Regeneron's third quarter 2026 revenue of $5.1B beat estimates on record Sanofi collaboration gains

Regeneron reported a significant top-line beat for the third quarter of 2026, driven by a record step-up in collaboration revenue and robust demand for its core immunology and ophthalmology portfolios. Total revenues surged 36% year-over-year to $5.12 billion, while non-GAAP diluted EPS of $20.07 substantially exceeded the $16.19 analyst consensus.

Key Highlights

• Sanofi collaboration revenue jumped 68% to $2.72 billion following the full repayment of the $3.1 billion development balance in the previous quarter.
• EYLEA HD U.S. net sales grew 62% to $699 million, successfully offsetting the 41% decline in the legacy EYLEA formulation as patients transitioned to the higher-dose version.
• Dupixent global net sales, recorded by Sanofi, increased 35% to $6.54 billion, while the oncology drug Libtayo saw global sales growth of 51% to $550 million.
• The company raised its full-year 2026 non-GAAP gross margin guidance to approximately 86%, up from the prior range of 84%-85%.