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: Strong revenue growth.

Basic data (GAAP):

Revenue was $4.29 billion, up 19% sequentially from $3.61 billion and up 13% from $3.78 billion in the year-earlier quarter.

Net income was $1.30 billion, up 79% sequentially from $727 million, and down 6% from $1.39 billion year-earlier.

Diluted Earnings Per Share (EPS) was $12.23, up 81% sequentially from $6.75 and down 5% from $12.81 year-earlier.

Guidance:

Slight update to 2026 expenses guidance. No revenue guidance.

Conference Highlights:

Leonard S. Schleifer, CEO, said "Regeneron delivered another quarter of strong financial performance, with double-digit top- and bottom-line growth reflecting the continued strength of our commercial portfolio and the potential of our pipeline. Of note, global Dupixent, global Libtayo, and U.S. Eylea HD net product sales increased by 38%, 30%, and 52%, respectively, compared to the second quarter of 2025. With approximately 50 clinical assets, we remain focused on translating our science into even more successful new medicines across a broad array of diseases." Nearly $3.0 billion was deployed in the first half of the year to share repurchases, dividends, capital expenditures, and business development. Actively looking for external business development opportunities.

Declared dividend of $0.94, payable August 31, 2026, of record August 18, 2026.

Has had discussions with Sanofi about potential collaborations, including Dupixent follow-on programs. Is working on longer-acting antibodies.

In Q2 2026 the FDA approved Dupixent for chronic spontaneous uticaria for ages 2 to 11 years.

In Q2 2026 the FDA approved Eylea HD dosing up to every 20 weeks for wAMD and DME, following one year of successful responses.

In Q2 2026 Otarmeni (lunsotogen parvec) was accepted in the EU for review for biallelic OTOF variant hearing loss.

In Q2 2026 Fianlimab with cemiplimab failed Phase 3 for melanoma.

In Q2 2026 cemdisiran was accepted for review by the FDA and EU for gMG. FDA decision due in November.

In Q2 2026 cenvacibart (REGN7508) and amrecibart (REGN9933) began a Phase 3 study for peripheral artery disease, versus standard of care.

In Q2 2026 Regeneron formed a collaboration with Parabilis Medicines for its Helicon peptide platform.

Working on an Eylea HD pre-filled syringe, which might become available before the end of 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 soon. But Phase 2 data in advanced NSCLC did not support Phase 3 development.

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 $1.64 billion. Collaboration revenue $2.46 billion, including Dupixent sold by Sanofi. Other income $193 million.

Non-GAAP results: net income $1.54 billion, up 48% sequentially from $1.04 billion and up 8% from $1.42 billion year earlier. Diluted EPS was $14.29, up 51% sequentially from $9.47 and up 11% from $12.89 year-earlier.

See also the Regeneron Pipeline.

Cash and equivalents balance ended at $17.8 billion, down sequentially from $18.5 billion. $2 billion long-term debt. Cash from 6 months operations was $1.89 billion, free cash flow $1.42 million. Cap ex $471 million. $1.2 billion was used for shares repurchased in the quarter; $2.5 billion authorization remains.

GAAP expenses of $3.00 billion consisted of: cost of goods sold $361 million; research and development $1.63 billion; acquired in-process R&D $127 million; selling, general and administrative $662 million; collaboration manufacturing costs $216 million. Leaving income from operations of $1.29 billion. Other income was $245 million. Interest expense $11 million. Income tax $231 million.

Q&A selective summary:

Cash management? Aversion to mergers? Aversion is to overpaying for mergers or acquisitions. We see other companies overpay compared to what we think is justified. We tilt towards internal R&D. We can do small or large acquisitions, if they make money for our shareholders.

Expansion of Sanofi collaboration? Sanofi talked today about the productivity of our lines. Looking at an IL13 long acting antibody and others. In early discussions.

Prefilled syringe details? FDA is undergoing change. We had hoped for an approval in Q2. Leaving no stone unturned, so added a third potential manufacturer. HD is doing phenominally well.

Myasthenia gravis? Looking for potential approval for cemdisiran. Believes it can be meaningful v. therapies already in the market. It can have a continuous effect, but some parts of the market would be easier than others.

Regeneron is hoping the trials of ALN-PNP, ALN-CIDEB, or Rapirosiran will show we can target MASH (metabolic dysfunction associated steatohepatitis) directly, rather than as a secondary effect of reduced food intake.

Cemdisiran launch trajectory, differentiating factors? It has high efficacy, is safer, and is convenient to dose. Could provide steady improvement, older drugs cycle, and fail over time. Our SiRNA approach works without complete compliment inhibition.

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