Analyst Conference Summary

Biotechnology

conference date: April 29, 2026 @ 5:30 AM Pacific Time
for quarter ending: March 31, 2026 (Q1, first quarter 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $3.88 billion and up % from $ billion in the year-earlier quarter.

Net income was $ million, down % sequentially from $845 million, and down % from $ million year-earlier.

Diluted Earnings Per Share (EPS) was $, down % sequentially from $7.86 and down % from $ year-earlier.

Guidance:

Conference Highlights:

Leonard S. Schleifer, CEO, said ""

Declared dividend of $0.94, payable June 5, 2026, of record May 20, 2026.

In discussion with federal agencies about reducing drug costs.

Looks forward to higher royalty tiers on sales going forward.

In Q1 2026 the collaboration agreement with Tessera Therapeutics to develop and commercialize TSRA-196 (for the treatment of alpha-1 antitrypsin deficiency (AATD)) became effective. Tessera will lead the initial first-in-human trial, while Regeneron will lead subsequent global development and commercialization.

Hopes will report results from Phase 3 study for pozelimab (C5 antibody) in combination with cemdisiran (C5 siRNA therapy) in paroxysmal nocturnal hemoglobinuria (PNH) in Q4 2026 or Q1 2027 such that it will be best in class for PNH.

Early clinical data for the LAG3 candidate Fianlimab with Libtayo for melanoma showed very encouraging results. Phase 3 trial readout expected 2H 2025.

Itepekimab anti IL-33 for COPD in former smokers is in two Phase 3 trials with results expected 2H 2025.

In Q4 2025 Libtayo received FDA approval for high-risk adjuvant cutaneous squamous cell carcinoma (CSCC). It is the only approved immunotherapy for the indication.

In Q4 Dupixent received European approval for CSU (chronic spontaneous urticaria (hives)). Japan approved for children (age 6 to 11)with bronchial asthma. Phase 3 results for allergic fungal rhinosinusitis were positive, PDUFA is February 2026.

In Q4 2025 submitted U.S. and EU applications for garetosmab (an Activin A antibody) in adults with fibrodysplasia ossificans progressiva (FOP). In September 2025, the primary endpoint was met in a Phase 3 trial of garetosmab in adults with FOP, showing a 90% or greater reduction in new bone lesions compared to placebo at 56 weeks, with a greater than 99% reduction in the total volume of new HO lesions.

Total Eylea HD and Eylea U.S. net sales decreased 28% to $1.1 billion in Q4. In Q4 2025 Eylea HD received FDA approval for macular edema following retinal vein occlusion. In Q3 2025 a CRL (complete response letter) was issued by the FDA for the pre-filled Eylea HD syringe. REGN submitted a new application for for the syringe with FDA decision expected Q2.

Regeneron is testing several potential cancer agents, including in combo with Libtayo and 8 different bispecifics, plus one CAR-T therapy. Continues to pursue siRNA therapies generated by Alnylam.

Future growth will be fueled by the breadth and depth of the pipeline. Genetic medicines portfolio pipeline has high potential future value.

Revenue by type: product sales $ billion. Collaboration revenue $ billion, including Dupixent sold by Sanofi. Other income $ million.

Non-GAAP results: net income $ billion, down % sequentially from $1.25 billion and down % from $ billion year earlier. Diluted EPS was $, down % sequentially from $11.44 and down % from $ year-earlier.

See also the Regeneron Pipeline.

Cash and equivalents balance ended at $ billion, up sequentially from $18.9 billion. $2 billion long-term debt. Cash from operations was $ million, free cash flow $ million. Cap ex $ million . $ million was used for shares repurchased in the quarter.

GAAP expenses of $ billion consisted of: cost of goods sold $ million; research and development $ billion; acquired in-process R&D $ million; selling, general and administrative $ million; collaboration manufacturing costs $ million; other operating income $ million. Leaving income from operations of $ million. Other income was $ million. Interest expense $ million. Income tax $ million.

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