Regeneron Pharmaceuticals, Inc.
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+ FollowMarket Cap$95.53B
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Earnings Call Q3 2026
October 30, 2026 - AI Summary
Solid quarter + accelerating growth (Good): Regeneron reported Q3 total revenue +36% YoY to $5.1B and non-GAAP EPS +70% YoY to $20.07 (net income $2.2B). This was the third consecutive quarter of double-digit growth on both top and bottom lines, driven by commercial execution and continued momentum in key products (especially Dupixent and EYLEA HD) plus strong collaboration economics with Sanofi.
Sanofi collaboration tailwind and accounting change (Surprising/Positive): Collaboration revenue hit an all-time high of $2.7B in Q3 (including $2.6B from Regeneron’s share of collaboration profits). Management highlighted that the repayment of Sanofi’s development balance was completed in Q2, so in Q3 Regeneron recorded its full share of collaboration profits for the first time. Under the amended framework, R&D will be co-funded as incurred (no R&D development balance); Regeneron also expects to record a $1B upfront payment from Sanofi in Q4.
Commercial momentum: Dupixent and EYLEA HD at records (Good):
- Dupixent (reported by Sanofi): $6.5B global in Q3, +35% YoY constant currency; U.S. net sales crossed ~$5.0B, +40% YoY for the first time, also attributed to favorable gross-to-net adjustments.
- EYLEA HD: ~$699M U.S. net sales, +62% YoY, now nearly 2/3 of the U.S. retinal franchise. Physician unit demand +20% sequentially, helped by label enhancements and extended dosing adoption.
- Libtayo: $550M global, +51% constant currency; U.S. net sales ~$396M, +81% YoY. Company emphasized positive longer-term data and ongoing share gains.
- Key outlook nuance (Good but with pressure): Q4 expectations include continued EYLEA HD momentum (~10% sequential growth) but with pricing pressure still expected to produce >50% full-year net sales growth vs 2025; EYLEA (older formulation) expected low-to-mid teens sequential demand decline.
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$2138.86
129.8% upside
Current Fair Value
129.8% upsideUndervalued by 129.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $95.53 Billion |
|---|---|
| Enterprise Value | $95.53 Billion |
| Annual dividend | $3.70 |
| Dividend yield | 0.40% |
| Earnings per Share | $43.07 |
| Beta | 0.24 |
| Outstanding Shares | 101,700,000 |
Return
| Return on Equity | 15191573.90% |
|---|---|
| Return on Assets | 11544212.80% |
| Return on Invested Capital | 13778453.04% |
Valuation & Multiples
| P/E Ratio | 19.76 |
|---|---|
| PEG | 59.04 |
| Price to Sales | 5.61 |
| Price to Book Ratio | - |
| Enterprise Value to Revenue | 5.65 |
| Enterprise Value to EBIT | 19.15 |
| Enterprise Value to Net Income | 19 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0.07 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 30, 2026
EPS Estimate
$16.51
Consensus analyst estimateRevenue Estimate
$4.58 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 28, 2027
EPS Estimate
$25.39
Consensus analyst estimateRevenue Estimate
$5.85 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.34, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.3401▼ 70.56% |
|---|---|
| Total Calls | 294▼ 99.98% |
| Total Puts | 100▼ 99.99% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.93%▼ 85.35% |
|---|---|
| Total Invested | $3.07B▼ 94.67% |
| Investors Holding | 523▼ 874.00% |
About Regeneron Pharmaceuticals, Inc.
15,410 employees
CEO: Leonard Schleifer
Regeneron Pharmaceuticals, Inc. functions as a global biopharmaceutical enterprise, concentrating its efforts on the research, creation, advancement, production, and global commercialization of medicinal treatments for a diverse array of...