Regeneron Pharmaceuticals (REGN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues rose 17% year-over-year to $4.3 billion, driven by record sales of Dupixent ($6.0B, up 38%), EYLEA HD ($596M, up 52%), and Libtayo ($489M, up 30%), with strong pipeline and regulatory milestones achieved.

• Non-GAAP EPS increased 11% to $14.29, while GAAP EPS was $12.23, both impacted by IPR&D charges; net income was $1.3 billion.

• The Sanofi development balance was fully repaid, increasing future collaboration revenue and profit share.

• Robust pipeline progress with about 50 active clinical programs and multiple near-term regulatory and clinical milestones anticipated.

• Continued focus on internal R&D investment and disciplined external collaborations, with $3.0 billion deployed in the first half of 2026 for share repurchases, dividends, capital expenditures, and business development.

Financial highlights

• Q2 2026 total revenue reached $4.3 billion, up 17% year-over-year, with Dupixent, EYLEA HD, and Libtayo as key drivers.

• Non-GAAP diluted EPS was $14.29; GAAP EPS was $12.23; net income was $1.3 billion.

• Sanofi collaboration revenue hit $2.17 billion, up 51%, reflecting higher Dupixent sales and full repayment of the Sanofi development balance.

• Free cash flow for the first half of 2026 was $1.42 billion; cash and marketable securities net of debt totaled $15.1 billion at quarter-end.

• $1.2 billion in share repurchases in Q2, totaling $2 billion for the first half, with $2.5 billion remaining authorized.

Outlook and guidance

• Expect continued strong growth for Dupixent, EYLEA HD, and Libtayo, with some moderation in Dupixent growth as recent launches annualize and biosimilar competition increases.

• Anticipate FDA approval for EYLEA HD pre-filled syringe and cemdisiran in gMG before year-end; regulatory milestones expected in 2026–2027.

• 2026 full-year guidance: GAAP R&D $6.5–$6.635 billion; Non-GAAP R&D $5.95–$6.05 billion; capital expenditures $985M–$1.1B.

• Effective tax rate guidance: GAAP 13–14%, non-GAAP 14–15%.