Regeneron Pharmaceuticals reported first‑quarter 2026 results, posting revenue of $3.605 billion—up 19% from $3.0 billion in Q1 2025—and diluted earnings per share of $9.47, beating the consensus estimate of $8.52 and other analyst forecasts that ranged up to $9.07.
The growth was driven by a 52% year‑over‑year increase in sales of high‑dose EYLEA HD, which reached $468 million, and a 10% sequential rise in physician unit demand. Collaboration revenue from Sanofi rose 35.7% to $1.61 billion, while other product lines such as Dupixent and Libtayo contributed to the overall top‑line expansion.
Gross margin contracted to 76% from 81% in Q1 2025, largely due to a temporary interruption of bulk manufacturing at Regeneron’s Limerick, Ireland facility caused by unanticipated repairs. The company maintained its 2026 guidance, projecting a GAAP gross margin range of 77%–78% for the full year.
CEO Leonard S. Schleifer said, "In the first quarter of this year, we were able to achieve strong double‑digit growth on both the top and bottom line while continuing to invest significant resources in our portfolio of nearly 50 product candidates in clinical development." CFO Christopher Fenimore added, "Regeneron delivered strong first quarter 2026 financial results, achieving total revenue and non‑GAAP net income per share growth of 19% and 15%, respectively."
Investors focused on margin pressure stemming from the manufacturing interruption, which prompted a cautious market reaction despite the earnings beat.
With robust demand for EYLEA HD and Sanofi collaboration revenue, Regeneron remains confident in its pipeline and cash‑flow generation, while the company expects the manufacturing disruption to normalize by the end of Q2 2026, supporting its guidance for continued growth.
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