Key Takeaways
- Regeneron shares jumped 12% after third-quarter revenue rose 36% to $5.1 billion.
- Most of the gain came from Sanofi as Regeneron now keeps its full Dupixent profit share, which should last.
- EYLEA HD is offsetting Amgen’s biosimilar, and Dupixent’s growth dwarfs Eli Lilly’s Ebglyss.
- Sanofi’s $1.0 billion up-front payment is a one-time boost in the fourth quarter.
Regeneron Pharmaceuticals (REGN) stock is up 12% today after a third-quarter beat powered by Dupixent, the blockbuster it shares with Sanofi (SNY).
And EYLEA HD is holding off Amgen (AMGN), while Dupixent keeps swamping a rival from Eli Lilly (LLY).
What exactly happened
Before today’s open, Regeneron reported:
- Revenue up 36% to $5.1 billion, against the $4.56 billion analysts expected
- Adjusted EPS up 70% to $20.07, against $16.25 expected
- Dupixent sales up 35% to $6.5 billion
The real story is Sanofi
Sanofi collaboration revenue rose $1.1 billion from a year earlier, to $2.72 billion. That’s about four-fifths of Regeneron’s entire revenue gain.
Dupixent’s growth helped. So did the end of the Development Balance, which cut what Regeneron booked from Sanofi until it was repaid in the second quarter. CFO Christopher Fenimore said that step-up positions Regeneron “to deliver one of our strongest years ever.”
That balance is gone for good. The one-time piece is Sanofi’s $1.0 billion up-front payment for four new antibodies, booked in the fourth quarter. Estimates past 2026 show what analysts expect to stick:
With Dupixent still growing 35%, I’d expect those estimates to move up.
Sanofi saw the same Dupixent growth and raised its 2026 guidance, though higher profit sharing with Regeneron ate into its margin gain. CEO Belén Garijo was frank: “Our priority is to protect earnings through Dupixent’s loss of exclusivity.” The new antibodies are both companies’ bet on life after Dupixent.
TIKR tracks 28 analysts on Regeneron Pharmaceuticals. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Regeneron Pharmaceuticals, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Regeneron Pharmaceuticals’ Analyst Ratings
EYLEA HD holds the line
The original EYLEA’s U.S. sales fell 41% to $400 million. Part of that went to Amgen’s Pavblu, the only U.S. EYLEA biosimilar, with $287 million of second-quarter sales.
But EYLEA HD made up nearly all the loss: combined U.S. sales slipped just 1%. Amgen reports next week, and Pavblu’s number will show whether HD has put a floor under the franchise.
Meanwhile, Dupixent’s sales rose about $1.7 billion from a year earlier. That’s more than eight times what Lilly’s Ebglyss sold in the whole quarter ($202 million). Ebglyss is growing, but it isn’t denting Dupixent yet.
Most of this lasts
My take: most of this jump should stick. The catch: Regeneron leans even harder on Dupixent, whose loss of exclusivity Sanofi is already planning for.
So what is Regeneron stock actually worth?
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Disclaimer:
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