every passed and failed checkpoint across all picks

• October 30, 2026Regeneron reported Q3 2026 results. Total revenues rose 36% to $5,116 million. Dupixent global net sales, which Sanofi records, rose 35% to $6.5 billion. U.S. sales of EYLEA HD rose 62% to $699 million, and U.S. sales of EYLEA fell 41% to $400 million. Libtayo global sales rose 51% to $550 million. GAAP EPS was $18.45, and non-GAAP EPS was $20.07. The FDA approved Pasatru for fibrodysplasia ossificans progressiva in August 2026. The board declared a dividend of $0.94 per share.
• October 6, 2026Regeneron and Sanofi amended their antibody collaboration to add several next-generation, long-acting antibodies. Regeneron received a $1.0 billion up-front payment, which it will recognize as collaboration revenue in Q4 2026. It can receive up to $7.0 billion more in milestones, and the companies share costs and profits equally on the new programs.
• July 30, 2026Regeneron reported Q2 2026 results. Total revenues rose 17% to $4,291 million, and non-GAAP EPS was $14.29, including a negative effect of $0.99 from acquired IPR&D. The Sanofi Development Balance was fully repaid by the end of Q2 2026. The FDA accepted the cemdisiran application in generalized myasthenia gravis under priority review, with a target action date in November 2026. In May 2026, a Phase 3 trial of fianlimab with cemiplimab in melanoma did not reach its primary endpoint.

Last earnings

October 30, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · regn-20260930
• 8-KEarnings releaseFiled October 30, 2026 · regn-20261030
• 8-KNew material agreement and Earnings releaseFiled October 6, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled September 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · regn-20260630
• 8-KEarnings releaseFiled July 30, 2026 · regn-20260730
• 8-KEarnings releaseFiled July 6, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled June 17, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 29, 2026 · regn-20260331
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 4, 2026 · regn-20251231

Every filing on SEC EDGAR (CIK 872589)

• EYLEA has biosimilar competition in the United States and other markets, and more biosimilars are expected. U.S. sales of EYLEA fell 41% in the first nine months of 2026. EYLEA HD does not have regulatory exclusivity in the United States, so biosimilars can also affect it.
• Regeneron depends on Dupixent. Sanofi collaboration revenue was $2,724 million of total revenues of $5,116 million in Q3 2026. A slowdown in Dupixent sales, new competition or a change in the collaboration can lower profit a lot.
• Clinical trials can fail. In May 2026, a Phase 3 trial of fianlimab in melanoma did not reach its primary endpoint. The company expects GAAP R&D costs of $6.600 billion to $6.735 billion in 2026.
• Changes to U.S. drug pricing rules, payor decisions and tariffs can lower the prices or sales of its medicines.
• Holders of Class A stock have ten votes per share and held 15.2% of the combined voting power at September 30, 2026. They can influence elections of directors and large transactions.

At September 30, 2026, Regeneron had cash and marketable securities of $18,858.5 million. Long-term debt was $1,987.0 million, and finance lease liabilities were $720.0 million. Read more

Dividend yield

0.4% (last 12 months, at today’s price of $919.96)

Paid per share

$3.70 in the last 12 months (4 payments)

Current annual rate

$3.76 ($0.94 × 4 a year)

Payout ratio

8% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 18, 2026, $0.94 per share

Dividends per share by year

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.