EarningsQ2 2026 Earnings Report
MX:REGN Q2 2026 EPS Results
Actual EPS$246.72
Consensus EPS$175.37
Beat/MissBeat by +$71.36
One Year Ago EPS$222.55
MX:REGN Q2 2026 Revenue Results
Actual Revenue$74.08B
Expected Revenue$65.91B
Beat/MissBeat by +$8.17B
YoY Revenue Growth+16.73%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:REGN Upcoming Earnings
Regeneron's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:REGN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong commercial and financial momentum driven by Dupixent, rapid EYLEA HD adoption, robust Libtayo growth, an expansive and advancing pipeline with several near-term regulatory catalysts (cemdisiran, PNH data, garetosmab), and a healthy balance sheet with active capital returns. Offsetting risks include a sizable YoY decline for legacy EYLEA U.S., a temporary manufacturing disruption that pressured GAAP margins, timing uncertainty around the EYLEA HD prefilled syringe approval, and acknowledged challenges in oncology development. On balance, positive operating performance, clear growth drivers, and a deep pipeline outweigh the execution and timing risks described.Company Guidance
Strong Top- and Bottom-Line Growth
Total revenue increased 17% YoY to $4.3 billion in Q2 2026; non-GAAP diluted net income per share rose 11% YoY to $14.29; net income was $1.5 billion.
Dupixent Momentum and Scale
Dupixent global net product sales (Sanofi reported) reached $6.0 billion, up 38% YoY on a constant currency basis; U.S. sales grew ~42% YoY to $4.6 billion; active patients >1.5 million and continued multi-indication penetration (9 FDA approvals).
EYLEA HD Rapid Uptake
EYLEA HD U.S. net sales were $596 million in Q2, up 52% YoY; physician unit demand grew 24% sequentially; EYLEA HD now accounts for ~60% of U.S. franchise net sales (vs 34% a year ago) and for the first time exceeded legacy EYLEA net sales.
Libtayo Growth and Market Share Gains
Libtayo global net product sales were $489 million, up 29% YoY (constant currency); U.S. sales $343 million, up 38% YoY; Libtayo captures ~20% of new-to-brand prescriptions in U.S. first-line non-small cell lung cancer.
Sanofi Collaboration and Profit Share Strength
Total Sanofi collaboration revenue hit an all-time high of $2.2 billion in the quarter; Regeneron’s share of collaboration profits grew 59% YoY driven by Dupixent growth and improving margins.
Robust Pipeline and Near-Term Catalysts
Approximately 50 active clinical programs; key near-term regulatory/clinical milestones include FDA target action date for cemdisiran in generalized myasthenia gravis in November 2026, PNH registrational data for C5 combo in Q4 2026, and a potential FDA decision for garetosmab in FOP in August 2026.
Ongoing R&D Investment and Diverse Programs
R&D expense was $1.5 billion in Q2 as Regeneron advances programs across complement-mediated disease, Factor XI anticoagulation, hem/onc (including Lynozyfic and ubamatamab), obesity candidates (olatorepatide), and siRNA approaches for metabolic and liver disease.
Solid Financial Position and Capital Deployment
Generated $1.4 billion free cash flow in H1 2026 and ended Q2 with $15.1 billion cash and marketable securities net of debt; repurchased ~$1.2 billion of shares in Q2 ( ~$2.0 billion in H1 ) and maintain $2.5 billion repurchase authorization remaining.
High Non-GAAP Product Margins and Recovery Steps
Non-GAAP gross margin on net product sales was 87% in Q2; manufacturing production disruption at Limerick has resumed and company expects normalized production to support margins going forward.
MX:REGN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed