Regeneron Q2 Earnings Beat, Sales Up on Dupixent & Eylea HD Strength

Total revenues grew 17% year over year to $4.29 billion, driven by higher sales of Eylea HD and increased Dupixent profits. Revenues also beat the Zacks Consensus Estimate of $3.84 billion.

Eylea HD and Dupixent Power REGN’s Q2 Results

The lead drug, Eylea, is approved for various ophthalmology indications (neovascular age-related macular degeneration, diabetic macular edema and macular edema, among others).

Eylea’s sales in the United States plunged 45% year over year to $412 million, primarily due to increased competition from other drugs like Roche’s RHHBY Vabysmoand continued transition of patients to higher doses of the drug (Eylea HD). Eylea sales in the United States beat the Zacks Consensus Estimate of $388 million.

Please note that Regeneron co-developed Eylea with the HealthCare unit of Bayer AG BAYRY. Regeneron records net product sales of Eylea and Eylea HD in the United States, and Bayer does the same outside the country. The company records its share of profits in connection with Eylea and Eylea HD sales outside the United States within collaboration revenues.

In 2023, the FDA approved Eylea HD (a higher dose of Eylea) for the treatment of patients with wet age-related macular degeneration, diabetic macular edema and diabetic retinopathy.

Eylea HD generated revenues of $596 million in the United States, up 52% year over year, backed by higher sales volumes driven by increased demand. However, sales were negatively impacted by a lower net selling price in the second quarter of 2026. Eylea HD U.S. sales beat the Zacks Consensus Estimate of $548 million.

Regeneron’s shares have lost 9.9% so far this year against the industry’s 2.8% growth.

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Total revenues include collaboration revenues of $2.46 billion from Sanofi SNY, Bayer and others. The figure increased 32% from that recorded in the year-ago quarter. Total collaboration revenues beat the Zacks Consensus Estimate of $2.13 billion.

Sanofi’s collaboration revenues increased 51% to $2.17 billion, driven by profits associated with higher Dupixent sales. The figure beat the Zacks Consensus Estimate of $1.76 billion. We note that Sanofi records global net product sales of Dupixent and Kevzara, while Regeneron records its share of profits/losses in connection with the global sales of both drugs within collaboration revenues. Dupixent’s sales increased 38% year over year to $6 billion.

Bayer’s collaboration revenues totaled $276 million, down 33% year over year.

Regeneron records net product sales of Praluent in the United States and Sanofi does the same outside the country. SNY pays REGN a royalty on such sales. Regeneron records global net product sales of Libtayo and pays Sanofi a royalty on such sales.

Total Libtayo sales were $489 million, up 30% year over year. The figure beat the Zacks Consensus Estimate of $451 million. 

Praluent’s net sales in the United States were $75 million, up 14% year over year.

The FDA had earlier approved linvoseltamab-gcpt for the treatment of relapsed or refractory (R/R) multiple myeloma (MM). The drug was granted accelerated approval by the FDA under the brand name Lynozyfic. It is also approved in the EU to treat adults with R/R MM after at least three prior therapies, including a proteasome inhibitor, an immunomodulatory agent and an anti-CD38 monoclonal antibody.

Lynozyfic sales came in at $17 million.

A Look at REGN’s Q2 Expense Summary

Adjusted gross margin on net product sales inched up to 87% from 86%.

Adjusted R&D expenses increased 17% year over year to $1.5 billion due to the advancement of the company's pipeline, including programs in hematology-oncology, complement-mediated diseases and anticoagulation. Adjusted SG&A expenses increased 6% to $574 milliondue to an increase in commercialization-related expenses for Eylea HD and Libtayo and higher headcount and headcount-related costs.

In April 2026, the board authorized a new program allowing for up to an additional $3.0 billion in share buybacks. During the second quarter of 2026, the company repurchased $1.2 billion worth of its common stock. As of June 30, 2026, $2.5 billion remained available under its existing share repurchase programs.

REGN’s Key Pipeline and Regulatory Updates

During the reported quarter, the FDA and European Commission approved Dupixent for the treatment of chronic spontaneous urticaria (CSU) in children aged two to 11 years who remain symptomatic despite antihistamine treatment. This expands the previous approvals in the United States and EU for CSU in adults and adolescents aged 12 years and older.

In April 2026, the FDA approved extending Eylea HD dosing intervals up to 20 weeks for wet age-related macular degeneration and diabetic macular edema patients after one year of sustained response, further enhancing its dosing flexibility among anti-VEGF therapies.

During the quarter, the FDA granted accelerated approval to Otarmeni (lunsotogene parvec, formerly DB-OTO), the first gene therapy cleared under the FDA Commissioner’s National Priority Voucher Program. The adeno-associated virus-based treatment is indicated for pediatric and adult patients with severe-to-profound hearing loss caused by OTOF gene variants. A regulatory filing for the drug is also currently under review in the EU for the treatment of biallelic OTOF variant-associated hearing loss.

In June 2026, the FDA and EMA accepted Regeneron’s regulatory applications for cemdisiran, a C5-targeting RNAi therapy, to treat adults with generalized myasthenia gravis. The FDA granted priority review to the filing, with a decision expected in November 2026 following the use of a Priority Review Voucher. A European Commission decision is anticipated in the second half of 2027.

Our Take on REGN’s Q2 Performance

Regeneron delivered an impressive second quarter, with double-digit revenue growth and a strong earnings beat driven by robust demand for Eylea HD and higher profit-sharing from Dupixent. The results highlight the strength of the company’s diversified portfolio and its ability to offset weakness in legacy products through newer growth drivers.

While sales of the original Eylea continued to decline amid intensifying competition from Roche’s Vabysmo, the rapid adoption of Eylea HD helped cushion the impact and reinforce Regeneron’s position in the retinal disease market. Vabysmo’s unique mechanism of action continues to differentiate it from existing anti-VEGF therapies, supporting its strong physician uptake and keeping competitive pressure on Eylea.

Beyond ophthalmology, Regeneron continues to broaden its long-term growth profile. Strong momentum in Libtayo, rising Dupixent profits and recent regulatory progress across its pipeline, including cemdisiran and Otarmeni, should support future revenue diversification and reduce dependence on its eye-care franchise.

REGN’s Zacks Rank

Regeneron currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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