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REGN · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
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.
Net Income
$1,297M
down 7% y/y
Total Revenue
$4,291M
up 17% y/y
Operating Income
$1,294M
up 20% y/y
Gross Profit
$3,930M
up 15%≈ y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| EYLEA HD (US) | $596 · +52% |
| EYLEA (US) | $412 · −45% |
| Libtayo | $489 · +30% |
| Praluent/Evkeeza/Lynozyfic | $145 · +20%≈ |
| Sanofi Collaboration | $2,174 · +51% |
| Bayer Collaboration | $276 · −33% |
| Other Collab + Other Revenue | $199 · +6%≈ |
| Total Revenue | $4,291 · +17% |
| COGS | $361 · +31% |
| Gross Profit | $3,930 · +15%≈ · 78% margin on product sales |
| R&D | $1,632 · +15% |
| Acquired IPR&D | $127 · +1170% |
| SG&A | $662 · +4% |
| Cost of Collab & Contract Mfg | $216 · −15% |
| Operating Income | $1,294 · +20% · 30.2% margin |
| Other Income, Net | $234 · −47% |
| Pre-Tax Income | $1,528 · +0.6% |
| Income Tax | $231 · +82% |
| 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).
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<figure> <a href="https://whoreportstoday.com/t/regn/q2-2026"><img src="https://whoreportstoday.com/t/regn/q2-2026/sankey.png" alt="REGN Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/regn/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/regn/q2-2026">REGN Q2 2026 earnings chart (Who Reports Today)</a>
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- Sanofi collaboration revenue jumped 51% to $2,174M, driven by Regeneron's share of Dupixent antibody profits rising to $2,033M from $1,282M — the single biggest growth driver.
- Sanofi Development Balance was fully repaid by quarter-end, meaning collaboration revenue will no longer be reduced by this offset starting Q3 2026 — a tailwind ahead.
- GAAP gross margin on net product sales fell to 78% from 83% due to a temporary manufacturing interruption at the Limerick, Ireland facility (now resolved); non-GAAP margin actually improved to 87%.
- Acquired IPR&D expense spiked to $127M from $10M, a one-off drag cited as a $1.02/share EPS hit; GAAP EPS of $12.23 vs non-GAAP $14.29 shows a wide GAAP/non-GAAP gap.
- GAAP effective tax rate rose sharply to 15.1% from 8.4%, mainly because Q2 2025 benefited from a one-time release of tax liabilities tied to an IRS audit settlement — a key reason net income declined despite higher operating income.
- Other income fell to $234M from $439M y/y due to lower net gains on marketable securities, further pressuring pre-tax income growth despite the 20% jump in operating income.
What distorts the picture in this report and what to watch beyond the headlines.
REGN — Regeneron Pharmaceuticals is a biotechnology company focused on discovering, developing, and commercializing medicines for serious diseases.
Based in Tarrytown, New York, it specializes in immunology, oncology, and eye diseases.
Heads-up
- net income fell 7% y/y in Q2 2026
Net income for Q2 2026: $1,297M, −7% y/y. In the report's figures: 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 ↗More reports: RMD · Q1 FY2027 · RVTY · Q2 2026 · SOLV · Q2 2026 · STE · Q1 FY2027 · SYK · Q3 2026 · TECH · Q4 FY2026 · TMO · Q3 2026 · UHS · Q3 2026 · UNH · Q3 2026 · VEEV · Q2 FY2027 · all reports