TARRYTOWN, New York, April 29, 2026, 09:02 EDT
Regeneron Pharmaceuticals topped analyst forecasts for first-quarter revenue and earnings Wednesday, powered by gains from Dupixent and Libtayo that balanced out softer Eylea sales. Still, shares slipped 1.1% before the bell.
The stakes are high for Regeneron as it looks to demonstrate continued growth, with mounting competition from lower-priced copycats and Roche’s Vabysmo threatening its aging Eylea franchise. To hold its ground in the retinal disease space, the company is steering more patients to Eylea HD, a next-generation, higher-dose formulation.
There’s a new U.S. drug-pricing agreement on the table, and investors are taking note. Regeneron disclosed that the arrangement features “most-favored-nation” pricing—so certain prices will be pegged to levels in some developed countries. The company gets three years of tariff relief out of the deal, plus protection from any future U.S. pricing requirements. Regeneron Pharmaceuticals Inc.
Regeneron’s revenue climbed to $3.605 billion for the quarter ended March 31, marking a 19% increase from the same period last year. Adjusted earnings landed at $9.47 per share. Both numbers topped Wall Street forecasts—analysts had been looking for $3.49 billion in revenue and $8.94 a share in adjusted profit, LSEG data cited by Reuters showed. The company filed a Form 8-K with the U.S. Securities and Exchange Commission detailing the results.
Dupixent kept driving gains for Regeneron and its partner Sanofi, with Sanofi’s global net sales climbing 33% to $4.88 billion. That figure landed ahead of the $4.59 billion analysts had expected, as recent approvals—such as for young children suffering from chronic spontaneous urticaria, a persistent hives disorder—fueled demand.
Libtayo brought in $438 million, up 54%. Eylea was a different story. U.S. sales of Eylea HD jumped 52% to $468 million, but when you tally both Eylea HD and the original Eylea, total U.S. sales slipped 10% to $941 million.
A regulatory holdup is still in play. Regeneron reported that the Food and Drug Administration missed its April deadline for a decision on a second contract manufacturer for the Eylea HD pre-filled syringe. Now, the company’s looking for an answer in the second quarter.
Costs also played a role. Regeneron lowered its 2026 GAAP gross-margin outlook, now targeting 77% to 78%, down from its prior 79% to 80% range. The company blamed an unexpected facility repair at its Limerick, Ireland, site, which temporarily disrupted bulk manufacturing. Production is back up, and Regeneron said product availability shouldn’t take a hit.
Regeneron posted “strong double-digit growth on both the top and bottom line,” CEO Leonard S. Schleifer said, while the company pressed ahead with a pipeline nearing 50 clinical candidates. CFO Christopher Fenimore pointed to a “balanced approach to capital allocation.” The company bought back $803 million in shares during the quarter, signed off on a fresh $3 billion repurchase plan, and announced a 94-cent dividend. Regeneron Pharmaceuticals Inc.
RBC Capital Markets’ Brian Abrahams flagged the stock’s response as unsurprising, citing weaker Eylea HD sales, ongoing regulatory hurdles tied to the syringe formulation, and the decision to halt late-stage development of a lung cancer combo, according to Reuters.
Cancer remains in the spotlight for investors. Barron’s cites Goldman Sachs analyst Salveen Richter, who highlighted upcoming Phase 3 results for fianlimab in metastatic melanoma as a potential swing factor in the near term. Wall Street will zero in on progression-free survival—that’s how long patients go before their disease progresses—as a crucial data point.
The risks remain. If Eylea HD’s syringe nod is delayed, or if those manufacturing expenses stick around, or fianlimab results fall short, Regeneron’s got a problem: Dupixent and Libtayo will have to pick up even more slack as the legacy Eylea line keeps ceding ground to rivals.
