Regeneron Pharmaceuticals, Inc. · REGN · FY2025 Q4 · Calendar Q1 2026

Regeneron posts solid Q4 as pipeline and launches shape 2026

The supplied analysis supports a constructive but conditional view: established products and a broad late-stage pipeline provide growth support, while regulatory timing, competition, pricing and execution determine whether that trajectory persists.

Reported Before market openNASDAQHealthcare $77.32B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $11.44 Consensus $10.74
EPS surprise +6.5% Reported versus consensus
Reported revenue $3.88B Consensus $3.81B
Revenue surprise +1.9% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -1.1% Event window
SPY move -0.3% Same window
Abnormal move -0.8% Stock minus SPY
Volume 1.5× Versus trailing sessions
Subsequent drift +6.7% Up to 20 sessions
REGNSPY benchmark

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, the current update emphasizes Q4 growth from Dupixent, Libtayo and EYLEA HD, a 2026 plan with multiple FDA submissions, and increased R&D and manufacturing investment. The main counterweight remains competition and execution around launches, approvals and trials.

Guidance delta

Maintained. The supplied analysis describes 2026 guidance with stable gross margins, increased R&D spending and higher capital investment.

Key takeaways

  • Q4 revenue grew 3% on sales of Dupixent, Libtayo and EYLEA HD.
  • Management highlighted at least four FDA submissions in 2026, including three new molecular entities.
  • The 2026 outlook pairs stable gross margins with increased R&D and capital investment.
  • Biosimilar competition, inventory and regulatory timing remain important execution risks.

Management priorities

  • Advance late-stage programs across oncology, hematology, complement and obesity.
  • Submit multiple FDA applications and progress new molecular entities.
  • Launch the EYLEA HD prefilled syringe and pursue ophthalmology label expansion.
  • Invest in R&D facilities and manufacturing capacity.

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Earnings History

Estimate Beat Miss Match
REGN REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $3B Q4 '23 actual $3B, beat Q1 '24 estimate $3B Q1 '24 actual $3B, miss Q2 '24 estimate $3B Q2 '24 actual $4B, beat Q3 '24 estimate $4B Q3 '24 actual $4B, beat Q2 '25 estimate $3B Q2 '25 actual $4B, beat Q3 '25 estimate $4B Q3 '25 actual $4B, beat Q4 '25 estimate $4B Q4 '25 actual $4B, beat Q1 '26 estimate $3B Q1 '26 actual $4B, beat Q2 '26 estimate $4B Q2 '26 actual $4B, beat Q3 '26 estimate $5B Q4 '26 estimate $4B Q1 '27 estimate $4B
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Analyst Consensus ?

ConsensusBuy49 ratings
Bullish3469.4%
Neutral1530.6%
Bearish00.0%

Analyst 52W Price Targets

$750.51Current
$584Low
$851.94Average
$1,292High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
RBC Capital Sector Perform Sector PerformMaintainSep 29, 2026
HSBC Buy BuyMaintainSep 10, 2026
Leerink Partners Market Perform Market PerformMaintainAug 17, 2026
Guggenheim Buy BuyMaintainAug 3, 2026
Citigroup Neutral NeutralMaintainAug 3, 2026
Show 44 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $750.51. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
HSBCRajesh Kumar$920$807.65 +22.6%Sep 10, 2026
Leerink PartnersDavid Risinger$824$803.48 +9.8%Aug 17, 2026
BernsteinJeffrey Walch$756$799.46 +0.7%Aug 14, 2026
GuggenheimAnalyst unavailable$1,030$763.51 +37.2%Aug 3, 2026
RBC CapitalAnalyst unavailable$737$739.5 -1.8%Jul 31, 2026
See 139 more

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Company context

Snapshot as of publication

Regeneron Pharmaceuticals, Inc. is a global biopharmaceutical enterprise focused on discovering, inventing, developing, manufacturing, and bringing to market medical treatments for a wide array of illnesses. Its therapeutic portfolio includes EYLEA, an injection used to treat various ophthalmic conditions such as wet age-related macular degeneration, diabetic macular edema, myopic choroidal neovascularization, diabetic retinopathy, and macular edema resulting from retinal vein occlusion (both central and branch). Other significant offerings are Dupixent, an injectable solution for atopic dermatitis and asthma in both adults and pediatric patients; Libtayo, indicated for metastatic or locally advanced cutaneous squamous cell carcinoma; Praluent, an injection prescribed for adults with heterozygous familial hypercholesterolemia or clinical atherosclerotic cardiovascular disease; REGEN-COV for COVID-19; and Kevzara, a solution targeting rheumatoid arthritis in adult patients.…

Historical context

All REGN earnings

Healthcare peers this season

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COO The Cooper Companies, Inc. FY2026 Q3 · Calendar Q3 2026 +2.7% -14.7% CooperCompanies beats expectations as inventory reduction weighs on vision revenue
MDT Medtronic plc FY2027 Q1 · Calendar Q3 2026 +4.3% +1.5% Medtronic raises FY27 outlook as growth broadens across platforms

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
  3. Polygon adjusted daily market bars · 2026-09-30T05:06:14.670652+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T05:06:14.667865+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-30. For educational purposes only; not investment advice.