Regeneron Pharmaceuticals has reported GAAP [Generally Accepted Accounting Principles] net income of $727m for the first quarter of 2026 (Q1 2026), down 10% from $809m in Q1 2025.
On a non-GAAP basis, net income rose 12% to $1.04bn from $928m. GAAP diluted earnings per share (EPS) stood at $6.75 while non-GAAP diluted EPS grew 15% year-on-year to $9.47 from $8.22.
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Total revenue increased 19% year-on-year to $3.6bn from $3.02bn.
Net product sales rose 8% to $1.53bn while collaboration revenue advanced 24% to $1.9bn and other revenue more than doubled to $171.2m.
Dupixent global net sales, recorded by Sanofi, increased 33% to $4.9bn. In addition, Eylea HD US net sales jumped 52% to $468.4m.
Operating expenses increased as Regeneron continued to invest in its pipeline and commercial portfolio.
R&D expenses rose 16% to $1.54bn, and acquired in-process research and development (IPR&D) expenses increased from $12m to $101.9m.
During the quarter, selling, general and administrative (SG&A) expenses increased 2% to $648m, and cost of goods sold climbed 40% to $373m.
Regeneron board co-chair, president and CEO Leonard Schleifer said: “In the first quarter of this year, we were able to achieve strong double-digit growth on both the top and bottom line while continuing to invest significant resources in our portfolio of nearly 50 product candidates in clinical development.
“Additionally, we recently entered into an agreement with the US Government that aims to make progress toward lowering drug prices for American patients by promoting more balanced pricing with other wealthy nations — an approach for which Regeneron has long advocated.”
Looking ahead, Regeneron left its 2026 R&D and SG&A guidance unchanged but raised GAAP gross margin on net product sales to 79% to 80% from 77% to 78%.
It also lifted capital expenditures to $1.1bn-$1.3bn from $1.1bn-$1.2bn.
