Regeneron Pharmaceuticals (REGN) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Regeneron published the results on October 30, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Regeneron reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Sanofi records Dupixent and Kevzara sales, and Bayer records EYLEA HD and EYLEA sales outside the U.S. Regeneron books its share of those profits as collaboration revenue, so Dupixent's $6.5 billion of global sales is not part of Regeneron's revenue.
• The Sanofi Development Balance was fully repaid as of the end of Q2 2026 and stopped reducing Sanofi collaboration revenue from Q3 2026.

Source: Regeneron Q3 2026 results, October 30, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Regeneron splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Regeneron's Total net product sales revenue was $1.8 billion in Q3 2026, up 14% from $1.6 billion in Q3 2025, 35% of total revenue.
• Regeneron's Collaboration revenue: Sanofi revenue was $2.7 billion in Q3 2026, up 68% from $1.6 billion in Q3 2025, 53% of total revenue.
• Regeneron's Collaboration revenue: Bayer revenue was $267 million in Q3 2026, down 23% from $345 million in Q3 2025, 5% of total revenue.
• Regeneron's Collaboration revenue: Other revenue was $10.0 million in Q3 2026, up 67% from $6.0 million in Q3 2025, under 1% of total revenue.
• Regeneron's Other revenue revenue was $310 million in Q3 2026, up 57% from $198 million in Q3 2025, 6% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Regeneron gives no revenue or EPS guidance. Its 2026 guidance table covers R&D and SG&A expense, gross margin on net product sales, collaboration manufacturing costs, capital expenditures and tax rates.

In its Q3 2026 release, Regeneron said:

“$1.0 billion up-front to be recognized as collaboration revenue in fourth quarter 2026 with potential to receive up to an additional $7.0 billion in future milestones”

“The Company's 2026 financial guidance does not assume the completion of any business development transactions not completed as of the date of this press release”

Source: Regeneron Q3 2026 release, Oct 30, 2026.

This is the company's own guidance as of Oct 30, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the REGN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and GAAP diluted EPS, each as first reported in that quarter's release.

Regeneron's next report is expected around January 28, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 30, 2026

Regeneron's Q3 2026 revenues of $5,116 million came more from collaborations than from its own product sales. Collaboration revenue from Sanofi was $2,724 million, more than half the total, against $1,805 million of net product sales that Regeneron records itself. Bayer collaboration revenue was $267 million and other revenue $310 million. (Regeneron Q3 2026 release, Oct 30, 2026)

Regeneron's Sanofi revenue is mostly its share of profits from Dupixent and Kevzara, which Sanofi sells. That share rose to $2,574.9 million from $1,455.5 million, driven primarily by Dupixent, whose global net sales recorded by Sanofi were $6,540.5 million, up 35%. The release adds that the Sanofi Development Balance was fully repaid by the end of Q2 2026 and no longer reduced Sanofi collaboration revenue from Q3. (Regeneron Q3 2026 release, Oct 30, 2026)

Within net product sales, EYLEA HD U.S. sales rose 62% to $699 million on higher volumes, partly offset by a lower net selling price, while EYLEA U.S. sales fell 41% to $400 million on competitive pressures and patients moving to EYLEA HD. Regeneron's 10-K notes that EYLEA has had no U.S. market exclusivity since the regulatory exclusivity period expired in May 2024 and a biosimilar launched, with more biosimilar versions expected to launch in the second half of 2026. Libtayo global sales rose 51% to $550 million. (Regeneron Q3 2026 release, Oct 30, 2026; Regeneron Form 10-K, 2025, Feb 4, 2026)

Regeneron's U.S. product sales run through a small number of distributors and specialty pharmacies. Its 10-Q shows two customers accounting for 48% and 30% of total gross product revenue in Q3 2026. (Regeneron Form 10-Q, Q3 2026, Oct 30, 2026)

Bayer collaboration revenue, which includes Regeneron's share of profits on EYLEA 8 mg and EYLEA outside the U.S., fell to $266.8 million from $344.8 million. Bayer records those ex-U.S. sales; the profit share within that line was $211.5 million, against $311.9 million a year earlier. (Regeneron Q3 2026 release, Oct 30, 2026; Regeneron Form 10-K, 2025, Feb 4, 2026)

Regeneron's GAAP diluted EPS was $18.45 in Q3 2026 and non-GAAP EPS was $20.07. Non-GAAP figures exclude stock-based compensation ($140.3 million in R&D and $86.6 million in SG&A), intangible asset amortization and gains on marketable and other securities, which were $60.3 million in the quarter against $577.7 million a year earlier. (Regeneron Q3 2026 release, Oct 30, 2026)

Those securities gains explain why non-GAAP EPS rose 70% and GAAP EPS rose 35%: in Q3 2025, gains of $577.7 million lifted GAAP EPS of $13.62 above non-GAAP EPS of $11.83. The GAAP effective tax rate was 14.7%, against 17.2% a year earlier, when it included a $45 million charge from the re-measurement of U.S. deferred tax assets after the One Big Beautiful Bill Act. (Regeneron Q3 2026 release, Oct 30, 2026)

Diluted weighted-average shares were 105.6 million, against 107.2 million a year earlier. Regeneron repurchased 0.5 million shares for $376.5 million in Q3 2026 and $2,344.2 million of stock over the first nine months, with $2.157 billion remaining available at September 30, 2026. It also declared a dividend of $0.94 per share. (Regeneron Q3 2026 release, Oct 30, 2026; Regeneron Form 10-Q, Q3 2026, Oct 30, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Regeneron does not guide revenue or EPS. Its full-year 2026 guidance, updated in the Q3 release, covers expenses and margins: GAAP R&D of $6,600 million to $6,735 million, GAAP SG&A of $2,730 million to $2,860 million, GAAP gross margin on net product sales of approximately 80% and a GAAP effective tax rate of approximately 14%. (Regeneron Q3 2026 release, Oct 30, 2026)

Regeneron also said a $1.0 billion up-front payment from its expanded Sanofi collaboration will be recognized as collaboration revenue in Q4 2026, with up to $7.0 billion more possible in future milestones. (Regeneron Q3 2026 release, Oct 30, 2026)

A consensus figure is the average of the models published by the analysts who cover Regeneron, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Regeneron's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning REGN is on is REGN a buy or a sell?, what analysts expect next is on the REGN forecast, and what the company does is on the Regeneron Pharmaceuticals (REGN) stock page.

Every number on this page can be traced to a document Regeneron published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.