Regeneron stock: Q3 revenue jumps as Sanofi deal lifts outlook

Regeneron Pharmaceuticals reported strong third-quarter results on Friday, October 30, with revenue and adjusted earnings benefiting from higher product sales and the full economic contribution of its Sanofi antibody alliance. The company said in a press release distributed by GlobeNewswire that third-quarter revenue reached USD 5.116 billion, while diluted GAAP earnings per share rose to USD 18.45.

Non-GAAP diluted earnings per share came in at USD 20.07, compared with USD 11.83 in the year-earlier quarter. GAAP net income increased to USD 1.949 billion from USD 1.460 billion. Regeneron said the quarter marked its third consecutive period of double-digit growth in revenue and non-GAAP earnings per share.

Sanofi alliance changes the earnings mix

Sanofi collaboration revenue climbed to USD 2.724 billion from USD 1.617 billion. Regeneron said its development balance with Sanofi was fully repaid at the end of the second quarter, so the balance no longer reduced collaboration revenue in the third quarter. The company also said its share of profits from antibody commercialization rose to USD 2.575 billion.

The companies expanded their collaboration in October to include four Regeneron-invented, long-acting immunology antibodies. Regeneron received an upfront payment of USD 1.0 billion, with the potential for up to USD 7.0 billion in additional development, regulatory and sales milestones. The upfront payment is expected to be recognized as collaboration revenue in the fourth quarter.

Product portfolio shows mixed signals

EYLEA HD sales in the United States rose to USD 699 million from USD 431 million. Legacy EYLEA sales fell to USD 400 million from USD 681 million as patients continued to move toward the higher-dose product and competition weighed on demand. Combined US sales for the two products were broadly stable year over year.

Libtayo global sales increased to USD 550 million from USD 365 million. Dupixent global sales, recorded by Sanofi, reached USD 6.541 billion, up 35%. Regeneron also highlighted the FDA approval of Pasatru for fibrodysplasia ossificans progressiva and said it expects a regulatory decision on cemdisiran in generalized myasthenia gravis next month.

Guidance and pipeline remain in focus

Regeneron raised its 2026 ranges for research and development spending, while lowering its selling, general and administrative expense ranges. It now expects GAAP research and development expense of USD 6.600 billion to USD 6.735 billion and GAAP selling, general and administrative expense of USD 2.730 billion to USD 2.860 billion. The company lifted its expected GAAP gross margin on net product sales to approximately 80%.

The company has about 50 candidates in clinical development. It plans to present interim results for its CIDEB program at the November meeting of the American Association for the Study of Liver Diseases and expects further updates on its POTS program during the same month. Regeneron will discuss the results during a conference call scheduled for 8:30 a.m. Eastern Time on Friday.

Regeneron stock traded at 765.70 euros on Lang & Schwarz at 11:43 CET on Friday, October 30, 2026. The real-time quote of Regeneron stock provides the current trading view.

US equities remain the broader market backdrop for Regeneron, with investors weighing earnings, drug pricing and biotechnology pipeline risk across the S&P 500.

More news and analyses on Regeneron stock will track the Sanofi collaboration, product sales and upcoming regulatory milestones.