Jun 2026 (Q2 FY26) — Jul 30, 2026
Regeneron Q2 FY26 — Strong Dupixent, Eylea HD, and Libtayo Growth Drive Double-Digit Revenue and EPS Increase
Read the full callRegeneron (REGN) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Regeneron earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,291 | +16.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 30.1 | +0.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,297 | −6.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
32 of 37 judged targets kept · 40 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EYLEA HD U.S. sequential physician unit demand growth | Consistent with the 10% sequential demand growth in the first quarter | Mar 2026 | These results reflect strong physician demand, which grew 24% from the prior quarter | Achieved |
| Confirmatory Phase III study for cat allergy initiated | Initiate in the first half of 2026 | Dec 2025 | Ghosted | |
| Factor XI pivotal VTE prevention (total knee replacement) data readout | Data in 2027 | Jun 2025 | give results from our studies in venous thromboembolism or VTE prevention following total knee replacement surgery are expected in the first half of 2027 | Diluted |
5 of REGENERON PHARMACEUTICALS, INC.'s 77 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 74 more targets are in the full ledger.
Claimed
- Total revenues up 17% compared to Q2 FY25.
- Non-GAAP earnings per share up 11% compared to Q2 FY25.
- Dupixent Global net sales (as reported by Sanofi) were $6 billion, up 38% on a constant currency basis.
- EYLEA HD U.S. net sales were $96 million, up 52% year-over-year and 27% quarter-over-quarter, exceeding EYLEA sales for the first time.
- Libtayo Global net product sales reached nearly $500 million, up 29% on a constant currency basis.
Qualified
- GAAP gross margin was 78%, negatively impacted by unabsorbed manufacturing costs related to a temporary interruption at the Limerick facility.
- EYLEA U.S. net sales declined 45% year-over-year and 13% quarter-over-quarter due to conversion to EYLEA HD and biosimilar competition.
- Sanofi development balance repayment lowered reported Sanofi collaboration revenue by approximately $530 million in H1 FY26.
Price
$782.04 −1.10% · −$8.7
Performance +35.3% 1Y
1Y: $578.05 on 17 Oct 2025 → $782.04. High $852.03 (2 Sept 2026), low $575.69 (23 Oct 2025).
- Previous close
- $790.74
- 52-week range
- $575.69 – $852.03
- One year
- +35.59%
Overview
- Symbol
- REGN
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
32 of 37 judged targets kept · 40 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EYLEA HD U.S. sequential physician unit demand growth | Consistent with the 10% sequential demand growth in the first quarter | Mar 2026 | These results reflect strong physician demand, which grew 24% from the prior quarter | Achieved |
| Confirmatory Phase III study for cat allergy initiated | Initiate in the first half of 2026 | Dec 2025 | Ghosted | |
| Factor XI pivotal VTE prevention (total knee replacement) data readout | Data in 2027 | Jun 2025 | give results from our studies in venous thromboembolism or VTE prevention following total knee replacement surgery are expected in the first half of 2027 | Diluted |
Claimed
- Total revenues up 17% compared to Q2 FY25.
- Non-GAAP earnings per share up 11% compared to Q2 FY25.
- Dupixent Global net sales (as reported by Sanofi) were $6 billion, up 38% on a constant currency basis.
- EYLEA HD U.S. net sales were $96 million, up 52% year-over-year and 27% quarter-over-quarter, exceeding EYLEA sales for the first time.
- Libtayo Global net product sales reached nearly $500 million, up 29% on a constant currency basis.
Qualified
- GAAP gross margin was 78%, negatively impacted by unabsorbed manufacturing costs related to a temporary interruption at the Limerick facility.
- EYLEA U.S. net sales declined 45% year-over-year and 13% quarter-over-quarter due to conversion to EYLEA HD and biosimilar competition.
- Sanofi development balance repayment lowered reported Sanofi collaboration revenue by approximately $530 million in H1 FY26.
The full ledger
Open REGENERON PHARMACEUTICALS, INC.’s full ledger
A free account opens 5 company ledgers a month. All 77 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Regeneron Q1 FY26 — Strong Commercial Execution and Pipeline Progress
Read the full callDec 2025 (Q4 FY25) — Jan 30, 2026
Regeneron Q4 FY25 — Strong Commercial Execution and Robust Pipeline Advancement
Read the full callEvery analysed call
Regeneron earnings calls (REGN)
Financials
What the filings say
Net profit, year on year: −7% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,721 | 3,789 | 3,029 | 3,676 | 3,754 | 3,884 | 3,605 | 4,291 |
| Expenses | 2,541 | 2,799 | 2,437 | 2,596 | 2,728 | 3,004 | 2,963 | 2,997 |
| Operating profit | 1,180 | 990 | 592 | 1,080 | 1,027 | 880 | 643 | 1,294 |
| Operating margin | 31.7% | 26.1% | 19.5% | 29.4% | 27.4% | 22.6% | 17.8% | 30.1% |
| Other income | 314 | -32 | 313 | 439 | 737 | 164 | 188 | 234 |
| Interest | 14 | 11 | 9 | 4 | 19 | 12 | 13 | 11 |
| Profit before tax | 1,493 | 958 | 905 | 1,519 | 1,763 | 1,044 | 831 | 1,528 |
| Tax rate | 10.2% | 4.2% | 10.6% | 8.4% | 17.2% | 19.1% | 12.5% | 15.1% |
| Net profit | 1,341 | 918 | 809 | 1,392 | 1,460 | 845 | 727 | 1,297 |
| EPS ($ per share) | 12.40 | — | 7.58 | 13.24 | 14.09 | — | 6.99 | 12.62 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 5,254 | 7,380 | 10,893 | 18,968 | 23,307 | 27,260 | 31,673 | 35,797 |
| Total liabilities | 2,977 | 3,716 | 6,138 | 6,666 | 6,551 | 7,107 | 8,406 | 9,302 |
| Fixed assets | 2,576 | 2,890 | 3,222 | 3,482 | 3,763 | 4,146 | 4,600 | 5,120 |
| Investments | 1,342 | 1,597 | 1,393 | 2,809 | 4,636 | 8,115 | 6,524 | 5,487 |
| Total assets | 11,735 | 14,805 | 17,163 | 25,435 | 29,215 | 33,080 | 37,759 | 40,559 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,195 | 2,430 | 2,618 | 7,081 | 5,015 | 4,594 | 4,421 | 4,979 |
| Cash from investing | -1,463 | -2,028 | -71 | -5,385 | -3,785 | -3,185 | -2,468 | -629 |
| Cash from financing | -77 | -252 | -1,970 | -1,006 | -1,009 | -1,790 | -2,200 | -3,715 |
| Net cash flow | 655 | 150 | 577 | 691 | 221 | -382 | -249 | 635 |
| Capital expenditure | -383 | -430 | -615 | -552 | -590 | -719 | -756 | -898 |
| Free cash flow | 1,812 | 2,000 | 2,004 | 6,529 | 4,425 | 3,875 | 3,665 | 4,081 |
REGN revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Collaboration Revenue | 45% | 42% | 51% | 51% | 52% | 51% | 53% | 57% | +31.9% |
| Share Of Profit Losses | 39% | — | 44% | 45% | 47% | 45% | 47% | 53% | +35.7% |
| Product | 52% | 53% | 47% | 44% | 42% | 43% | 43% | 38% | +0.7% |
| EYLEAHD and EYLEA | — | — | — | — | — | — | 26% | 24% | — |
| EYLEAHD | — | — | — | — | — | — | 13% | 14% | — |
| LIBTAYO Net Product Sales | 8% | 10% | 9% | 10% | 10% | 11% | 12% | 11% | +30.0% |
| Eylea Net Product Sales | 31% | 31% | 24% | 21% | 18% | 15% | 13% | 10% | -45.4% |
| Product and Service Other | 3% | 5% | 3% | 5% | 5% | 6% | 5% | 5% | +5.1% |
| Reimbursement For Manufacturing Of Commercial Supplies | 5% | 5% | 6% | 5% | 5% | 5% | 6% | 4% | -1.3% |
| Reimbursement Of Commercialization Related Expenses | 5% | 5% | 5% | 5% | 5% | 5% | 5% | 4% | -2.7% |
| Praluent Net Product Sales | 1% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | +13.5% |
| Evkeeza | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | +29.4% |
| Lynozyfic | — | — | — | — | — | — | <1% | <1% | — |
| Other Products | — | — | — | — | <1% | — | 1% | 0% | — |
| Regenerons Obligation Of Research and Development Expenses Net Of Reimbursement Of Research and Development Expenses | 0% | 0% | 0% | 0% | 0% | 0% | <1% | 0% | — |
| Reimbursement Of Research and Development Expenses Net Of Obligation For Share Of RD Expenses | 0% | 0% | -1% | 0% | -1% | 0% | 0% | 0% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
REGN operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Patients DUPIXENT | 1.4M+DUPIXENT is currently the most widely used innovative branded antibody medicine with more than 1.4 million patients on therapy globally.Source: earnings call transcript | 1.4M+Turning to DUPIXENT, which continues to transform the lives of more than 1.4 million patients worldwide with type 2 inflammatory diseases that are currently on treatment.Source: earnings call transcript | 1.5M+Turning to Dupixen, which continues to deliver significant patient benefit to patients globally with more than 1.5 million patients actively treated worldwide, Dupixen has had a tremendous impact across these 9 approved indications, and it is the #1 biologic medicine prescribed by dermatologists and pulmonologist, allergists and ENTs, Second quarter net sales were $6 billion, reflects 38% growth on a constant currency basis and the US, sales grew 42% year-over-year to $4.6 billion, primarily driven by continued growth across our blockbuster indications and uptake in recent launches.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 58% ↓ 32 pt
- Non Us 10% ↓ 3 pt
As REGN cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
167 filings between Oct 29, 2025 and Oct 14, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$16.11M
111 sales by 8 insiders
94% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 17
- Award — granted as compensation
- 19
- Option exercise — converted options into shares
- 19
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| POON CHRISTINE A | — | $4.25M | Oct 29, 2025 |
| MURPHY ANDREW J | — | $3.20M | Oct 14, 2026 |
| McCourt Marion | — | $2.00M | Sep 3, 2026 |
| Zoghbi Huda Y | — | $1.92M | Aug 10, 2026 |
| Pitofsky Jason | — | $1.87M | Feb 9, 2026 |
| Bassler Bonnie L | — | $1.77M | Jan 7, 2026 |
| Guarini Kathryn | — | $660.0K | Sep 2, 2026 |
| RYAN ARTHUR F | — | $434.7K | Jul 2, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 121 | $93.7K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 211 | $163.0K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 14 | $10.6K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 224 | $173.2K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 192 | $147.3K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 279 | $213.8K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 35 | $26.5K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 463 | $361.4K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 6 | $4.5K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 74 | $56.3K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 105 | $80.7K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 25 | $19.1K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 283 | $218.4K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 219 | $167.4K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 380 | $296.2K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 55 | $41.9K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 454 | $353.5K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 38 | $29.6K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 66 | $51.2K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 27 | $20.6K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 24 | $18.2K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 50 | $39.1K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 271 | $207.4K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 16 | $12.1K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 12 | $9.2K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 127 | $97.7K |
| Oct 14, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Sale 10b5-1 plan | 376 | $291.6K |
| Oct 13, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Option exercise 10b5-1 plan | 17,000 | $6.49M |
| Oct 13, 2026 | MURPHY ANDREW J Co-Chief Scientific Officer | Tax withheld 10b5-1 plan | 12,853 | $9.70M |
| Sep 3, 2026 | McCourt Marion EVP Commercial | Sale 10b5-1 plan | 1,131 | $969.7K |
| Sep 2, 2026 | Guarini Kathryn Director | Sale 10b5-1 plan | 400 | $340.0K |
| Sep 2, 2026 | McCourt Marion EVP Commercial | Sale 10b5-1 plan | 1,215 | $1.03M |
| Sep 2, 2026 | Guarini Kathryn Director | Option exercise 10b5-1 plan | 400 | $287.7K |
| Aug 19, 2026 | LAROSA JOSEPH J EVP General Counsel and Secret | Option exercise | 12,282 | $4.69M |
| Aug 19, 2026 | LAROSA JOSEPH J EVP General Counsel and Secret | Tax withheld | 9,019 | $7.49M |
| Aug 18, 2026 | Fenimore Christopher R. EVP Finance CFO | Tax withheld | 4,599 | $3.74M |
| Aug 18, 2026 | Fenimore Christopher R. EVP Finance CFO | Option exercise | 6,283 | $2.40M |
| Aug 10, 2026 | Guarini Kathryn Director | Option exercise 10b5-1 plan | 400 | $287.7K |
| Aug 10, 2026 | Zoghbi Huda Y Director | Sale 10b5-1 plan | 800 | $640.0K |
| Aug 10, 2026 | Zoghbi Huda Y Director | Option exercise 10b5-1 plan | 800 | $301.4K |
| Aug 10, 2026 | Guarini Kathryn Director | Sale 10b5-1 plan | 400 | $320.0K |
| Jul 2, 2026 | RYAN ARTHUR F Director | Sale 10b5-1 plan | 200 | $130.0K |
| May 1, 2026 | RYAN ARTHUR F Director | Sale 10b5-1 plan | 7 | $4.9K |
| May 1, 2026 | RYAN ARTHUR F Director | Sale 10b5-1 plan | 14 | $9.9K |
| May 1, 2026 | RYAN ARTHUR F Director | Sale 10b5-1 plan | 15 | $10.6K |
| May 1, 2026 | RYAN ARTHUR F Director | Sale 10b5-1 plan | 24 | $16.9K |
| May 1, 2026 | RYAN ARTHUR F Director | Sale 10b5-1 plan | 1 | $712 |
| May 1, 2026 | RYAN ARTHUR F Director | Sale 10b5-1 plan | 15 | $10.5K |
| May 1, 2026 | RYAN ARTHUR F Director | Sale 10b5-1 plan | 2 | $1.4K |
| May 1, 2026 | RYAN ARTHUR F Director | Sale 10b5-1 plan | 5 | $3.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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