Regeneron Pharmaceuticals, Inc. (REGN)

Regeneron reported third-quarter 2026 revenue of $5.1 billion on 30 October, up 36 percent from a year earlier 1. Net income under standard accounting rules was $1,949 million, up 33 percent 1.

Much of the gain came from Sanofi, which sells Dupixent: its collaboration revenue rose 68 percent to $2,724 million 1. Regeneron said its share of profits on antibodies, mainly Dupixent, reached $2.575 billion, and a balance it owed Sanofi no longer reduced that revenue 1. Healthcare Digital called it the third straight quarter of double-digit growth in both revenue and non-GAAP earnings per share 10.

In the eye business, EYLEA HD sales in the United States rose 62 percent to $699 million, while the older EYLEA fell 41 percent to $400 million as patients switched and biosimilar copies arrived 111. Management expects a further fall in EYLEA demand, in the low to mid teens in percent, in the fourth quarter 11.

Two events frame the next weeks 1. Regeneron expects an FDA decision in November on cemdisiran, a gene-silencing drug for the muscle disease myasthenia gravis 1. On 1 October it also added four long-acting antibodies to the Sanofi alliance for $1.0 billion up front and up to $7.0 billion in milestones 18.

Regeneron was incorporated in New York in 1988 and listed publicly in 1991 4. Its antibody partnership with Sanofi began in 2007 and produced Dupixent, first approved by the FDA in 2017 8.

Revenue grew from $6,557.6 million in 2019 to $8,497.1 million in 2020 and $16,071.7 million in 2021 4. The jump came from REGEN-COV, its coronavirus antibody cocktail, whose U.S. sales were $5,828.0 million in 2021 against $185.7 million in 2020 4.

The windfall did not last 4. In the fourth quarter of 2021 the company wrote down $231.7 million of REGEN-COV inventory after data showed the drug was unlikely to work against the Omicron variant 4. Revenue fell to $12,172.9 million in 2022, and net income to $4,338.4 million from $8,075.3 million 5.

Growth then returned on the older medicines 3. Revenue was $13,117.2 million in 2023, $14,202.0 million in 2024 and $14,342.9 million in 2025 3. Dupixent sales, recorded by Sanofi, rose from $11,588.1 million in 2023 to $17,806.7 million in 2025 3.

Behind a nearly flat top line sat a change in where the money came from 3. Regeneron's own product sales fell from $7,629.2 million in 2024 to $6,309.1 million in 2025, while Sanofi collaboration revenue rose from $4,531.4 million to $5,884.0 million 3.

The cause was EYLEA, the eye injection that long carried the company 3. The annual report blames competition, patients lost to compounded bevacizumab on cost grounds, and the move to EYLEA HD, a higher-dose version the FDA approved in August 2023 3.

Rivals pressed in court as well 2. In 2024 Regeneron sued Amgen over an aflibercept biosimilar, and the court denied a preliminary injunction on 23 September 2024 2. Regeneron also sued Sanofi in 2024 over access to Dupixent sales information, a suit the companies said in October 2026 was settled 8.

EYLEA's slide shows in the sales rows 3. Worldwide EYLEA sales were $9,214.8 million in 2023, $8,104.0 million in 2024 and $5,321.4 million in 2025, while EYLEA HD grew from $1,441.0 million to $2,569.6 million 3.

Libtayo, its cancer antibody, grew from $868.8 million in 2023 to $1,452.2 million in 2025 3. In 2025 the board also started a quarterly cash dividend 3.

The company also acquired businesses to add science 3. It completed Checkmate Pharmaceuticals in May 2022 and Decibel Therapeutics in September 2023, and in April 2024 took full rights to a cell therapy pipeline from 2seventy bio 3.

Dupixent and Kevzara

Dupixent is an antibody that blocks two inflammation signals, IL-4 and IL-13, and treats eczema, asthma and other allergic diseases 3. Sanofi records its sales and Regeneron books a share of the profits 3.

Global sales were $17,806.7 million in 2025 and $6.5 billion in the third quarter of 2026, up 35 percent 31. Regeneron's share of profits on Dupixent and Kevzara was $5,241.6 million in 2025, about 29 percent of their combined sales 3.

Kevzara, an antibody for rheumatoid arthritis, had sales of $574.6 million in 2025 3. The U.S. patent term for Dupixent has been extended to March 28, 2031 3. AbbVie acquired Apogee Therapeutics this year for $11 billion, for a long-acting eczema antibody that competes for the same patients 8.

EYLEA HD and EYLEA

EYLEA and the higher-dose EYLEA HD are injections into the eye for wet age-related macular degeneration, diabetic eye disease and clots in eye veins 3. Regeneron sells them in the United States, and Bayer sells them elsewhere 3.

U.S. sales in the third quarter of 2026 were $699 million for EYLEA HD, up 62 percent, and $400 million for EYLEA, down 41 percent 1. Together the two made $1,099 million, down 1 percent 1.

Regeneron's share of profits on sales outside the United States was $1,282.7 million in 2025, 37 percent of those sales 3. Its commercial chief, Marion McCourt, cited increasing competition from additional 2-milligram biosimilar launches 11.

Libtayo

Libtayo is an antibody that helps the immune system attack skin, lung and other cancers, and Regeneron records its sales itself, paying Sanofi a royalty 3. Global sales were $1,452.2 million in 2025 and $550 million in the third quarter of 2026, up 51 percent 31.

Management says it is the leading immunotherapy in non-melanoma skin cancers in the United States and second most prescribed in non-small cell lung cancer 11.

Newer and smaller medicines

In the third quarter of 2026 Praluent, a cholesterol antibody, made $81 million in U.S. sales, Evkeeza, for a rare inherited cholesterol disease, $55 million, and Lynozyfic, for multiple myeloma, $19 million 1. The FDA approved Pasatru in August 2026 for fibrodysplasia ossificans progressiva, a disease that grows bone where it should not 1.

Ordspono, a lymphoma antibody, awaits an FDA decision on a resubmitted application 1. Inmazeb treats Ebola, and in October the company agreed with the U.S. biodefense agency BARDA to supply it from 2027 through 2031 1.

Plants and property

Regeneron makes its drug materials in Rensselaer, New York, with about 100,000 liters of cell culture capacity, and in Limerick, Ireland, with about 120,000 liters 3. A fill and finish building in Rensselaer was still being validated for commercial use 3.

The Tarrytown headquarters and labs cover 1,800,000 square feet, Rensselaer 1,600,000 and Limerick 950,000 3.

People

The cofounders run the company: Leonard Schleifer is co-chair, president and chief executive, and George Yancopoulos is co-chair, president and chief scientific officer 3. Christopher Fenimore is chief financial officer 1.

Regeneron had 15,410 full-time employees at the end of 2025, with 11,961 in the United States and 2,149 in Ireland 3.

Rivals and current problems

Amgen markets an aflibercept biosimilar, and Regeneron is suing it for patent infringement while Amgen counters that Regeneron obtained patents improperly and broke antitrust law 2. Regeneron settled with Sandoz outside the United States, Australia and Canada on 9 October 2026 2.

A 2020 U.S. government complaint over the company's support of patient charities, brought under the Anti-Kickback Statute and the False Claims Act, is still in court 2.

The umbrella, in words

The brands are Regeneron's own medicines: EYLEA HD, EYLEA, Libtayo, Praluent in the United States, Evkeeza in the United States, Lynozyfic, Ordspono, Inmazeb and Veopoz 3.

Contracts tie it to others: Sanofi for Dupixent and Kevzara, Bayer for EYLEA outside the United States, Ultragenyx for Evkeeza outside the United States, and Kiniksa for ARCALYST 3.

It agreed a license from Hansoh for olatorepatide outside mainland China, Hong Kong and Macau, paying $80.0 million up front in July 2025 2. It agreed with Intellia to share costs of the gene-editing drug nex-z, 25 percent to Regeneron 2.

Its subsidiary list names, among others, Checkmate Pharmaceuticals, Decibel Therapeutics, Oxular and Regeneron Genetics Center, each wholly owned unless noted 6. Regeneron completed the Checkmate purchase in May 2022 and the Decibel purchase in September 2023 3.

Its newest institutional holdings report lists shares of Intellia Therapeutics, Parabilis Medicines and Adicet Bio, which are investments rather than subsidiaries 12.

Control is spread across holders 3. Class A shares carry ten votes each, and their holders had 14.9 percent of the combined vote at the end of 2025 3. Vanguard Capital Management reported owning 7.37 percent of the common stock in a filing for 31 March 2026 7.

Regeneron's updated 2026 guidance, issued on 30 October, puts GAAP research and development spending at $6.6 billion to $6.735 billion and capital spending at $1.05 billion to $1.1 billion 1. It expects a GAAP gross margin on product sales of about 80 percent 1.

For 2027 the finance chief said research spending is expected to rise by a mid-teens percentage to fund about 15 Phase 3 programs 11. For the fourth quarter of 2026 the company expects EYLEA HD sales to grow about 10 percent from the third quarter 11.

Regulators have several dated decisions pending 1. The FDA is due to decide in November on cemdisiran, which Healio reported was accepted for priority review 19. An FDA decision on a pre-filled syringe for EYLEA HD is expected by the end of 2026 2.

The FDA action date for Ordspono in lymphoma is in February 2027, and for a six-week Libtayo dosing schedule in March 2027 1. A European decision on that Libtayo schedule is expected in the coming months 1.

In liver disease the company plans to present interim results at a November 2026 meeting and to start a Phase 3 study in the fourth quarter of 2026 1. A Phase 3 study in POTS is planned for the first half of 2027, pending regulatory feedback 1.

On obesity, an executive said the company looks forward to a global Phase 3 program for olatorepatide and plans registrational studies of its combination with Praluent next year 11.

Sanofi projects that the four new alliance antibodies reach late-stage testing in 2029 to 2031, and MedCity noted that Dupixent patents begin expiring in 2031 8. The $1.0 billion up-front payment is to be recognized as revenue in the fourth quarter of 2026 1.

A cash dividend of $0.94 per share is payable on December 3, 2026 to holders of record on November 20, 2026 1. Management expects share repurchases of about $3 billion for the year 11.