Regeneron Surges as Dupixent Sales Drive Earnings and Margin Upgrade

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•  30 Oct 2026
 

$REGN Regeneron jumps to about $921 after third-quarter earnings beat analyst expectations by a wide margin across almost every line. The advance comes as the Nasdaq falls about 3% amid heavy selling in semiconductor and artificial intelligence stocks. Revenue rose 36% to $5.12 billion from $3.75 billion in the corresponding quarter, exceeding market expectations of about $4.56 billion. Adjusted earnings per share increased 70% to $20.07, compared with expectations of about $16.40.

GAAP net income grew 33% to about $1.95 billion, or $18.45 per share. Regeneron also raised its full-year adjusted gross margin guidance on product sales to about 86%. The previous forecast was 84% to 85%.

$SNY Sanofi records global sales of Dupixent, the biological treatment for inflammation and allergies developed jointly with Regeneron and the main growth driver this quarter. Global sales rose 35% to $6.54 billion. United States sales increased 40% and exceeded $5 billion in a single quarter for the first time, an exceptional figure for a drug approaching a decade on the market. Regeneron revenue from the Sanofi collaboration jumped 68% to $2.72 billion. Part of that increase reflects Sanofi completing repayment of the outstanding development cost balance at the end of the second quarter, which previously reduced the collaboration revenue recognized by Regeneron.

Eylea HD sales in the United States surged 62% to $699 million, presenting a more complex picture in the eye treatment business. The high-dose version of the macular degeneration treatment now accounts for almost two-thirds of the retinal business at Regeneron. Sales of the older Eylea fell 41% to about $400 million as competition increased and patients moved to the newer version. Combined United States revenue from the Eylea family declined 1% to $1.1 billion.

Bayer, the partner outside the United States, generated 23% less revenue for Regeneron. Regeneron hopes to secure approval for an Eylea HD prefilled syringe by year-end. That step could accelerate the transition to the newer version.

Libtayo continues to build sales momentum in cancer treatment, with global sales rising 51% to $550 million. United States sales increased 81% to about $396 million. The current sales pace implies annual revenue of about $2.2 billion, making the drug a foundation for the broader oncology business at Regeneron.

Regeneron expanded its collaboration with Sanofi to include several next-generation, long-acting antibodies targeting the immune system. Under the agreement, a $1 billion upfront payment is expected to be recognized as revenue in the fourth quarter, with potential additional milestone payments of up to $7 billion. The United States Food and Drug Administration approved Pasatru for a rare genetic disease. Regeneron also expects an FDA decision on cemdisiran as early as next month.

RBC described the quarter as clean, with positive surprises across all major products. Investment firms were quick to praise the results. Regeneron also joins several pharmaceutical giants that have reported strong quarters in recent days.

BMO also described the quarter as clean, citing positive surprises across all major products. The Regeneron rally is contributing to gains across the healthcare sector, which rises about 1.8%. Healthcare is one of the few areas where investors are finding shelter during the sharp market selloff.

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