Revenue Acceleration
Total revenue grew 19.0% YoY to $3,605.4M in Q1 2026 from $3,028.7M in Q1 2025, reflecting strong underlying demand across Regeneron's product portfolio and continued commercial momentum.
Source: 10-Q Income Statement, Q1 2026
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Regeneron delivered strong Q1 2026 revenue growth of 19.0% YoY to $3.61B, driven by robust product demand, but net income declined 10.1% to $727.2M as R&D spending surged 16.3% and current liabilities jumped 43.2%.
Revenue
$3.61B
+19.04% YoY
EPS (Diluted)
$6.75
-7.15% YoY
Operating Income
$642.9M
+8.65% YoY
Source: SEC XBRL
Regeneron Pharmaceuticals (REGN) reported Q1 FY2026 revenue of $3.61B, up 19.0% year over year. Operating margin was 17.8%, down 1.7 points from 19.5% a year earlier. Operating cash flow was $1.08B, up 3.2% year over year. REGN's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 14.29 | 10.47 | Beat +36.5% |
| Mar 2026This filing | 9.47 | 9.12 | Beat +3.9% |
| Dec 2025 | 11.44 | 10.83 | Beat +5.7% |
| Sep 2025 | 11.83 | 9.78 | Beat +21.0% |
Adjusted (non-GAAP) EPS of $9.47 versus the $9.12 analyst consensus — a +3.9% beat for Mar 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $6.75.
Compiled by AI from this SEC filing
Total revenue grew 19.0% YoY to $3,605.4M in Q1 2026 from $3,028.7M in Q1 2025, reflecting strong underlying demand across Regeneron's product portfolio and continued commercial momentum.
Source: 10-Q Income Statement, Q1 2026
R&D expenses climbed 16.3% YoY to $1,543.5M, representing approximately 42.8% of total revenue, underscoring Regeneron's aggressive pipeline investment strategy which is compressing near-term profitability.
Source: 10-Q Income Statement, Q1 2026
Operating margin contracted approximately 170 basis points YoY to 17.8% from 19.5%, as the rapid growth in R&D and operating expenses outpaced revenue expansion, signaling deliberate reinvestment over short-term earnings optimization.
Source: 10-Q Income Statement & Key Ratios, Q1 2026
Net income fell 10.1% YoY to $727.2M despite the 19.0% revenue increase, with diluted EPS declining 7.2% to $6.75, suggesting significant below-the-line cost pressures or tax/non-operating items beyond operating expenses.
Source: 10-Q Income Statement, Q1 2026
Operating cash flow grew 3.2% YoY to $1,078.9M, and stockholders' equity stands at $31.4B with a current ratio of 3.57, reflecting a financially sound balance sheet despite a 43.2% surge in current liabilities to $5.1B.
Source: 10-Q Balance Sheet & Cash Flow Statement, Q1 2026
Compiled by AI from this SEC filing · 2 high, 2 medium, 1 low
R&D expenses reached $1,543.5M in Q1 2026, up 16.3% YoY and representing ~42.8% of revenue. If pipeline programs fail to generate returns, this level of spending could materially erode margins and earnings over time.
Source: 10-Q Income Statement, Q1 2026
Current liabilities jumped 43.2% YoY to $5,107.7M, significantly outpacing the 3.6% growth in current assets. While the current ratio remains healthy at 3.57, the rapid liability build warrants monitoring for potential cash management challenges.
Source: 10-Q Balance Sheet, Q1 2026
Net income declined 10.1% YoY to $727.2M even as revenue grew 19.0%, indicating that non-operating costs, tax provisions, or other charges are significantly impacting bottom-line results beyond operating expenses alone.
Source: 10-Q Income Statement, Q1 2026
Share repurchases declined 23.7% YoY to $794.3M in Q1 2026, suggesting management may be redirecting capital toward R&D or acquisitions rather than shareholder returns, which could affect EPS accretion expectations.
Source: 10-Q Cash Flow Statement, Q1 2026
Investing cash flow swung from a positive $647.5M in Q1 2025 to negative $428.9M in Q1 2026, a 166.2% YoY change, potentially reflecting significant capital deployment into investments or acquisitions that could impact future liquidity.
Source: 10-Q Cash Flow Statement, Q1 2026
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 3.61 $B | 3.03 $B | +19.04% |
Operating Income $M | 642.90 $M | 591.70 $M | +8.65% |
Net Income $M | 727.20 $M | 808.70 $M | -10.08% |
EPS (Basic) $ | 6.99 $ | 7.58 $ | -7.78% |
EPS (Diluted) $ | 6.75 $ | 7.27 $ | -7.15% |
R&D Expense $B | 1.54 $B | 1.33 $B | +16.28% |
SG&A Expense $M | 647.70 $M | 633.00 $M | +2.32% |
Answers draw on this SEC filing and the data on this page
In Q2 FY2026, Regeneron generated $4.29B in revenue, up 16.7% YoY, driven by strong Dupixent collaboration revenue and EYLEA HD growth, despite persistent competitive pressures on legacy EYLEA and a 6.8% decline in net income to $1.30B.
Regeneron delivered modest FY2025 revenue growth of 1.0% to $14.3B, but operating income fell 10.3% as R&D spending surged 14.0% to $5.85B, while strong operating cash flow of $4.98B and robust capital returns underscored the company's financial resilience.
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