Analyst Conference Summary

Biotechnology

conference date: July 30, 2026 @ 5:30 AM Pacific Time
for quarter ending: June 30, 2026 (Q2, second quarter 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

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

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

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

Guidance:

Conference Highlights:

Leonard S. Schleifer, CEO, said ""

Declared dividend of $0.94, payable September ?, 2026, of record August ?, 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.

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).

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.

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 $1.04 billion and up % from $ million year earlier. Diluted EPS was $, down % sequentially from $9.47 and up % from $ year-earlier.

See also the Regeneron Pipeline.

Cash and equivalents balance ended at $ billion, down sequentially from $18.5 billion. $ billion long-term debt. Cash from operations was $ billion, 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. Leaving income from operations of $ million. Other income was $ million. Interest expense $ million. Income tax $ million.

Q&A selective summary:

OpenIcon Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: