Regeneron Q2 2026 revenue up 17.0% as EPS beats consensus
Regeneron beat the Street on the bottom line in Q2 2026: non-GAAP EPS of $14.29 versus a $10.47 consensus, on revenue of $4.29 billion, up 17.0% year over year. The catch is that almost all of that growth came from Sanofi collaboration revenue tied to Dupixent, while the product sales Regeneron records itself were flat. Read the margin and tax lines carefully — they explain why GAAP net income still fell.
1 · Expected vs. Actual
Free preview belowGAAP EPS fell 5.0% to $12.23 from $12.81, and GAAP net income slipped 7.0% to $1.30 billion. Two drags are visible: $127.0 million of acquired IPR&D, worth $1.02 a share, and a GAAP tax rate that jumped to 15.1% from 8.4%. Non-GAAP EPS of $14.29 rose 11.0% and beat the $10.47 consensus by a wide margin, so the underlying business grew even as reported profit shrank.
Revenue of $4.29 billion rose 17.0% from $3.68 billion a year earlier, but the mix did the work. Sanofi collaboration revenue jumped 51.0% to $2.17 billion on Regeneron's share of Dupixent profits, while total net product sales were nearly flat at $1.64 billion, up just 1.0%. EYLEA HD's U.S. sales rose 52.0% to $596.3 million, which only partly covered the 45.0% drop in original EYLEA U.S. sales to $412.2 million.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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