Regeneron Q2 2026 Earnings Analysis

More earnings analysis: https://betafinch.comGroups: PHARMA (https://betafinch.com/groups/PHARMA)──────────ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown! Today we're digging into Regeneron's second quarter 2026 results, and Jordan, this was a big one.JORDAN: A really strong quarter across the board. But first, the standard note — this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.ALEX: Right. So let's set the scene — before diving into numbers, the call opened with a tribute to longtime board member Art Ryan, who passed away this week. He'd been on Regeneron's board for over two decades, previously ran Prudential. A nice moment of the human side of these calls.JORDAN: Definitely worth noting. Now, onto the business — total revenue was up 17% year-over-year to $4.3 billion, and non-GAAP EPS grew 11% to $14.29. That's their second straight quarter of double-digit growth on both lines.ALEX: And the headline here is really the trio of record quarters — Dupixent, EYLEA HD, and Libtayo all hit all-time highs for quarterly sales.JORDAN: Let's start with Dupixent since it's the big one. Global net sales hit $6 billion, up 38% on a constant currency basis. U.S. sales alone grew 42% to $4.6 billion. That's a drug now serving over 1.5 million patients across nine approved indications.ALEX: Nine! That's dermatology, asthma, nasal polyps, COPD, eosinophilic esophagitis — it just keeps expanding. And here's something investors should watch: Regeneron fully repaid its $3.1 billion development balance owed to Sanofi. That balance had been suppressing collaboration revenue — about $930 million lower in 2025 and $530 million in the first half of this year.JORDAN: So starting in Q3, Regeneron gets to keep its full share of collaboration profits. That's a real step-up to the bottom line going forward, not tied to any new sales growth — just an accounting unlock.ALEX: Exactly. Now let's talk EYLEA HD — this one's on fire. U.S. net sales just under $600 million, up 52% year-over-year. And notably, this was the first quarter EYLEA HD sales actually exceeded the original EYLEA.JORDAN: That's the conversion story playing out. EYLEA HD now makes up about 60% of the franchise, up from 34% a year ago. Meanwhile legacy EYLEA sales fell 45% as patients and doctors shift over — plus there's now biosimilar competition entering that older product's market.ALEX: They're also awaiting FDA approval on an EYLEA HD prefilled syringe, which could drive even more adoption. Management sounded confident that could land by year-end.JORDAN: And rounding out the trio, Libtayo — their oncology drug — hit $489 million globally, up 29%. It's gaining real traction in non-small cell lung cancer, now capturing 20% of new prescriptions, double what it was just last year.ALEX: Let's talk pipeline for a second, because Regeneron's whole philosophy here is "don't bet on one horse." They've got roughly 50 active clinical programs.JORDAN: A few near-term catalysts stood out to me. There's cemdisiran, their siRNA therapy for myasthenia gravis, with an FDA decision expected in November — that could be the first siRNA approved for that disease. There's also garetosmab for a rare bone disease called FOP, with an FDA decision expected as soon as August.ALEX: And on the bigger picture front, they're moving into Phase III trials later this year for both their obesity program — a GLP-GIP combo called olatorepatide — and their anticoagulation program targeting Factor XI, which is a different approach than the traditional blood thinners on the market.JORDAN: One thing that came up repeatedly in Q&A was the Sanofi relationship. CEO Leonard Schleifer confirmed they're in "productive early discussions" with Sanofi about expanding the collaboratioThis episode includes AI-generated content.