Regeneron Pharmaceuticals (REGN) Q1 FY2026 earnings: revenue $3.6 billion, up 19.0% on the year

Regeneron Pharmaceuticals, Inc. (REGN) reported revenue of $3.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 19.0% on the same quarter a year earlier. Net income was $727 million, down 10.1% on the year, and diluted earnings per share $6.75. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue

$3.6 billion

+19.0% on the year · -7.2% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

17.8%

19.5% a year earlier

Q2 FY2024Q1 FY2026

Net income

$727 million

-10.1% on the year · -13.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$6.75

-7.2% on the year · -14.1% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 lowered, 1 narrowed, 8 kept.

Total revenue rose 19%: Total revenues were $3,605 million against $3,029 million a year earlier. Non-GAAP net income per diluted share rose 15% to $9.47.
Sanofi profit share lifted collaboration revenue: Sanofi collaboration revenue rose 36% to $1,605 million. Regeneron's share of antibody profits was $1.451 billion, up from $1.018 billion, mainly on higher Dupixent sales.
GAAP EPS fell on IPR&D charge: GAAP diluted EPS was $6.75 against $7.27, down 7%, and GAAP net income was $727 million against $809 million. IPR&D reduced GAAP EPS by $0.82 and non-GAAP EPS by $0.80.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,605	3,884	3,029	-7.2%	+19.0%
Research and development	1,544	1,626	1,327	-5.1%	+16.3%
Selling, general and administrative	648	775	633	-16.4%	+2.3%
Operating income	643	880	592	-26.9%	+8.7%
Operating margin	17.8%	22.7%	19.5%
Interest expense	12.9	12.2	8.7	+5.7%	+48.3%
Pre-tax income	831	1,044	905	-20.4%	-8.2%
Income tax	104	199	96.3	-47.8%	+8.0%
Effective tax rate	12.5%	19.1%	10.6%
Net income	727	845	809	-13.9%	-10.1%
Net margin	20.2%	21.7%	26.7%
Diluted EPS	$6.75	$7.86	$7.27	-14.1%	-7.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,079	1,171	1,045	-7.8%	+3.2%
Capital expenditure	231	249	229	-7.3%	+0.6%
Free cash flow	848	922	816	-8.0%	+4.0%
Free cash flow margin	23.5%	23.7%	26.9%
Cash from investing	-429	220	648
Cash from financing	-802	-780	-1,089
Depreciation and amortisation	123	145	127	-15.0%	-2.9%
Share-based compensation	257	249	256	+3.2%	+0.7%
Buybacks	794	672	1,041	+18.3%	-23.7%
Dividends paid	97.8	92.7	93.8	+5.5%	+4.3%
Dividend per share	$0.94	$0.88	$0.88	+6.8%	+6.8%
Diluted shares, weighted	108m	108m	111m	+0.2%	-3.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	31,424	31,257	29,388	+0.5%	+6.9%
Debt	1,986	1,986	1,985	+0.0%	+0.1%
Operating lease liabilities	n/a	229	n/a
Finance lease liabilities	0.0	720	720
Other liabilities	7,459	6,367	5,453	+17.2%	+36.8%
Total liabilities and equity	40,869	40,559	37,545	+0.8%	+8.9%
Intangible assets	1,287	1,257	1,167	+2.3%	+10.3%
Investments	15,577	15,748	14,536	-1.1%	+7.2%
Cash and equivalents	2,963	3,118	3,090	-5.0%	-4.1%
Receivables	5,731	5,741	5,561	-0.2%	+3.1%
Inventory	3,104	3,201	3,192	-3.0%	-2.8%
Other assets	12,208	11,494	9,999	+6.2%	+22.1%
Total assets	40,869	40,559	37,545	+0.8%	+8.9%

Questions

What was Regeneron Pharmaceuticals' revenue in Q1 FY2026?

Regeneron Pharmaceuticals (REGN) reported revenue of $3.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 19.0% on the same quarter a year earlier.

How much did Regeneron Pharmaceuticals earn in Q1 FY2026?

Net income for Q1 FY2026 was $727 million, down 10.1% on the year, and diluted earnings per share $6.75.

When did Regeneron Pharmaceuticals report Q1 FY2026 results?

Regeneron Pharmaceuticals filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 29 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,952	2,965	2,857	2,936	3,414	3,162	3,158	3,363	3,434	3,145	3,547	3,721	3,789	3,029	3,676	3,754	3,884	3,605	4,291	5,116
R&D	786	844	794	911	1,043	1,101	1,085	1,075	1,177	1,248	1,200	1,272	1,412	1,327	1,422	1,475	1,626	1,544	1,632	1,795
SG&A	560	450	476	529	660	601	652	640	738	689	759	714	792	633	634	658	775	648	662	678
Operating income	2,640	1,258	1,110	1,224	1,147	947	1,016	1,111	973	751	1,070	1,180	990	592	1,080	1,027	880	643	1,294	2,048
Operating margin	53%	42%	39%	42%	34%	30%	32%	33%	28%	24%	30%	32%	26%	20%	29%	27%	23%	18%	30%	40%
Interest expense	14.1	13.6	13.1	15.3	17.4	18.0	18.9	17.8	18.3	16.1	14.8	13.8	10.5	8.7	3.6	19.3	12.2	12.9	11.0	10.6
Pre-tax income	2,503	1,061	963	1,510	1,325	858	1,083	1,111	1,148	701	1,628	1,493	958	905	1,519	1,763	1,044	831	1,528	2,284
Tax rate	11%	8%	12%	13%	10%	5%	11%	9%	-1%	-3%	12%	10%	4%	11%	8%	17%	19%	13%	15%	15%
Net income	2,229	974	852	1,316	1,197	818	968	1,008	1,160	722	1,432	1,341	918	809	1,392	1,460	845	727	1,297	1,949
Net margin	45%	33%	30%	45%	35%	26%	31%	30%	34%	23%	40%	36%	24%	27%	38%	39%	22%	20%	30%	38%
Diluted EPS	$19.58	$8.61	$7.47	$11.66	$10.50	$7.17	$8.50	$8.89	$10.19	$6.27	$12.41	$11.54	$8.06	$7.27	$12.81	$13.62	$7.86	$6.75	$12.23	$18.45
Operating cash flow	2,372	2,102	564	629	1,720	1,368	1,022	1,114	1,090	1,512	354	1,291	1,263	1,045	1,144	1,619	1,171	1,079	813	1,783
Capital expenditure	155	142	154	142	152	178	113	176	251	134	180	242	200	229	219	201	249	231	240	300
Free cash flow	2,218	1,960	411	486	1,568	1,189	909	938	838	1,379	174	1,049	1,063	816	925	1,417	922	848	573	1,483
Buybacks	867	358	359	935	431	711	689	546	289	291	604	735	973	1,041	1,062	664	672	794	1,169	400
Dividends paid	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	93.8	92.6	91.2	92.7	97.8	96.8	95.7
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 29 April 2026: the filing.