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Regeneron Pharmaceuticals (REGN) · Q2 2026 results and valuation

Share price: $959.41 · 2026-11-11

Regeneron Pharmaceuticals is a biotechnology company that invents, develops, manufactures, and commercializes medicines for people with serious diseases. Its products are designed to treat conditions such as eye diseases, cancer, inflammatory diseases, and rare diseases. The company operates as an integrated multi-product biotechnology firm providing medicines to patients and medical professionals. Source: 10-K annual report (2026-02-04)

Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 29 Apr 2026

Net income up 78.3% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.

1 · Numbers

+78.3%

Net income vs Q1 2026

Outlook given

Net income 1.30B vs 727.2M

Revenue +19.0%

Against the same quarter last year (Q2 2025) it is −6.8%, so the move on last quarter looks seasonal or timing-related rather than a trend.

2 · How management spoke

Typical

Less upbeat than 58% of company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

Regeneron generated $1.4 billion of free cash flow through the first half of 2026 and ended the second quarter with $15.1 billion of cash and marketable securities net of debt.

Valuation

Is Regeneron Pharmaceuticals undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 5.6% growth a year (3-year revenue growth), the model's fair value is $686.11 a share — the stock trades 40% above it. Today's price assumes 10.4% growth a year.

Current price

$959.41

close of 2026-11-11

Market implies growth of i

+10.4% for 10 yrs

Fair value / share

$686.11

Buy below

$514.58

Price vs fair value

Overvalued 40%

Price vs buy-below price

Overvalued 86%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Figure

Quarter net sales reached $6 billion, representing 38% growth on a constant currency basis.

Source quote
“Second quarter net sales were $6 billion, reflecting 38% growth on a constant currency basis.”
Figure

Regeneron's total revenues increased by 17% and non-GAAP earnings per share rose 11% compared to the second quarter of 2025, marking two consecutive quarters of double-digit growth.

Source quote
“Regeneron delivered another strong quarter with total revenues up 17% and non-GAAP earnings per share up 11% compared to the second quarter of 2025, making our second consecutive quarter of double-digit growth on both the top and bottom lines.”
Key theme

Regeneron enrolled initial healthy subjects in its first-in-human trial for a long-acting IL-13 antibody and expects to begin dosing atopic dermatitis patients this quarter to reach registration-enabling studies by 2028.

Source quote
“We have enrolled initial healthy subjects in our first-in-human trial for a long-acting IL-13 antibody and expect to begin dosing patients with atopic dermatitis later this quarter with plans to execute an expedited path to starting registration-enabling studies potentially by the end of next year or early 2028.”
Figure

EYLEA HD net sales in the U.S. reached $596 million, growing 27% quarter-over-quarter and 52% year-over-year.

Source quote
“EYLEA HD net sales in the U.S. were $596 million, representing a 52% year-over-year increase and 27% growth quarter-over-quarter.”
Figure

Quarter total revenue increased 17% from the prior year to $4.3 billion, driven by higher Sanofi collaboration revenue from Dupixent, EYLEA HD, and Libtayo.

Source quote
“Second quarter total revenue increased 17% from the prior year to $4.3 billion, driven by higher Sanofi collaboration revenue, reflecting the continued strength of Dupixent as well as strong growth for EYLEA HD in the U.S. and Libtayo globally.”

4 more

Figure

Growth was driven by continued strong adoption in its approved non-melanoma skin cancer indications and further penetration in non-small cell lung cancer, where Libtayo now captures 20% of new-to-brand prescriptions in…
Guidance

The company expects an FDA decision in November for cemdisiran, an siRNA targeting C5 for generalized myasthenia gravis, to potentially offer a differentiated profile for patients with the disease.
Key theme

Regeneron expects registrational data for cemdisiran in combination with pozelimab for paroxysmal nocturnal hemoglobinuria in the fourth quarter of this year.

Source quote
“For cemdisiran, in combination with pozelimab, our C5 antibody, we continue to expect registrational data in paroxysmal nocturnal hemoglobinuria or PNH, in the fourth quarter of this year.”
Figure

Free light chain normalization occurred by day 15 across all doses, and 100% of patients achieved a hematologic complete response at the highest dose tested.

Source quote
“Normalization of free light chain occurred by day 15 across all doses and 100% of patients achieved a hematologic complete response at the highest dose tested.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Typical (was typical)

Answers to analysts Restrained (was restrained)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“Second quarter total revenue increased 17% from the prior year to $4.3 billion, driven by higher Sanofi collaboration revenue, reflecting the continued strength of Dupixent as well as strong growth...”

“We and Sanofi continue to see a long runway for Dupixent growth driven by further penetration of existing indications, expansion into additional age groups and international growth opportunities.”

“In the second half of the year, we expect year-over-year global net sales growth to remain strong, but to moderate relative to the first half of 2026 as we annualize...”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	4.29B	3.61B	+19.0%	3.68B	+16.7%
Operating income	1.29B	642.9M	+101.2%	1.08B	+19.8%
Net income	1.30B	727.2M	+78.3%	1.39B	−6.8%
EPS	12.23	6.75	+81.2%	12.81	−4.5%
P/E today 20.0	15.4	18.9	−3.5	13.2	+2.2

Topics

Most discussed now

Regeneron Pharmaceuticals should also not dismiss that one of the concerns with all the treatments here is the impact on complete...
George will have more details on Regeneron Pharmaceuticals' pipeline progress in his remarks, but I want to highlight a few important...
Art served on Regeneron Pharmaceuticals' Board for more than 2 decades and was a trusted adviser whose judgment, integrity and business...
If approved, cemdisiran would represent a highly differentiated treatment option in gMG and be the first siRNA approved for this...
The FDA target action date is in November of this year, while the European Commission decision is anticipated in the...

Faded since Q1 2026

Dropped In registrational clinical trials for the leading approved C5 inhibitors, which are administered as large volume intravenous infusions…
Fading Growth was broad-based and driven by continued strong demand across multiple approved indications and geographies, reinforcing DUPIXENT's…
Fading Regeneron Pharmaceuticals continues to see encouraging physician adoption of EYLEA HD, reflecting confidence in its clinical profile and…
Fading For cemdisiran, clinically meaningful efficacy was demonstrated by week 2.

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-10-30 Results of operations · SEC 8-K
2026-10-06 Material agreement; Results of operations; Other events · SEC 8-K
Regeneron entered into a Sixth Amendment with Sanofi to co-develop four new antibodies, involving an upfront payment of $1.0 billion and up to $7.0 billion in potential milestone payments.
2026-09-30 Director or officer change · SEC 8-K
Regeneron Pharmaceuticals, Inc. granted one-time performance share units to its CEO and CSO on September 24, 2026, based on new product filings, approvals, and revenue targets.
2026-07-30 Results of operations · SEC 8-K
Regeneron Pharmaceuticals, Inc. issued a press release on July 30, 2026, regarding its financial and operating results for the quarter ended June 30, 2026.
2026-07-06 Results of operations · SEC 8-K
Regeneron Pharmaceuticals, Inc. expects an acquired in-process research and development charge of approximately $127 million on a pre-tax basis for the second quarter of 2026.
2026-06-17 Shareholder vote results · SEC 8-K · routine
2026-04-29 Results of operations · SEC 8-K
Regeneron Pharmaceuticals, Inc. issued a press release on April 29, 2026, regarding its financial and operating results for the quarter ended March 31, 2026.
2026-04-08 Results of operations · SEC 8-K
Regeneron Pharmaceuticals, Inc. expects an acquired in-process research and development charge of approximately $102 million on a pre-tax basis for the first quarter of 2026.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-19.

Cash & runway

Cash & equivalents

$2.46B

2026-06-30

Short-term investments

$5.54B

Long-term investments

$9.83B

total liquidity $17.82B

Implied runway

—

operating cash flow positive over the TTM window

Dilution

weighted-average basic shares, per quarter. Change: -2.2% YoY, -1.2% QoQ.

Quarter	Shares
Q3 2024	108.1M
Q1 2025	106.7M
Q2 2025	105.1M
Q3 2025	103.6M
Q1 2026	104.0M
Q2 2026	102.8M

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. 45 filings parsed.

Sold by insiders

21.6K shares

$16.1M · 111 transactions

Bought by insiders

0 shares

0 transactions

Net direction

net selling

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

November

FDA decision for our new drug application for cemdisiran and siRNA that targets C5 in generalized myasthenia gravis

Source quote
“We anticipate multiple milestones for our C5 complement programs, including an FDA decision in November for our new drug application for cemdisiran and siRNA that targets C5 in generalized myasthenia gravis, which we believe has the potential to offer a differentiated profile for patients living with this serious autoimmune disease.”
later this year

multiple Phase III study initiations for our obesity portfolio

Source quote
“We also continue to make meaningful progress across several longer-term value drivers, including Factor XI for coagulation disorders, linvoseltamab for multiple myeloma and pre-malignant conditions and our obesity portfolio, where we expect multiple Phase III study initiations later this year.”
November of this year

FDA target action date for cemdisiran monotherapy in generalized myasthenia gravis

Source quote
“The FDA target action date is in November of this year, while the European Commission decision is anticipated in the second half of 2027.”
fourth quarter of this year

expect registrational data in paroxysmal nocturnal hemoglobinuria or PNH for cemdisiran in combination with pozelimab

Source quote
“For cemdisiran, in combination with pozelimab, our C5 antibody, we continue to expect registrational data in paroxysmal nocturnal hemoglobinuria or PNH, in the fourth quarter of this year.”
fourth quarter of 2026

read out 26-week data from our exploratory cohort in geographic atrophy

Source quote
“In ophthalmology, our C5 approach in geographic atrophy, or GA, remains on track to read out 26-week data from our exploratory cohort in the fourth quarter of 2026, which will help inform our pivotal strategy.”