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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.79B | +10.3% | $8.06 | -20.9% | 26.1% | 24.2% | $996M |
| FY2025 Q1 | $3.03B | -3.7% | $7.27 | +15.9% | 19.5% | 26.7% | $774M |
| FY2025 Q2 | $3.68B | +3.6% | $12.81 | +3.2% | 29.4% | 37.9% | $968M |
| FY2025 Q3 | $3.75B | +0.9% | $13.62 | +18.0% | 27.3% | 38.9% | $1.42B |
| FY2025 Q4 | $3.88B | +2.5% | $7.86 | -2.5% | 22.7% | 21.7% | $922M |
| FY2026 Q1 | $3.61B | +19.0% | $6.75 | -7.2% | 17.8% | 20.2% | $848M |
| FY2026 Q2 | $4.29B | +16.7% | $12.23 | -4.5% | 30.1% | 30.2% | $573M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tyler Van Buren | TD Cowen | 7 (0%) |
| Salveen Richter | Goldman Sachs | 7 (0%) |
| Evan Seigerman | BMO Capital Markets | 6 (0%) |
| Alex Hammond | Wolfe Research | 6 (0%) |
| Akash Tewari | Jefferies | 5 (0%) |
| Dave Risinger | Leerink Partners | 5 (40%) |
| Carter Gould | Cantor Fitzgerald | 5 (60%) |
| Brian Abrahams | RBC Capital Markets | 4 (0%) |
| Geoff Meacham | Citigroup | 4 (0%) |
| Terence Flynn | Morgan Stanley | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 7 (0%) |
| TD Cowen | 1 | 7 (0%) |
| BMO Capital Markets | 1 | 6 (0%) |
| JPMorgan | 2 |
| 6 (0%) |
| Wolfe Research | 1 | 6 (0%) |
| Leerink Partners | 1 | 5 (40%) |
| Morgan Stanley | 2 | 5 (0%) |
| Jefferies | 1 | 5 (0%) |
Regeneron delivered Q1 total revenues up 19% year-over-year with non-GAAP diluted EPS of $9.47 growing 15%, as Dupixent global net sales increased 31% at constant currency to $4.9 billion. EYLEA HD physician adoption accelerated, and the Libtayo oncology franchise continued expanding. GAAP gross margin guidance was updated to 77-78% due to a temporary Limerick manufacturing disruption, while a most-favored-nation drug pricing agreement was reached.
Innovation & R&D | Competitive Dynamics | Regulation Policy | Pricing | Product Launch | Capital Allocation | Revenue Growth | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 1 | 2 | 1 | 2 | 3 | 1 |
| 2025Q1 | 1 | 6 | 3 | 1 | 1 | |||
| 2025Q2 | 5 | 3 | 4 | 4 | 2 | 1 | 2 | |
| 2025Q3 | 7 | 3 | 3 | 2 | 3 | 1 | 1 | |
| 2025Q4 | 8 | 5 | 1 | 1 | 1 | 1 | ||
| 2026Q1 | 8 | 7 | 2 | 5 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 4 | 1 | 5 | 7 | 8 | 8 |
| Competitive Dynamics | 4 | 3 | 3 | 5 | 7 | |
| Regulation Policy | 1 | 6 | 4 | 3 | 2 | |
| Pricing | 2 | 3 | 4 | 2 | ||
| Product Launch | 1 | 1 | 3 | 1 | 5 | |
| Capital Allocation | 2 | 2 | 1 | 1 | 1 | |
| Revenue Growth | 3 | 1 | 1 | 1 | ||
| Capex Investment | 1 | 1 | 2 | 1 | 1 |
What REGN and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“With regards to Regeneron, I know that's competition as well, also target C5 and it's systemic, and it's a combination.”
Biogen positions Regeneron as a geographic-atrophy competitor whose C5-targeted, systemic combination approach still lacks proof of concept, framing it as behind SYFOVRE's targeted eye delivery.
“PABLUE, our biosimilar to EYLEA, delivered $280 million in first quarter sales.”
Amgen's EYLEA biosimilar PABLUE generated $280M in Q1, implying biosimilar erosion pressure on Regeneron's branded EYLEA.
“I think we're really excited that Regeneron has advanced cemdisiran.”
Alnylam is enthusiastic that collaboration partner Regeneron advanced cemdisiran in myasthenia gravis, a positive read-through for the partnered program.
“imagine if you invented a GLP that was as good as the currently best-in-class agent, let's say, tirzepatide, and acted very much the same, but also lowered your bad cholesterol by more than 50%”
Regeneron benchmarks its GLP/GIP plus Praluent obesity combination against Eli Lilly's tirzepatide as the best-in-class standard it aims to match on weight loss while adding lipid lowering.
“We resubmitted an application seeking FDA approval for filing -- for filling of the EYLEA HD prefilled syringe at Catalent Indiana, where the FDA has recently conducted a site reinspection.”
Catalent's Indiana site is a contract fill-finish manufacturer for Regeneron's EYLEA HD prefilled syringe; the site underwent FDA reinspection tied to a pending approval.
“the Regeneron Genetics Center recently announced a collaboration with TriNetX to access de-identified electronic health record data from a global network representing 300 million patients”
Regeneron's Genetics Center partnered with TriNetX for de-identified EHR data across a 300-million-patient network to accelerate drug discovery.
“Regeneron also announced a strategic collaboration with Telix to codevelop and commercialize next-generation radiopharmaceutical therapies”
Regeneron entered a radiopharmaceutical co-development and commercialization collaboration with Telix, expanding into radioligand oncology therapies.
“we enhance or announced positive Phase III data in China for olatorepatide, our in-licensed GLP/GIP receptor agonist with full data expected to be presented by Hansoh later this year.”
Hansoh is Regeneron's in-licensing partner and China developer for the GLP/GIP obesity asset olatorepatide, which posted positive Phase III China data.
“Moving to Bayer. First quarter net sales of EYLEA and EYLEA 8 mg outside the U.S. were $729 million, inclusive of $333 million of EYLEA 8 mg sales.”
Bayer commercializes EYLEA outside the U.S. under collaboration with Regeneron; ex-U.S. EYLEA sales reached $729M with strong EYLEA 8mg contribution.
“first quarter total Sanofi collaboration revenues were $1.6 billion, of which $1.5 billion related to our share of collaboration profits.”
Sanofi is Regeneron's DUPIXENT collaboration partner; Regeneron's share of collaboration profits grew 42% year-over-year, underscoring the value of the partnership to both parties.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
REGN Regeneron Pharmaceuticals | 7 | +19.0% | |
| ALNY Alnylam Pharmaceuticals | 9 | +96.4% | |
| INCY Incyte | 9 | +20.9% | |
| INSM Insmed Incorporated | 8 | +229.6% | |
| MRNA Moderna | 8 | +263.6% | |
| TECH Bio-Techne | 4 | -1.5% | |
| VRTX Vertex Pharmaceuticals | 6 | +7.8% |