Regeneron Pharmaceuticals, Inc.

(NASDAQ Global Select)
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Bullish +65

Will Higher Dupixent Profits, Eylea HD Sales Drive REGN's Q1 Earnings?

AI-generated analysis

πŸ“… Regeneron is scheduled to report its Q1 2026 earnings results on April 29, 2026.

🎯 Investors are primarily focused on profits from asthma drug Dupixent and sales of Eylea HD for the upcoming quarter.

πŸ“Š The Zacks Consensus Estimate forecasts sales of $3.41 billion and earnings per share of $8.36.

⚑ Regeneron has beaten earnings estimates in three of the last four quarters with an average surprise of 22.92%.

πŸ’Ž Dupixent sales grew 30.8% in Q1 2026, driven by strong demand across all approved indications.

πŸ‘οΈ Sales of the lead ophthalmology drug Eylea are under pressure due to competition from Vabysmo.

πŸ”„ Regeneron is transitioning patients to the higher-dose version, Eylea HD, which saw strong initial uptake.

πŸ’‰ The Zacks Consensus Estimate for total Eylea franchise sales (including Eylea HD) is pegged at $468 million.

πŸ›οΈ FDA approvals in November 2025 expanded the labeling for Eylea HD and monthly dosing options for certain indications.

🀝 Dupixent profits stem from a collaboration agreement with Sanofi, where Regeneron records its share of global profits.

πŸ”¬ Libtayo sales contributed to recent top-line growth, driven by demand in non-melanoma skin cancer indications.

πŸ›‘οΈ Libtayo recently received label expansions in the US and Europe for adjuvant treatment of high-risk CSCC.

🩺 Linvoseltamab-gcpt (Lynozyfic) was granted accelerated FDA approval for treating relapsed multiple myeloma.

🧬 The FDA also approved Otarmeni as the first gene therapy under the National Priority Voucher program.

πŸ’° Operating expenses are expected to increase due to pipeline advancement and higher commercialization costs.

πŸ” Management authorized a $3.0 billion share repurchase program in February 2025, with $1.5 billion remaining available.

πŸ“‰ A decrease in the number of shares outstanding is expected to positively impact the company's bottom line.

πŸ“ˆ The Zacks model predicts an earnings beat for Regeneron based on its positive Earnings ESP and current Zacks Rank of 3.

Bullish Signals
  • Our proven model predicts an earnings beat for Regeneron this time around, supported by a positive Earnings ESP of +5.87%.
  • Dupixent sales were up 30.8% in the first quarter of 2026, driven by strong demand across all approved indications including atopic dermatitis and asthma.
  • Regeneron is likely to have earned incremental profits from Dupixent in the upcoming quarter due to this significant sales growth.
  • The initial uptake of Eylea HD has been strong as patients transition to the higher dose, with consensus estimate for US sales pegged at $468 million.
  • FDA approval of a monthly dosing option and label expansions are likely to have boosted drug sales for Eylea HD across various indications.
  • Libtayo growth is driving the top line with strong demand in non-melanoma skin indications, with consensus estimate for sales pegged at $361 million.
  • Recent label expansions for Libtayo as an adjuvant treatment for adult patients with CSCC provide additional upside potential.
  • Otarmeni received accelerated FDA approval as the first gene therapy and second new molecular entity approved under the National Priority Voucher program.
  • Management authorized a $3.0 billion share repurchase program in February 2025, boosting the bottom line through a decrease in shares outstanding.
  • Regeneron has successfully expanded its revenue base by building an oncology franchise with Libtayo to reduce dependence on Eylea.
Risk Factors
  • Eylea sales have been under pressure in recent quarters due to competition from Vabysmo, with sales likely to have declined in the first quarter despite the launch of Eylea HD.
  • Regeneron is developing a higher dose version of Eylea (Eylea HD) specifically to counteract the decline in original Eylea sales, indicating weakness in the legacy franchise.
  • Operating expenses are likely to have increased significantly in the quarter due to pipeline advancement, higher commercialization-related expenses for new launches like Lynozyfic, and rising headcount-related costs.
  • The company has a history of missing earnings estimates in one of the trailing four quarters, showing some inconsistency despite recent beats.
  • While Libtayo shows growth in non-melanoma skin indications, it remains dependent on ongoing label expansions which may be insufficient to offset broader market pressures without further major successes.
Full Analysis
Investors will closely watch Regeneron Pharmaceuticals, Inc. (REGN) as it reports first-quarter 2026 earnings on April 29, 2026, with a primary focus on profits derived from asthma drug Dupixent and sales of Eylea HD. The Zacks Consensus Estimate projects total sales at $3.41 billion and earnings per share at $8.36, though the company has historically shown an average surprise of 22.92%, with a recent beat in Q1 2025 where it exceeded estimates by 8.33%. Regeneron currently holds a Zacks Rank of 3 and is assigned an Earnings ESP of +5.87%, based on consensus and most accurate estimates around $10.60 per share. Revenue dynamics for the quarter will center on the ophthalmology franchise where Eylea sales, previously a significant revenue source, faced pressure from competition, particularly from Vabysmo. However, the company's new higher-dose formulation, Eylea HD, is expected to surge following strong patient uptake and recent regulatory expansions in November 2025 that approved an eight-week dosing schedule for RVO and monthly dosing options for other indications like neovascular age-related macular degeneration and diabetic macular edema. While U.S. consensus estimates for Eylea stand at $436 million, Eylea HD is pegged to bring in $468 million. Beyond ophthalmology, Dupixent remains a key growth driver, with partner Sanofi reporting 30.8% sales growth in Q1 2026 across indications including asthma and atopic dermatitis, suggesting incremental profits for Regeneron. The company is also diversifying its portfolio through oncology products like Libtayo, which saw demand growth in non-melanoma skin cancer indications following label expansions as an adjuvant treatment for CSCC, with consensus sales of $361 million. Additionally, the pipeline includes Lynozyfic for multiple myeloma and the recently approved gene therapy Otarmeni under a National Priority Voucher. Operating expenses are expected to rise due to pipeline advancement, commercialization costs for Libtayo and Lynozyfic launches, and higher headcount-related expenses. On the capital side, Regeneron authorized a share repurchase program in February 2025 for up to $3.0 billion, with $1.5 billion remaining available as of December 31, 2025, which should support the bottom line by decreasing shares outstanding. The earnings beat prediction is bolstered by these positive catalysts alongside the Zacks Earnings ESP and rank analysis.