Regeneron Pharmaceuticals Inc. (REGN) stock hit a new 52-week high Friday after the biotechnology company reported better-than-expected third-quarter 2026 results.
Regeneron reported adjusted earnings of $20.07 per share, up 70% year over year and above the analyst consensus estimate of $16.19.
Revenue surged 36% to $5.116 billion, beating Wall Street's estimate of $4.542 billion.
Growth reflected higher Sanofi (SNY) collaboration revenue and record quarterly sales of Dupixent, Eylea HD and Libtayo. Eylea HD and Libtayo achieved record sales for the second consecutive quarter.
Eylea HD and Libtayo Sales Hit Records
"This was an outstanding quarter for Regeneron, with Dupixent, Eylea HD, and Libtayo each achieving record net sales," said Leonard Schleifer, co-chair, president and CEO.
Chief Financial Officer Christopher Fenimore said strong commercial execution and higher Sanofi collaboration revenue positioned Regeneron to deliver "one of our strongest years ever."
The increase in Sanofi collaboration revenue followed the full repayment of the development balance in the second quarter, allowing Regeneron to recognize its full share of collaboration profits in the third quarter.
Eylea HD's U.S. quarterly net sales jumped 62% year over year to a record $699 million. The drug now accounts for nearly two-thirds of the company's U.S. retinal franchise.
During the earnings call, Schleifer said physician unit demand increased 20% sequentially, supported by extended dosing intervals and expanded treatment options.
Libtayo's global net sales climbed 51% in constant currency to a record $550 million.
Regeneron Sees Continued Eylea HD Growth
Regeneron expects Eylea HD physician unit demand to grow approximately 10% sequentially in the fourth quarter.
However, continued pricing pressure could partially offset that growth. The company expects full-year Eylea HD net sales to increase more than 50% from 2025.
Meanwhile, Regeneron forecasts a low- to mid-teens sequential decline in demand for its older Eylea treatment during the fourth quarter.
The company also faces increasing competition from additional aflibercept 2-milligram biosimilars.
Despite these challenges, Regeneron expects a potential FDA approval of the Eylea HD prefilled syringe to support growth in 2027 and beyond.
REGN Price Action: Regeneron Pharmaceuticals shares were up 11.46% at $912.63 at the time of publication on Friday. The stock is trading at a new 52-week high, according to market data.
