Analyst Conference Summary

Biotechnology

conference date: October 30, 2026 @ 5:30 AM Pacific Time
for quarter ending: September 30, 2026 (Q3, third quarter 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

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

Net income was $ billion, up % sequentially from $1.30 billion, and down % from $ billion year-earlier.

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

Guidance:

Conference Highlights:

Leonard S. Schleifer, CEO, said ""

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

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

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.

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, up % sequentially from $1.54 billion and up % from $ billion year earlier. Diluted EPS was $, up % sequentially from $14.29 and up % from $ year-earlier.

See also the Regeneron Pipeline.

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

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 $ billion. Other income was $ million. Interest expense $ million. Income tax $ million.

Q&A selective summary:

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