Regeneron Pharmaceuticals (NASDAQ:REGN) Announces Quarterly Earnings Results

Key Points

• Regeneron beat Q1 estimates with non‑GAAP EPS of $9.47 versus $9.10 expected and revenue of $3.61B (+19% YoY); the company generated $848M free cash flow, held $15.8B net cash, and authorized a $3B share buyback.
• Dupixent remains the growth engine with net sales up 31% (cc) to $4.9B (annualized near $20B), while U.S. adoption of EYLEA HD accelerated (+52% to $468M), supporting medium‑term momentum.
• Risks include a 36% decline in legacy EYLEA U.S. sales amid conversion to HD, inventory absorption and looming biosimilar competition, plus a temporary Limerick manufacturing interruption that trimmed GAAP margins and prompted updated GAAP margin guidance (~77%–78%), contributing to an intraday stock selloff.

Regeneron Pharmaceuticals (NASDAQ:REGN - Get Free Report) issued its quarterly earnings data on Wednesday. The biopharmaceutical company reported $9.47 earnings per share for the quarter, topping the consensus estimate of $9.10 by $0.37, FiscalAI reports. Regeneron Pharmaceuticals had a net margin of 31.41% and a return on equity of 13.04%. The business had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $3.45 billion. During the same quarter in the previous year, the company earned $8.22 EPS. The business's revenue was up 19.0% on a year-over-year basis.

Here are the key takeaways from Regeneron Pharmaceuticals' conference call:

• Regeneron reported strong Q1 2026 results with total revenues up 19%, non-GAAP EPS up 15%, $848M of free cash flow, $15.8B net cash, and a new $3B share repurchase authorization.
• Dupixent remains the company's growth engine, with Q1 net sales up 31% (cc) to $4.9B and annualized global sales near $20B as approvals expand to younger patients and new indications.
• EYLEA HD adoption accelerated (U.S. net sales +52% to $468M) after label enhancements and increased physician uptake, and Regeneron expects FDA action this quarter on prefilled-syringe manufacturing applications.
• EYLEA (base) U.S. net sales declined 36% to $473M amid conversion to EYLEA HD, inventory absorption (expected to subtract ~ $20M from Q2 sales) and impending biosimilar competition; additionally, a temporary manufacturing interruption in Limerick reduced GAAP gross margin and led to updated GAAP margin guidance (~77%–78%).
• Pipeline momentum includes FDA approval of gene therapy Otarmeni (to be provided free), positive phase III cemdisiran data in generalized myasthenia gravis with an anticipated Q4 decision, a PDUFA in August for garetosmab (FOP), and promising olatorepatide data with global phase III plans.

Regeneron Pharmaceuticals Price Performance

Shares of NASDAQ:REGN traded down $47.78 during midday trading on Wednesday, hitting $684.00. The stock had a trading volume of 1,243,029 shares, compared to its average volume of 738,327. The company's 50-day moving average price is $760.43 and its 200-day moving average price is $735.71. The company has a market capitalization of $72.31 billion, a P/E ratio of 16.50, a price-to-earnings-growth ratio of 1.71 and a beta of 0.40. The company has a quick ratio of 3.39, a current ratio of 4.13 and a debt-to-equity ratio of 0.09. Regeneron Pharmaceuticals has a fifty-two week low of $476.49 and a fifty-two week high of $821.11.

Regeneron Pharmaceuticals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Friday, February 20th. This is a boost from Regeneron Pharmaceuticals's previous quarterly dividend of $0.88. Regeneron Pharmaceuticals's dividend payout ratio is presently 9.05%.

Key Regeneron Pharmaceuticals News

Here are the key news stories impacting Regeneron Pharmaceuticals this week:

• Positive Sentiment: Q1 beat on both EPS and revenue: Regeneron reported non‑GAAP EPS of $9.47 and revenue of ~$3.6B, topping estimates and showing 19% revenue growth — a strong near‑term financial print. Regeneron beats quarterly results estimates on strong Dupixent demand (Reuters)
• Positive Sentiment: Dupixent and EYLEA HD momentum: Dupixent demand remains a key growth driver (Sanofi‑reported Dupixent sales +33%); EYLEA HD U.S. adoption rose sharply (EYLEA HD U.S. net sales +52%), supporting medium‑term growth prospects. Regeneron Q1 Earnings Top, Sales Up on Dupixent & Eylea HD Strength (Zacks)
• Positive Sentiment: $3B buyback announced: Management authorized up to $3 billion in share repurchases, which supports EPS and signals management confidence. Regeneron shares slide despite Q1 beat (ProactiveInvestors)
• Neutral Sentiment: Pipeline milestones could be value drivers but are not immediate: Progress in the C5 complement program (PNH enrollment complete) and positive Phase III data for cemdisiran in myasthenia gravis set up potential multi‑indication launches as early as Q4 2026 — longer‑term upside if approvals materialize. Regeneron’s C5 Milestones And Autoimmune Bets Shape Future Valuation (Yahoo)
• Neutral Sentiment: Full earnings call details and management commentary available for color on margins, IPR&D impacts and product cadence — useful for modeling but not a single catalyst. Regeneron Q1 2026 Earnings Call Transcript (Seeking Alpha)
• Negative Sentiment: EYLEA U.S. sales disappointed vs. Street expectations: Despite HD uptake, total EYLEA U.S. net sales declined ~10% and reported U.S. high‑dose sales missed expectations, fueling the intraday selloff. Regeneron Slumps On An Unexpected Setback For Its Bread-And-Butter Drug (Yahoo)
• Negative Sentiment: Rising competition and upcoming biosimilars/new entrants: Analysts flag intensified competition in the retina market and several competitors with data or launches coming later this year, which could pressure EYLEA revenue and valuation going forward. Regeneron Stock Tumbles on Earnings. Upcoming Data Matter More for the Stock. (Yahoo)

Analyst Upgrades and Downgrades

Several analysts have weighed in on REGN shares. Wall Street Zen cut shares of Regeneron Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Zacks Research cut shares of Regeneron Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 6th. Morgan Stanley lifted their price objective on shares of Regeneron Pharmaceuticals from $769.00 to $796.00 and gave the stock an "equal weight" rating in a research note on Friday, April 10th. Truist Financial dropped their price objective on shares of Regeneron Pharmaceuticals from $818.00 to $801.00 and set a "buy" rating for the company in a research note on Tuesday, March 31st. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Regeneron Pharmaceuticals in a research note on Friday, March 27th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $825.35.

Insider Activity

In other news, Director Huda Y. Zoghbi sold 1,638 shares of the business's stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $781.33, for a total value of $1,279,818.54. Following the completion of the transaction, the director directly owned 1,703 shares in the company, valued at approximately $1,330,604.99. The trade was a 49.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur F. Ryan sold 100 shares of the company's stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $778.53, for a total transaction of $77,853.00. Following the transaction, the director owned 17,803 shares of the company's stock, valued at approximately $13,860,169.59. This represents a 0.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 3,774 shares of company stock worth $2,942,738. 7.02% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Regeneron Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its position in Regeneron Pharmaceuticals by 261.8% during the 4th quarter. Brighton Jones LLC now owns 948 shares of the biopharmaceutical company's stock worth $675,000 after purchasing an additional 686 shares in the last quarter. GAM Holding AG acquired a new position in Regeneron Pharmaceuticals during the 4th quarter worth approximately $298,000. Papamarkou Wellner Asset Management inc. increased its position in Regeneron Pharmaceuticals by 4.7% during the 4th quarter. Papamarkou Wellner Asset Management inc. now owns 382 shares of the biopharmaceutical company's stock worth $295,000 after purchasing an additional 17 shares in the last quarter. Paces Ferry Wealth Advisors LLC increased its position in Regeneron Pharmaceuticals by 5.4% during the 2nd quarter. Paces Ferry Wealth Advisors LLC now owns 548 shares of the biopharmaceutical company's stock worth $288,000 after purchasing an additional 28 shares in the last quarter. Finally, Haverford Trust Co acquired a new position in Regeneron Pharmaceuticals during the 4th quarter worth approximately $239,000. 83.31% of the stock is currently owned by institutional investors and hedge funds.

Regeneron Pharmaceuticals Company Profile

Regeneron Pharmaceuticals, Inc NASDAQ: REGN is a U.S.-based biotechnology company founded in 1988 and headquartered in Tarrytown, New York. It focuses on discovering, developing, manufacturing and commercializing medicines for serious medical conditions. The company combines laboratory research, clinical development and in-house manufacturing to advance a pipeline of biologic therapies across multiple therapeutic areas.

Regeneron is known for its proprietary drug discovery technologies, including its VelocImmune platform, which is used to generate fully human monoclonal antibodies.

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