Regeneron’s third-quarter revenue jumped to $5,116 million, a 36 percent increase from $3,754 million in the same quarter last year, powered by record sales across its three largest franchises and a $1.0 billion upfront payment from an expanded Sanofi collaboration. The company provided no forward guidance in the filing.
Product sales grew 14 percent to $1,805 million, with EYLEA HD, the company’s newer formulation for wet age-related macular degeneration, posting 62 percent growth to $699 million as patients shifted from the older EYLEA formulation, which fell 41 percent to $400 million. Libtayo, the immunotherapy for squamous cell carcinoma, increased 51 percent globally to $550 million, driven by an 81 percent jump in U.S. sales to $396 million. Dupixent, recorded as collaboration revenue from partner Sanofi, grew 35 percent to $6.5 billion on an annualized basis (the filing reports Sanofi collaboration revenue of $2,724 million for the quarter, up 68 percent from $1,617 million).
Non-GAAP earnings per share climbed 70 percent to $20.07, compared with $11.83 a year earlier. GAAP EPS rose 35 percent to $18.45 from $13.62. The company reported this was its third consecutive quarter of double-digit growth in both revenue and non-GAAP EPS.
What it means
The acceleration marks a sharp reversal from Regeneron’s 1.0 percent revenue growth in fiscal 2025, but the composition of this quarter’s gains matters for durability. Organic product sales growth of 14 percent reflects genuine commercial momentum, EYLEA HD’s 62 percent surge suggests successful market penetration in a large indication, and Libtayo’s 51 percent global growth indicates expanding use beyond its initial approvals. The company received regulatory approvals for Libtayo in Japan in August 2026 and a positive European opinion for a less-frequent dosing schedule in October, both of which could sustain momentum.
However, nearly 53 percent of the quarter’s revenue growth came from the $1.0 billion Sanofi collaboration payment, a one-time event the company will recognize in the fourth quarter. Sanofi collaboration revenue itself grew 68 percent, but this reflects the timing of the upfront payment and the repayment of a prior development balance, not necessarily acceleration in Dupixent’s underlying sales trajectory. Strip out the collaboration revenue step-up, and the quarter’s organic growth story, driven by EYLEA HD transition and Libtayo expansion, is solid but more modest.
The open question is whether EYLEA HD’s 62 percent growth sustains as the installed base of patients on the older formulation shrinks. The filing states that EYLEA U.S. sales fell due to “continued competitive pressures and the continued transition of patients to EYLEA HD,” suggesting the category itself may face headwinds. The company’s pipeline includes multiple Phase 3 programs in obesity, multiple myeloma, and lymphoma, and early-stage work in metabolic dysfunction-associated steatohepatitis (MASH), but none have generated revenue yet.
What to watch
The FDA’s decision on cemdisiran for generalized myasthenia gravis, expected in November 2026, and the company’s fourth-quarter earnings release in early 2027, where the $1.0 billion Sanofi payment will be fully recognized and management can clarify whether the organic revenue acceleration persists without it.
Source: the company’s 8-K filed 2026-10-30 with the SEC.
