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How Regeneron Pharmaceuticals (REGN) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/30/2026
Regeneron Pharmaceuticals, Inc. is an American biotechnology company headquartered in Westchester County, New York. · Wikipedia
More about the company
The company was founded in 1988. Originally focused on neurotrophic factors and their regenerative capabilities, giving rise to its present name; the company has since expanded operations into the study of both cytokine and tyrosine kinase receptors, which gave rise to their first product, which is a VEGF-trap.
Key growth driver: Sanofi Collaboration — the fastest-growing revenue line: $2,174, +51% y/y. · by the Q2 2026 report
How does Regeneron Pharmaceuticals make money?
Regeneron Pharmaceuticals brought in $4.29 billion of revenue in Q2 2026, up 17% year over year. The largest source was Sanofi Collaboration: $2.17 billion, or 51% of the total, followed by EYLEA HD (US) ($596M, 14%) and Libtayo ($489M, 11%); other lines add the remaining 24%. Net income for the quarter was $1.30 billion, down 7% year over year.
Revenue by source, Q2 2026
- Sanofi Collaboration$2.17B · 51% · +51%
- EYLEA HD (US)$596M · 14% · +52%
- Libtayo$489M · 11% · +30%
- EYLEA (US)$412M · 10% · −45%
- Bayer Collaboration$276M · 6% · −33%
- Other Collab + Other Revenue$198M · 5%
- Praluent/Evkeeza/Lynozyfic$145M · 3%
Shares of $4.29B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is REGN’s next earnings date?
Friday, October 30, 2026confirmed · before market open
Regeneron Pharmaceuticals (REGN) is scheduled to report results for the quarter ending Sep 2026 on Oct 30, 2026. Consensus EPS forecast: $13.55 (5 analysts), vs $9.63 in the same quarter last year.
What time does REGN report? Usually before market open: the last 4 results releases reached the SEC at 6:48 am, 7:00 am, 6:50 am, 7:05 am ET.
Last report: Jul 30, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$4,291
+17%
Gross profit
$3,930
+15%≈
78% margin on product sales
Operating income
$1,294
+20%
30.2% margin
Net income
$1,297
−7%
GAAP diluted EPS $12.23
Verdict: a strong top-line quarter — revenue up 17% on surging Sanofi/Dupixent collaboration profits and EYLEA HD growth — but GAAP net income fell 7% as a higher tax rate, IPR&D charges, and lower investment gains outweighed operating profit growth.
1H26 operating cash flow $1,892M; free cash flow $1,421M (6mo); $1.2B buybacks in Q2 ($2.0B 1H26), $2.5B remaining authorization; quarterly dividend $0.94/share declared; FY26 guidance updated for R&D, SG&A, gross margin, COCM, capex, and tax rate.
Source and notation
* marks non-cash / ≈ estimated. Source: Regeneron Pharmaceuticals press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- net income fell 7% y/y in Q2 2026
Most likely because sanofi Development Balance was fully repaid by quarter-end; other income fell to $234M from $439M y/y due to lower net gains on marketable securities; costs grew faster than revenue (acquired ipr&d +1170% y/y, income tax +82% y/y, cogs +31% y/y). Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗REGN earnings history: past report dates
| Jul 6, 2026 Mon | 7:00 ambefore market open | Jun 30, 2026 | $4.3B+17% y/y | $12.23−5% y/y |
| Apr 8, 2026 Wed | 7:05 ambefore market open | Mar 31, 2026 | $3.6B+19% y/y | $6.75−7% y/y |
| Jan 12, 2026 Mon | 6:48 ambefore market open | Dec 31, 2025 | ≈$3.9B+3% y/y | ≈$7.78−4% y/y |
| Oct 6, 2025 Mon | 7:00 ambefore market open | Sep 30, 2025 | $3.8B+1% y/y | $13.62+18% y/y |
| Aug 1, 2025 Fri | 6:49 ambefore market open | Jun 30, 2025 | $3.7B+4% y/y | $12.81+3% y/y |
| Apr 29, 2025 Tue | 6:37 ambefore market open | Mar 31, 2025 | $3.0B−4% y/y | $7.27+16% y/y |
| Jan 13, 2025 Mon | 6:37 ambefore market open | Dec 31, 2024 | ≈$3.8B+10% y/y | ≈$8.12−20% y/y |
| Oct 7, 2024 Mon | 7:00 ambefore market open | Sep 30, 2024 | $3.7B+11% y/y | $11.54+30% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Regeneron Pharmaceuticals: 5-year financials
| 2025 | 14,343 | 3,578 | 4,505 | 370 |
| 2024 | 14,202 | 3,991 | 4,413 | — |
| 2023 | 13,117 | 4,047 | 3,954 | — |
| 2022 | 12,173 | 4,739 | 4,338 | — |
| 2021 | 16,072 | 8,947 | 8,075 | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1.5/2mostly good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 20262025 10-K: Class A holders have 10 votes per share and 14.9% of total voting power as of December 31, 2025; 1.82M Class A and 103.9M common shares outstanding. sec.gov ↗
- Feb 2026Diluted shares −5.7% over 2020–2025; $3.44B buyback in 2025; SBC 6.9% of revenue. data.sec.gov ↗
- Feb 2021In May 2020, the company bought 9.8M shares from Sanofi for $5B alongside a secondary offering; Sanofi was bound by a standstill and could not control the company. sec.gov ↗
- Feb 2026A securities class action was filed in January 2025 and has not been settled; the DOJ False Claims Act cases concern Eylea sales. sec.gov ↗
Scoring: 2.0 −0.5 (criterion 7: Class A with 10 votes per share — 14.9% of voting power held by pre-IPO holders, short of a majority) = 1.5
- Share classes
- Common Stock (one vote) and Class A Stock (10 votes; 1.82M shares held by pre-IPO holders, including CEO Schleifer): 14.9% of voting power as of December 31, 2025, no majority → −0.5 (criterion 7).
- Dilution
- Diluted shares −5.7% over 2020–2025; SBC 6.9% of revenue (<10%) — no deduction.
- Disclosure
- Full reporting, no violations.
- Dividends
- Dividends introduced for the first time in 2025; policy not breached.
- Lawsuits & regulators
- Securities class action (January 2025) not settled; DOJ civil False Claims Act cases (Eylea) do not concern investor disclosure; no SEC cases.
- Related parties
- Repurchase of 9.8M shares from Sanofi for $5B (May 2020) at the secondary offering price; Sanofi did not control the company (standstill) → no deduction; transactions with Schleifer's foundation ~$0.12M — immaterial.
How the score works · checked as of Sep 2026
Regeneron Pharmaceuticals (REGN) earnings: FAQ
How does Regeneron Pharmaceuticals make money?
Regeneron Pharmaceuticals brought in $4.29 billion of revenue in Q2 2026, up 17% year over year. The largest source was Sanofi Collaboration: $2.17 billion, or 51% of the total, followed by EYLEA HD (US) ($596M, 14%) and Libtayo ($489M, 11%); other lines add the remaining 24%. Net income for the quarter was $1.30 billion, down 7% year over year.
When is REGN's next earnings date?
Regeneron Pharmaceuticals (REGN) is scheduled to report on Oct 30, 2026, before market open.
What time does REGN report earnings?
Regeneron Pharmaceuticals is scheduled to report before market open on Oct 30, 2026. Its last results releases were filed before market open, most recently at 6:48 am ET on Jul 30, 2026.
When did REGN last report earnings?
Regeneron Pharmaceuticals reported Q2 2026 results on Jul 30, 2026.
What is the EPS estimate for REGN's next earnings?
The consensus EPS forecast is $13.55 (5 analysts), vs $9.63 in the same quarter last year.
Where can I find Regeneron Pharmaceuticals's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to REGN's filings; this page breaks the latest report down in a Sankey chart.
What was REGN's net income in Q2 2026?
Regeneron Pharmaceuticals reported net income of $1,297M for Q2 2026 (−7% year over year), under US GAAP.
Does Regeneron Pharmaceuticals pay dividends?
Yes. In 2025, Regeneron Pharmaceuticals paid $370M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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