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: Strong revenue growth even as Eylea continues decline.

Basic data (GAAP):

Revenue was $3.61 billion, down 7% sequentially from $3.88 billion and up 19% from $3.03 billion in the year-earlier quarter.

Net income was $727 million, down 14% sequentially from $845 million, and down 10% from $809 million year-earlier.

Diluted Earnings Per Share (EPS) was $6.75, down 14% sequentially from $7.86 and down 7% from $7.27 year-earlier.

Guidance:

Full year 2026 updated slightly, but no income or net income or EPS guidance. GAAP gross margin on net product sales decreased to 77%to78%. Cap Ex range lowered to $1.1 to $1.2 billion.

Conference Highlights:

Leonard S. Schleifer, CEO, said "Dupixent growth was broad based and driven by continued strong demand... Pipeline making meaningful progress about multiple therapeutic areas." Authorized a new $3 billion share repurchase program.

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

In discussion with federal agencies about reducing drug costs. In April 2026, announced agreements with the U.S. government to provide certain of its products to the Medicaid program at or below prices benchmarked against a defined group of other developed countries (Most-Favored-Nation Pricing), price certain future medicines in the United States at or below Most-Favored-Nation Pricing, offer Praluent for direct patient purchase, and continue its large investment in domestic R and D and manufacturing capacity. For that Regeneron will not be subject to future U.S. pricing mandates and will receive tariff relief for three years. Following the FDA approval of Otarmeni (lunsotogene parvec) in April, agreed to provide it free of charge in the U.S. (there are very few patients for it).

In Q1 2026 submitted an NDA for cemdisiran for myasthenia gravis. FDA decision expected in Q4. Also evaluating, with Pozelimab, for geographic atrophy, with results in Q4 2026.

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.

In Q1 2026, the FDA accepted for priority review the BLA for garetosmab (an Activin A antibody) for fibrodysplasia ossificans progressiva (FOP), with a target action date in August 2026. Also under review in the EU.

Moving to Phase 3 drugs in obesity program later in 2026.

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.

In April 2026, Regeneron entered a collaboration with Telix Pharmaceuticals Limited to jointly develop and commercialize next generation radiopharmaceutical therapies.

Early clinical data for the LAG3 candidate Fianlimab with Libtayo for melanoma showed very encouraging results. Phase 3 trial readout expected 2Q 2026. But Phase 2 data in advanced NSCLC did not support Phase 3 development.

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

Patent infringement litigation related to the Samsung Eylea(aflibercept) Injection 2 mg biosimilar product settlement precludes Samsung from launching its biosimilar product in the United States until January 2027. All intellectual property-related litigation with Samsung in the United States has been dismissed.

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 Q1 2026 Dupixent approved by FDA for AFRS, Allergic Fungal Rhino Sinusitis. In Q4 Dupixent received European approval for CSU (chronic spontaneous urticaria (hives)). Japan approved for children (age 6 to 11)with bronchial asthma.

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.

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 $1.54 billion. Collaboration revenue $1.99 billion, including Dupixent sold by Sanofi. Other income $171 million.

Non-GAAP results: net income $1.04 billion, down 17% sequentially from $1.25 billion and up 12% from $928 million year earlier. Diluted EPS was $9.47, down 17% sequentially from $11.44 and up 15% from $8.22 year-earlier.

See also the Regeneron Pipeline.

Cash and equivalents balance ended at $18.5 billion, down sequentially from $18.9 billion. $2 billion long-term debt. Cash from operations was $1.08 billion, free cash flow $848 million. Cap ex $231 million. $803 million was used for shares repurchased in the quarter.

GAAP expenses of $2.96 billion consisted of: cost of goods sold $373 million; research and development $1.54 billion; acquired in-process R&D $102 million; selling, general and administrative $648 million; collaboration manufacturing costs $296 million. Leaving income from operations of $643 million. Other income was $201 million. Interest expense $13 million. Income tax $104 million.

Q&A selective summary:

Dupixent, Sanofi collaboration, lifecycle expansion? We welcome Sanofi's new CEO. We are open minded to transactions. We could do it ourselves, or with partners.

Eylea prefilled syringe, FDA delay? If expection is positive, they will approve. We think the FDA wants to get the sites up to their standards, so we hope to see action on at least one site this quarter.

Multiple myeloma infection risk, Linvolseltamab? Disease itself has substantial infection risk. Longer treatments cause infection risk to go down over time. We think bispecifics will become the dominant class, and our agent could be best in class.

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