Dupixent Sales Drive Sanofi Collaboration Revenue
Sanofi collaboration revenue rose 50.4% YoY to $2.17B in Q2 FY2026, supported by a 38% YoY surge in global net sales of Dupixent to $6.00B.
Source: 10-Q Item 2 MD&A
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.
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AI Takeaway
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.
Revenue
$4.29B
+16.73% YoY
EPS (Diluted)
$12.23
-4.53% YoY
Operating Income
$1.29B
+19.82% YoY
Source: SEC XBRL
Regeneron Pharmaceuticals (REGN) reported Q2 FY2026 revenue of $4.29B, up 16.7% year over year. Operating margin was 30.1%, up 0.7 points from 29.4% a year earlier. REGN's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 14.29 | 10.47 | Beat +36.5% |
| Mar 2026 | 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% |
Compiled by AI from 10-Q Item 2 of this filing
Sanofi collaboration revenue rose 50.4% YoY to $2.17B in Q2 FY2026, supported by a 38% YoY surge in global net sales of Dupixent to $6.00B.
Source: 10-Q Item 2 MD&A
EYLEA HD U.S. net sales increased 52% YoY to $596.3M, partially offsetting a 45% YoY decline in legacy U.S. EYLEA sales ($412.2M) caused by market transition to EYLEA HD and increasing biosimilar competition.
Source: 10-Q Item 2 MD&A
In April 2026, Regeneron finalized agreements with the U.S. government establishing Most-Favored-Nation Pricing for select Medicaid products, joining TrumpRx.gov, offering Otarmeni free of charge, and securing tariff protection through January 2029 tied to domestic R&D and manufacturing investments.
Source: 10-Q Item 2 MD&A
Regeneron expanded its external pipeline with strategic deals, including a $125.0M combined upfront/equity investment with Parabilis Medicines in May 2026 and a $150.0M agreement with Tessera Therapeutics in January 2026.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 1 high, 2 medium, 0 low
Regeneron relies heavily on EYLEA HD, EYLEA, and Dupixent revenues. The loss of market share for legacy EYLEA due to biosimilar entry and compounding alternatives may harm total revenue if EYLEA HD adoption does not fully compensate.
Source: 10-Q Item 1A
Government price control initiatives, Medicare and Medicaid reimbursement policy changes, and terms under the April 2026 U.S. Government Agreements could reduce net realized prices across key commercial products.
Source: 10-Q Item 1A
Drug discovery and development involve significant capital costs and uncertainty, highlighted by recent failures in Phase 3 trials such as fianlimab in first-line metastatic melanoma and the discontinuation of itepekimab in COPD.
Source: 10-Q Item 1A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 4.29 $B | 3.68 $B | +16.73% |
Operating Income $B | 1.29 $B | 1.08 $B | +19.82% |
Net Income $B | 1.30 $B | 1.39 $B | -6.81% |
EPS (Basic) $ | 12.62 $ | 13.24 $ | -4.68% |
EPS (Diluted) $ | 12.23 $ | 12.81 $ | -4.53% |
R&D Expense $B | 1.63 $B | 1.42 $B | +14.76% |
SG&A Expense $M | 662.10 $M | 634.20 $M | +4.40% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
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%.
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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