Regeneron Jumps Over 11% as Revenue Surges 36% to $5.1B on Dupixent Profits and Eylea HD Growth

Regeneron (REGN) shares rose more than 11% on Oct. 30 after the biotech reported third-quarter revenue of $5.12 billion, up 36% from $3.75 billion a year earlier. Non-GAAP earnings of $20.07 per share rose 70% and topped the roughly $16.06 to $16.25 analysts expected, while revenue beat the roughly $4.55 billion consensus by about 12%, by our calculation. Most of the growth came from Regeneron's share of profits from Dupixent, the Sanofi-marketed drug, rather than from sales Regeneron books itself.

The quarter in numbers

Collaboration revenue from Sanofi made up about 53% of the total, by our calculation. The jump also reflects Sanofi fully repaying a development balance by the end of the second quarter, which stopped reducing the revenue Regeneron records. Management described it as the third straight quarter of double-digit growth in both revenue and non-GAAP EPS, and CFO Christopher Fenimore said the results position the company "to deliver one of our strongest years ever."

Dupixent, Eylea HD and Libtayo

Regeneron does not book Dupixent sales; Sanofi does, and Regeneron receives a share of profits, which rose about 77% to $2.575 billion, by our calculation. On the ophthalmology side, the shift to Eylea HD is offsetting competition: combined U.S. Eylea and Eylea HD sales were about $1.10 billion, roughly flat, by our calculation. Libtayo sales were $396 million in the U.S. and $154 million elsewhere.

Sanofi deal and pipeline

In October, Regeneron and Sanofi expanded their antibody collaboration to cover multiple next-generation, long-acting antibodies. Regeneron received a $1.0 billion up-front payment, to be recognized as revenue in the fourth quarter, and is eligible for up to $7.0 billion in additional milestones. The companies will share costs and profits equally. The FDA approved Pasatru (garetosmab) for fibrodysplasia ossificans progressiva in August. Upcoming events include an FDA decision on cemdisiran for generalized myasthenia gravis expected in November, a February 2027 target date for odronextamab in relapsed or refractory DLBCL, and data on a liver-fat therapy at a medical meeting in November.

Guidance and capital

Regeneron repurchased $2.3 billion of stock in the first nine months, with $2.2 billion still authorized, and declared a quarterly dividend of $0.94 per share payable Dec. 3 to holders of record on Nov. 20. Cash and marketable securities were $18.86 billion at Sept. 30.

What it means

The report shows how much of Regeneron's earnings now depend on one partner and one drug, which is a strength this quarter and a concentration risk later. Eylea HD is holding the eye franchise together, and the new Sanofi agreement adds cash and a longer pipeline of shared products. For how the stock fit into the day's trading, see our market recap.

Sources: Regeneron's third-quarter 2026 earnings release (SEC filing, Oct. 30, 2026). Analyst estimates, share prices and percentage moves are from market data and will change. This is informational, not a recommendation to buy or sell.