Will REGN's Q2 Earnings Get a Boost From Dupixent and Eylea HD?

REGN’s Earnings Surprise History

The company’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 26.33%. In the last reported quarter, REGN beat on earnings by 11.15%.

What Our Model Predicts for REGN

Our proven model predicts an earnings beat for Regeneron this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is the case here, as you will see below.

Earnings ESP: Earnings ESP for REGN is +1.22% as the Zacks Consensus Estimate is pegged at $10 per share, while the Most Accurate Estimate is pinned at $10.13. You can uncover the best stocks before they're reported with our Earnings ESP Filter.

Zacks Rank: The company currently carries a Zacks Rank of 3.

Dupixent Profits Likely to Have Offset Eylea Decline in Q2

A significant chunk of Regeneron’s revenues used to come from the sale of its lead drug, Eylea, which is approved for various ophthalmology indications (neovascular age-related macular degeneration, diabetic macular edema and macular edema, among others). Eylea was developed in collaboration with pharma giant Bayer.

While Regeneron records net product sales of Eylea in the United States, Bayer does the same outside the country. The company also records its share of profits/losses in connection with Eylea sales outside the country.

However, Eylea’s sales have been under pressure in recent quarters due to competition from Vabysmo and continued transition of patients to Eylea HD. Sales are likely to have declined in the second quarter as well.

The Zacks Consensus Estimate for Eylea sales in the United States is currently pegged at $388 million.

To counter the decline in Eylea sales, Regeneron developed a higher dose of the drug. The initial uptake of Eylea HD has been strong as Eylea patients transition to the higher dose.

Sales of Eylea HD are likely to have surged in the to-be-reported quarter on strong demand. This, in turn, is likely to have resulted in an increase in total Eylea franchise sales. The Zacks Consensus Estimate for Eylea HD sales in the United States is currently pegged at $548 million.

In November 2025, the FDA approved Eylea HD injection 8 mg for the treatment of patients with macular edema following retinal vein occlusion (RVO) with up to every eight-week dosing after an initial monthly dosing period.

The regulatory body also approved a monthly dosing option for some patients who may benefit from resuming this dosing schedule across approved indications — wet age-related macular degeneration, diabetic macular edema, diabetic retinopathy and RVO.

These label expansions are likely to have boosted drug sales.

Apart from Eylea, profits from the sales of asthma drug Dupixent are a primary growth driver for REGN. Regeneron has a collaboration agreement with Sanofi SNY for drugs like Dupixent and Kevzara. While Sanofi records sales, Regeneron registers its share of profits in connection with the global sales of the aforementioned drugs.

Dupixent sales have likely increased driven by strong demand in all approved indications (atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyposis, eosinophilic esophagitis, prurigo nodularis, chronic spontaneous urticaria, chronic obstructive pulmonary disease, bullous pemphigoid). Hence, Regeneron is likely to have earned incremental profits from Dupixent in the to-be-reported quarter.

Meanwhile, Regeneron is also looking to diversify its revenue base to reduce its dependence on Eylea for top-line growth and build an oncology franchise, which currently comprises Libtayo and some newly approved drugs.

Growth in Libtayo’s sales has also boosted the top line in recent quarters. Libtayo sales are being driven by strong demand in advanced cutaneous squamous cell carcinoma (CSCC) and advanced non-small cell lung cancer, along with early contributions from its adjuvant CSCC indication, which secured FDA approval in the fourth quarter of 2025.

The trend has likely continued in the second quarter. The Zacks Consensus Estimate for Libtayo’s sales is currently pegged at $451 million.

Operating expenses have also likely increased in the quarter due to pipeline advancement and higher commercialization-related expenses related to Eylea HD and Libtayo.

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 European Union (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.

Sales from this drug came in at $11 million in the first quarter. The company likely witnessed a sequential increase in the second quarter.

During the first quarter of 2026, the company repurchased $803 million of its common stock. As of March 31, 2026, it had $688 million remaining under its existing share repurchase authorization. In April 2026, the board approved a new $3.0 billion share repurchase program, significantly expanding its buyback capacity.

A decrease in the number of shares outstanding is likely to have boosted the bottom line. Investors will look forward to updates on the share buyback program.

REGN’s Key Pipeline Updates

In April 2026, the FDA granted accelerated approval to Otarmeni (lunsotogene parvec, formerly DB-OTO), the first therapy cleared under the FDA Commissioner's National Priority Voucher program. Otarmeni is an adeno-associated virus (AAV) vector-based gene therapy approved for pediatric and adult patients with severe-to-profound hearing loss caused by variants in the OTOF gene.

The FDA and the European Medicines Agency have accepted regulatory applications for cemdisiran to treat adults with generalized myasthenia gravis who are anti-acetylcholine receptor antibody-positive. The FDA granted Priority Review to the new drug application, with a target action date in November 2026 following the use of a Priority Review Voucher. A decision from the European Commission is expected in the second half of 2027.

REGN’s Share Price Performance

Regeneron’s shares have lost 13.6% year to date against the industry’s growth of 1.8%.

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Other Stocks to Consider

Here are some other drug and biotech stocks that also have the right combination of factors to deliver an earnings beat this time around:

Harmony Biosciences HRMY has an Earnings ESP of +14.14% and a Zacks Rank of 1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of HRMY have gained 16% in the past three months. The company missed on earnings in each of the trailing four quarters, delivering an average negative surprise of 25.16%. HRMY is scheduled to report second-quarter results on Aug. 4.

Bristol Myers Squibb BMY has an Earnings ESP of +0.51% and a Zacks Rank of 3 at present.

BMY beat on earnings in each of the trailing four quarters, delivering an average surprise of 16.47%. BMY is scheduled to report second-quarter results on July 30.

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This article originally published on Zacks Investment Research (zacks.com).

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