Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Total Revenue | $5.1 billion | up 36% YoY |
| Non-GAAP EPS | $20.07 | up 70% YoY |
| Dupixent Global Net Sales | $6.5 billion | up 35% YoY |
| EYLEA HD U.S. Net Sales | $699 million | up 62% YoY |
| Libtayo Global Net Sales | $550 million | up 51% YoY |
Guidance and outlook
- We expect full year share repurchases to total approximately $3 billion.
- We expect 2027 R&D expense to increase by a mid-teens percentage compared with 2026.
- Regarding our 2027 effective tax rate, we expect approximately 100 to 200 basis points of upward pressure relative to 2026.
- For EYLEA HD, we expect full year net sales growth of over 50% compared with 2025.
- For EYLEA, we expect a sequential demand decline in the low to mid-teens in the fourth quarter.
How management sounded
Positive (+7 on our -10 to +10 scale). Management reported record quarterly sales for three core brands and highlighted a diverse, high-potential pipeline while maintaining strong commercial execution. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Side B/MASH
Asked: How does the Side B program differentiate from the competitive landscape?
Answer: It directly targets a genetically validated pathway, showing unprecedented 70% liver fat reduction in early data, unlike indirect weight-loss approaches.
Cemdisiran/Neurology
Asked: What are the launch preparations for cemdisiran?
Answer: The team is launch-ready, leveraging a talented neurology group to bring this important treatment to patients following the November PDUFA date.
Business Development
Asked: Will Regeneron become more aggressive on business development?
Answer: The company is agnostic to stage and focused on science, prioritizing internal R&D but open to external opportunities that make a difference to patients.
Obesity Strategy
Asked: How will Regeneron compete in the obesity space?
Answer: The company aims to deliver differentiated agents, such as combinations that lower lipids and cardiovascular risk or prevent muscle loss, rather than just competing on weight loss percentage.
What to watch before the next call
- FDA decision for cemdisiran in generalized myasthenia gravis in November 2026.
- November 10 roundtable event for further details on the Side B MASH program.
- Pivotal results for the cemdisiran/pozelimab combination in PNH expected by the end of the year.
