Regeneron stock: Q3 revenue jumps 36% as Sanofi deal expands

Regeneron Pharmaceuticals reported strong third-quarter results on Friday, October 30, 2026, while broadening its long-running antibody alliance with Sanofi. In its official results release, the company said revenue for the quarter ended September 30 increased 36 percent year over year to USD 5.116 billion.

Quarterly growth broadens

GAAP net income rose 33 percent to USD 1.949 billion, while diluted GAAP earnings per share increased 35 percent to USD 18.45. Adjusted net income climbed 67 percent to USD 2.150 billion, lifting non-GAAP diluted earnings per share 70 percent to USD 20.07 from USD 11.83 a year earlier.

Commercial performance was led by products tied to Regeneron's antibody portfolio. Dupixent global sales, recorded by Sanofi, rose 35 percent to USD 6.541 billion. EYLEA HD sales increased 63 percent to USD 1.083 billion, although combined EYLEA and EYLEA HD sales fell 11 percent to USD 1.741 billion as patients continued to shift from the older formulation. Libtayo sales advanced 51 percent to USD 550 million.

Sanofi collaboration revenue rose 68 percent to USD 2.724 billion. Regeneron's share of profits from antibody commercialization increased to USD 2.575 billion from USD 1.456 billion in the year-earlier quarter, helped by higher Dupixent sales and the full repayment of Sanofi's development balance at the end of the second quarter.

Sanofi partnership adds pipeline depth

In October, Regeneron and Sanofi amended their antibody collaboration to add four next-generation, long-acting antibodies invented by Regeneron. The programs target interleukin-13, interleukin-4, an interleukin-4 and interleukin-13 bispecific pathway, and the interleukin-4 receptor alpha pathway.

Regeneron received a USD 1.0 billion upfront payment that it expects to recognize as collaboration revenue in the fourth quarter of 2026. The company can also receive up to an additional USD 7.0 billion in development, regulatory and sales-based milestones. The partners will share development and commercialization costs equally and split future global profits equally if the programs reach the market.

The lead long-acting antibody, REGN20423, is in a Phase 1 study for atopic dermatitis. Regeneron said the other three programs are expected to enter clinical studies in 2027. The company also expects a regulatory decision on cemdisiran in generalized myasthenia gravis in December, according to the release.

Costs and outlook remain relevant

Regeneron raised its 2026 GAAP research and development expense range to USD 6.600 billion to USD 6.735 billion from USD 6.500 billion to USD 6.635 billion. It lowered its GAAP selling, general and administrative expense range to USD 2.730 billion to USD 2.860 billion from USD 2.830 billion to USD 2.960 billion. The updated guidance calls for gross margin of approximately 80 percent on net product sales and a GAAP effective tax rate of approximately 14 percent.

Regeneron stock traded at 885.95 euros on Lang & Schwarz at 14:41 CET on Wednesday, November 4. The company had repurchased USD 2.3 billion of its common stock during the first nine months of 2026, with USD 2.2 billion remaining under its buyback authorization at September 30.

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