Regeneron's first quarter performance delivered revenue and non-GAAP earnings per share above Wall Street expectations, as management cited strong commercial execution across leading products such as DUPIXENT and EYLEA HD, as well as pipeline advances in oncology and rare diseases. CEO Leonard Schleifer attributed the margin decline to ongoing investments in research, a temporary manufacturing interruption in Ireland, and higher launch costs for new products. Management acknowledged the impact of these factors on overall profitability, noting the company remains focused on long-term growth opportunities.
Is now the time to buy REGN? Find out in our full research report (it’s free for active Edge members).
Regeneron (REGN) Q1 CY2026 Highlights:
- Revenue: $3.61 billion vs analyst estimates of $3.47 billion (19% year-on-year growth, 3.8% beat)
- Adjusted EPS: $9.47 vs analyst estimates of $8.90 (6.4% beat)
- Adjusted EBITDA: $1.15 billion vs analyst estimates of $1.45 billion (32% margin, 20.2% miss)
- Operating Margin: 17.8%, down from 19.5% in the same quarter last year
- Market Capitalization: $71.45 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Regeneron’s Q1 Earnings Call
- Tyler Van Buren (TD Cowen): Asked about Regeneron's willingness to partner with Sanofi on DUPIXENT lifecycle expansion; CEO Leonard Schleifer said they remain open-minded and look forward to discussions with Sanofi's new leadership.
- Chun Yu (Morgan Stanley): Inquired whether progression-free survival (PFS) data for fianlimab in melanoma is sufficient for market share; Dr. George Yancopoulos replied that overall survival (OS) data will also be important, with results pending.
- Chris Raymond (Raymond James): Asked about the EYLEA HD prefilled syringe regulatory delay and FDA site inspections; Schleifer explained both applications are pending and anticipates action within the quarter, contingent on FDA outcomes.
- Cory Kasimov (Evercore ISI): Questioned how Regeneron is addressing infection risk with Lynozyfic in multiple myeloma; Yancopoulos argued longer treatment improves bone marrow function and reduces risk, positioning their bispecific as competitive.
- Tazeen Ahmad (Bank of America): Probed the timing and necessity of late-stage next-generation DUPIXENT programs; Schleifer said multiple pipeline initiatives are underway and that patent expiry timelines remain uncertain.
Catalysts in Upcoming Quarters
Looking ahead, key developments to watch include (1) the FDA’s decision on EYLEA HD’s prefilled syringe and garetosmab in rare disease, (2) the pace of commercial adoption for new DUPIXENT and Libtayo indications, and (3) manufacturing normalization at the Ireland facility. Progress on late-stage obesity and hematology trials will also be important markers of execution.
Regeneron currently trades at $703.96, down from $731.77 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).
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