Regeneron Q3 FY2026: revenue up 36.0% to $5.12 billion, EPS beat
Regeneron's third quarter FY2026 was a blowout on paper: revenue rose 36.0% to $5.12 billion and non-GAAP EPS of $20.07 beat the $16.56 consensus. The catch is where the money came from — $3.00 billion of collaboration revenue, mostly Sanofi's Dupixent profit share, which stepped up once the Development Balance was repaid. Read the beat as a mix of durable Dupixent economics and a one-time reset.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $18.45, up 35.5% from $13.62, and non-GAAP was $20.07 against a $16.56 consensus — a $3.51 beat worth 21.2% of the estimate. Non-GAAP net income of $2.15 billion topped GAAP net income of $1.95 billion on $246.1 million of add-backs, partly offset by a $48.8 million tax effect. GAAP other income fell to $235.9 million from $736.5 million, so the beat came from operations rather than the investment portfolio.
Revenue of $5.12 billion rose 36.0% from $3.75 billion a year earlier. Product sales were $1.81 billion, up 13.7%, while collaboration revenue jumped to $3.00 billion from $1.97 billion. Sanofi alone contributed $2.72 billion, or 53.2% of total revenue.
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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 2026-11-02
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