Regeneron Stock Soars 13%: Revenue Jumps 36% as Dupixent Hits a Record

Regeneron Pharmaceuticals (NASDAQ: REGN) stock soared on Friday, October 30, 2026, after the biotech reported third-quarter revenue up 36% to $5.12 billion and non-GAAP earnings of $20.07 per share — both far ahead of Wall Street expectations. Shares gained 13% to $924.17 in the Dow Jones Newswires report carried by Morningstar, after rising more than 8% in premarket trading to their highest levels in about two years.

What happened

Regeneron said third-quarter 2026 revenue rose 36% to $5.116 billion, from $3.75 billion a year earlier, beating the $4.55 billion Zacks consensus and the $4.56 billion expected by analysts polled by FactSet. Non-GAAP diluted earnings per share climbed 70% to $20.07, from $11.83 a year ago, well ahead of consensus estimates that ranged from $16.08 to $16.42 depending on the survey. On a GAAP basis, net income rose to $1.95 billion, or $18.45 per share, from $1.46 billion, or $13.62 per share, a year earlier.

Chief Executive Leonard Schleifer said Dupixent, Eylea HD and Libtayo each set quarterly sales records, and called it the company's third consecutive quarter of double-digit growth on both the top and bottom lines.

Why it's blowing up

The beat was not a small miss by analysts — it was a wide one. Zacks put the earnings surprise at +24.81% and the revenue surprise at +12.43%. That scale of upside pulled buyers in through the morning: premarket gains of about 7.5% to 8% built into a double-digit intraday move, even as the wider Nasdaq fell sharply on Friday on renewed AI-spending worries.

The engine was the Sanofi partnership. Regeneron's Sanofi collaboration revenue surged 68% to $2.724 billion, from $1.617 billion a year earlier, including about $2.6 billion from its share of collaboration profits — up 77%. A mechanical change helped: Regeneron had fully repaid its Sanofi development balance by the end of the second quarter, so that balance no longer reduced collaboration revenue in the third quarter.

Key facts

• Revenue: $5.12 billion, up 36% year on year, versus about $4.55–$4.56 billion expected.
• Non-GAAP EPS: $20.07, up 70% from $11.83, versus about $16.08–$16.42 expected.
• Dupixent: Worldwide net sales recorded by Sanofi rose 35% to $6.5 billion. Regeneron said more than 1.5 million patients worldwide are being treated with the drug. Sanofi books those sales, so they do not translate one-for-one into Regeneron's revenue.
• Eylea HD: U.S. sales jumped 62% to $699 million, while sales of the older Eylea fell 41% to $400 million as patients switched. Combined U.S. sales for the franchise were $1.099 billion, down 1%.
• Libtayo: Worldwide sales rose 51% to $550 million.
• Cash: Regeneron ended September with about $18.86 billion in cash and marketable securities, according to Stocktwits' summary of the results.
• Stock move: Shares rose more than 8% premarket, then gained 13% to $924.17 in the report at 10:20 a.m. ET, leaving the stock up about 20% for the year to date at that point.

The one soft spot: the older Eylea

The quarter was not uniformly strong. The legacy Eylea business continued to shrink — U.S. sales down 41% — and even with Eylea HD growing 62%, the combined eye franchise was slightly lower than a year ago. Management also lifted its 2026 research and development spending ranges, to $6.05–$6.15 billion on an adjusted basis, while lowering its selling, general and administrative ranges and raising expected gross margin to about 80% on a GAAP basis and about 86% on a non-GAAP basis.

What's next

Regeneron said it will record a $1 billion upfront payment from Sanofi as collaboration revenue in the fourth quarter, under an expanded alliance covering four Regeneron-invented, next-generation, long-acting antibodies designed to build on Dupixent's success, with up to $7 billion in milestone payments possible over time. The company also pointed to a pipeline of about 50 product candidates, including an expected FDA decision for cemdisiran in generalized myasthenia gravis next month. For the full year, it now expects capital expenditures of $1.05 billion to $1.1 billion.

This is not a recommendation to buy, sell or hold any security.

Sources

• Morningstar / Dow Jones Newswires — Regeneron Pharma 3Q Sales Climb on Dupixent Growth
• Zacks — Regeneron (REGN) Q3 Earnings and Revenues Beat Estimates
• Stocktwits — REGN Stock Hits 2-Year Highs Pre-Market After Q3 Earnings Beat
• ad-hoc-news — Regeneron Beats Forecasts as Dupixent Momentum Offsets Eylea Erosion
• MarketBeat — What Regeneron Said on Its Q3 Earnings Call

FAQ

How much did Regeneron earn in Q3 2026?

Regeneron reported non-GAAP earnings of $20.07 per share, up 70% from $11.83 a year earlier, on revenue of $5.12 billion, up 36%. GAAP earnings were $18.45 per share.

Why did Regeneron stock jump on October 30, 2026?

Both revenue and earnings beat Wall Street expectations by a wide margin — by about 12% on revenue and about 25% on earnings versus Zacks consensus — driven by record Dupixent, Eylea HD and Libtayo sales and a 68% jump in Sanofi collaboration revenue.

How big is Dupixent now?

Dupixent's worldwide net sales, recorded by Sanofi, reached $6.5 billion in the quarter, up 35%, with more than 1.5 million patients treated worldwide, according to Regeneron.

What is the $1 billion Sanofi payment?

Regeneron said it will record a $1 billion upfront payment from Sanofi as collaboration revenue in the fourth quarter of 2026 under an expanded alliance, with up to $7 billion in additional milestone payments possible over time.