Regeneron Pharma

Q2 FY2026 EarningsQ2 FY26 results significantly beat consensus, with revenue of $4.29B vs. $3.82B expected and non-GAAP EPS of $14.29 vs. $10.21 mean estimate. The top-line beat was driven by a 51% surge in Sanofi collaboration revenue (Dupixent sales up 38% YoY) and strong U.S. EYLEA HD sales (+52% YoY). Despite a temporary manufacturing interruption in Ireland impacting GAAP gross margins, non-GAAP margins remained robust, and the full repayment of the Sanofi Development Balance sets the stage for a profit step-up in Q3 FY26.