Regeneron Pharmaceuticals, Inc. Q1 2026 Earnings Recap

Regeneron shares fell 3.4% following the quarterly report, as the market responded negatively to regulatory delays affecting EYLEA HD and uncertainties around product supply. While financials showed top-line growth, investor focus shifted to unresolved FDA decisions and pending applications that cloud near-term visibility for a key franchise.

Key Takeaways

• Total revenues grew 19% year-over-year, and non-GAAP EPS rose 15%, with broad-based commercial execution.
• Global DUPIXENT net sales increased 31% to $4.9 billion, and EYLEA HD U.S. net product sales grew 52% to $468 million; Libtayo sales advanced 54% to $438 million.
• Regulatory overhang persists: FDA did not act by the April PDUFA date on the second contract manufacturer for EYLEA HD prefilled syringes, and the application remains pending.
• Management anticipates a regulatory decision on EYLEA HD supply in the coming quarter, but timing remains uncertain.
• The Board approved a new $3 billion share repurchase program, signaling capital allocation discipline despite ongoing regulatory headwinds.