Regeneron Pharmaceuticals, Inc 8-K, filed Oct 30, 2026

Regeneron Pharmaceuticals, Inc. (REGN)

8-K 2026-10-30 For: 2026-10-30

Added on October 30, 2026

About this 8-K

Regeneron Pharmaceuticals, Inc filed this 8-K on October 30, 2026.

Regeneron Pharmaceuticals reported third-quarter 2026 revenues of $5.1 billion, up 36%, and non-GAAP EPS of $20.07, up 70%. Its expanded Sanofi alliance adds $1.0 billion upfront and up to $7.0 billion in future milestones. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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New York	000-19034	13-3444607
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock - par value $.001 per share	REGN	The Nasdaq Global Select Market


Date: October 30, 2026	REGENERON PHARMACEUTICALS, INC.

	By:	/s/ Joseph J. LaRosa
	Name:	Joseph J. LaRosa
	Title:	Executive Vice President, General Counsel and Secretary


($ in millions, except per share data)	Q3 2026		Q3 2025		% Change
Total revenues	$	5,116	$	3,754	36	%
GAAP net income	$	1,949	$	1,460	33	%
GAAP net income per share - diluted	$	18.45	$	13.62	35	%
Non-GAAP net income(a)	$	2,150	$	1,287	67	%
Non-GAAP net income per share - diluted(a)	$	20.07	$	11.83	70	%


($ in millions)	Q3 2026		Q3 2025		% Change
Net product sales:
EYLEA HD - U.S.	$	699	$	431	62	%
EYLEA® - U.S.	400		681		(41	%)
Total EYLEA HD and EYLEA - U.S.	1,099		1,112		(1	%)
Libtayo - U.S.	396		219		81	%
Libtayo - ROW*	154		146		5	%
Total Libtayo - Global	550		365		51	%
Praluent® - U.S.	81		67		21	%
Evkeeza® - U.S.	55		43		28	%
Lynozyfic® - Global	19		1		**
Other products - Global	1		—		**
Total net product sales	1,805		1,588		14	%

Collaboration revenue:
Sanofi	2,724		1,617		68	%
Bayer	267		345		(23	%)
Other	10		6		67	%
Other revenue	310		198		57	%
Total revenues	$	5,116	$	3,754	36	%

* Rest of world (ROW)
** Percentage not meaningful or greater than 100%


777 Old Saw Mill River Road, Tarrytown, New York 10591-6707
(Address of Principal Executive Offices, including zip code)


	GAAP				% Change		Non-GAAP(a)				% Change
($ in millions)	Q3 2026		Q3 2025				Q3 2026		Q3 2025
Research and development (R&D)	$	1,795	$	1,475	22	%	$	1,654	$	1,350	23	%
Acquired in-process research and development (IPR&D)	$	22	$	83	(73	%)	*		*		*
Selling, general, and administrative (SG&A)	$	678	$	658	3	%	$	588	$	541	9	%
Cost of goods sold (COGS)	$	322	$	281	15	%	$	246	$	227	8	%
Gross margin on net product sales(b)	82%		82%				86%		86%
Cost of collaboration and contract manufacturing (COCM)(c)	$	252	$	241	5	%	*		*		*
Other operating (income) expense, net	$	—	$	(10)	(100	%)	*		*		*

* GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been recorded


	Projected Range
($ in millions)	Low		High
GAAP R&D	$	6,600	$	6,735
Stock-based compensation expense	(550)		(580)
Other	—		(5)
Non-GAAP R&D(a)	$	6,050	$	6,150

GAAP SG&A	$	2,730	$	2,860
Stock-based compensation expense	(325)		(350)
Other*	(5)		(10)
Non-GAAP SG&A(a)	$	2,400	$	2,500

GAAP gross margin on net product sales	80%		80%
Stock-based compensation expense	1%		1%
Other**	5%		5%
Non-GAAP gross margin on net product sales(a)	86%		86%

GAAP COCM	$	985	$	1,035
Temporary manufacturing interruption-related costs	(15)		(15)
Non-GAAP COCM(a)	$	970	$	1,020

GAAP ETR	14%		14%
Income tax effect of GAAP to non-GAAP reconciling items	1%		1%
Income tax expense: Shortfall from stock-based compensation	(<1%)		(<1%)
Non-GAAP ETR(a)	15%		15%

* Includes litigation settlements and other costs
** Includes intangible asset amortization and temporary manufacturing interruption-related costs


(a)			This press release uses non-GAAP R&D, non-GAAP SG&A, non-GAAP COGS, non-GAAP gross margin on net product sales, non-GAAP COCM, non-GAAP other income (expense), net, non-GAAP ETR, non-GAAP net income, non-GAAP net income per share, and free cash flow, which are financial measures that are not calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are computed by excluding certain non-cash and/or other items from the related GAAP financial measure. The Company also includes a non-GAAP adjustment for the estimated income tax effect of reconciling items. A reconciliation of the Company's GAAP to non-GAAP results is included in Table 3 of this press release. The Company makes such adjustments for items the Company does not view as useful in evaluating its operating performance. For example, adjustments may be made for items that fluctuate from period to period based on factors that are not within the Company's control (such as the Company's stock price on the dates share-based grants are issued or changes in the fair value of the Company's investments in equity securities) or items that are not associated with normal, recurring operations (such as acquisition and integration costs). Management uses these non-GAAP measures for planning, budgeting, forecasting, assessing historical performance, and making financial and operational decisions, and also provides forecasts to investors on this basis. With respect to free cash flow, the Company believes that this non-GAAP measure provides a further measure of the Company's ability to generate cash flows from its operations. Additionally, the non-GAAP measures presented are intended to provide investors with an enhanced understanding of the financial performance of the Company's core business operations. However, there are limitations in the use of these and other non-GAAP financial measures as they exclude certain expenses that are recurring in nature. Furthermore, the Company's non-GAAP financial measures may not be comparable with non-GAAP information provided by other companies. Any non-GAAP financial measure presented by the Company should be considered supplemental to, and not a substitute for, measures of financial performance prepared in accordance with GAAP.

(b)			Gross margin on net product sales represents gross profit expressed as a percentage of total net product sales recorded by the Company. Gross profit is calculated as net product sales less cost of goods sold.

(c)			Corresponding reimbursements from collaborators and others for manufacturing product is recorded within revenues.


Contact Information:

Ryan Crowe						Christina Chan
Investor Relations						Corporate Affairs
914-847-8790						914-847-8827
ryan.crowe@regeneron.com						christina.chan@regeneron.com


	September 30,		December 31,
	2026		2025
Assets:
Cash and marketable securities	$	18,858.5	$	18,865.8
Accounts receivable, net	7,578.6		5,741.1
Inventories	2,894.6		3,200.8
Property, plant, and equipment, net	5,727.5		5,120.4
Intangible assets, net	1,315.5		1,257.4
Deferred tax assets	4,535.6		4,077.2
Other assets	3,494.9		2,296.0
Total assets	$	44,405.2	$	40,558.7

Liabilities and stockholders' equity:
Accounts payable, accrued expenses, and other liabilities	$	7,229.7	$	5,834.2
Finance lease liabilities	720.0		720.0
Deferred revenue	970.0		761.7
Long-term debt	1,987.0		1,985.9
Stockholders' equity	33,498.5		31,256.9
Total liabilities and stockholders' equity	$	44,405.2	$	40,558.7


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues:
Net product sales	$	1,805.3	$	1,587.7	$	4,982.2	$	4,634.3
Collaboration revenue	3,000.5		1,968.4		7,355.2		5,360.3
Other revenue	310.0		198.2		674.5		464.0
	5,115.8		3,754.3		13,011.9		10,458.6
Expenses:
Research and development	1,794.7		1,475.0		4,969.8		4,224.1
Acquired in-process research and development	21.5		83.1		250.4		105.4
Selling, general, and administrative	677.8		657.8		1,987.6		1,925.0
Cost of goods sold	321.7		281.0		1,055.8		822.1
Cost of collaboration and contract manufacturing	251.9		240.6		763.7		694.0
Other operating (income) expense, net	—		(10.0)		—		(10.0)
	3,067.6		2,727.5		9,027.3		7,760.6

Income from operations	2,048.2		1,026.8		3,984.6		2,698.0

Other income (expense):
Other income (expense), net	246.5		755.8		693.0		1,520.6
Interest expense	(10.6)		(19.3)		(34.5)		(31.6)
	235.9		736.5		658.5		1,489.0

Income before income taxes	2,284.1		1,763.3		4,643.1		4,187.0

Income tax expense	335.4		303.3		670.3		526.7

Net income	$	1,948.7	$	1,460.0	$	3,972.8	$	3,660.3

Net income per share - basic	$	19.16	$	14.09	$	38.65	$	34.83
Net income per share - diluted	$	18.45	$	13.62	$	37.37	$	33.61

Weighted average shares outstanding - basic	101.7		103.6		102.8		105.1
Weighted average shares outstanding - diluted	105.6		107.2		106.3		108.9


	Three Months Ended September 30,
	2026						2025						% Change
	U.S.		ROW		Total		U.S.		ROW		Total		(Total Sales)
Dupixent(a)	$	5,064.1	$	1,476.4	$	6,540.5	$	3,618.8	$	1,238.2	$	4,857.0	35	%
EYLEA HD(b)	$	698.8	$	384.0	$	1,082.8	$	430.6	$	232.4	$	663.0	63	%
EYLEA(b)	$	399.7	$	258.7	$	658.4	$	680.6	$	621.4	$	1,302.0	(49	%)
Total EYLEA HD and EYLEA	$	1,098.5	$	642.7	$	1,741.2	$	1,111.2	$	853.8	$	1,965.0	(11	%)
Libtayo(c)	$	395.8	$	154.2	$	550.0	$	219.1	$	146.1	$	365.2	51	%
Praluent(d)	$	81.5	$	179.4	$	260.9	$	67.7	$	148.0	$	215.7	21	%
Kevzara(a)	$	192.7	$	62.9	$	255.6	$	102.9	$	51.1	$	154.0	66	%
Lynozyfic	$	18.6	$	0.4	$	19.0	$	0.8	$	—	$	0.8	*
Other products(e)	$	56.2	$	35.1	$	91.3	$	43.1	$	28.0	$	71.1	28	%

	Nine Months Ended September 30,
	2026						2025						% Change
	U.S.		ROW		Total		U.S.		ROW		Total		(Total Sales)
Dupixent(a)	$	13,183.6	$	4,235.2	$	17,418.8	$	9,453.2	$	3,414.0	$	12,867.2	35	%
EYLEA HD(b)	$	1,763.5	$	1,082.8	$	2,846.3	$	1,130.6	$	620.5	$	1,751.1	63	%
EYLEA(b)	$	1,285.0	$	955.1	$	2,240.1	$	2,170.9	$	2,068.8	$	4,239.7	(47	%)
Total EYLEA HD and EYLEA	$	3,048.5	$	2,037.9	$	5,086.4	$	3,301.5	$	2,689.3	$	5,990.8	(15	%)
Libtayo(c)	$	1,024.5	$	453.1	$	1,477.6	$	659.4	$	367.4	$	1,026.8	44	%
Praluent(d)	$	222.8	$	549.4	$	772.2	$	190.3	$	440.7	$	631.0	22	%
Kevzara(a)	$	436.6	$	169.7	$	606.3	$	271.4	$	151.2	$	422.6	43	%
Lynozyfic	$	45.5	$	1.2	$	46.7	$	0.8	$	—	$	0.8	*
Other products(e)	$	187.3	$	95.0	$	282.3	$	116.3	$	81.5	$	197.8	43	%

Note: The table above includes net product sales of Regeneron-discovered products. Such net product sales are recorded by the Company or others, as further described in the footnotes below.
* Percentage not meaningful or greater than 100%
(a) Sanofi records global net product sales of Dupixent and Kevzara, and the Company records its share of profits in connection with global sales of such products within Collaboration revenue
(b) The Company records net product sales of EYLEA HD and EYLEA in the United States, and Bayer records net product sales outside the United States. The Company records its share of profits in connection with sales outside the United States within Collaboration revenue.
(c) The Company records global net product sales of Libtayo and pays Sanofi a royalty on such sales
(d) The Company records net product sales of Praluent in the United States. Sanofi records net product sales of Praluent outside the United States and pays the Company a royalty on such sales, which is recorded within Other revenue.
(e) Included in this line item are products which are sold by the Company and others. Refer to "Third Quarter 2026 Financial Results" section above for a listing of net product sales recorded by the Company. Not included in this line item are net product sales of ARCALYST®, which are recorded by Kiniksa.