Investors will focus on profits from asthma drug Dupixent and sales of Eylea HD when biotech giant Regeneron Pharmaceuticals, Inc. REGN reports first-quarter 2026 results on April 29, 2026.
The Zacks Consensus Estimate for first-quarter sales and earnings is pegged at $3.41 billion and $8.36 per share, respectively.
REGN’s Earnings Surprise History
The company’s earnings beat estimates in three of the trailing four quarters and missed the same in the other one, delivering an average surprise of 22.92%. In the last reported quarter, REGN beat on earnings by 8.33%.
Regeneron Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Regeneron Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Regeneron Pharmaceuticals, Inc. Quote
What Our Model Predicts for REGN
Our proven model predicts an earnings beat for Regeneron this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is the case here, as you will see below.
Earnings ESP: Earnings ESP for REGN is +5.87% as the Zacks Consensus Estimate is pegged at $10.56 per share, while the Most Accurate Estimate is pinned at $10.65. You can uncover the best stocks before they're reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank of 3.
Dupixent Profits Likely to Have Offset Eylea Decline in Q1
A significant chunk of Regeneron’s revenues used to come from the sale of its lead drug, Eylea, which is approved for various ophthalmology indications (neovascular age-related macular degeneration, diabetic macular edema and macular edema, among others). Eylea was developed in collaboration with pharma giant Bayer.
While Regeneron records net product sales of Eylea in the United States, Bayer does the same outside the country. The company also records its share of profits/losses in connection with Eylea sales outside the country.
However, Eylea’s sales have been under pressure in recent quarters due to competition from Vabysmo. Sales are likely to have declined in the first quarter as well.
The Zacks Consensus Estimate for Eylea sales in the United States is currently pegged at $436 million.
To counter the decline in Eylea sales, Regeneron developed a higher dose of the drug. The initial uptake of Eylea HD has been strong as Eylea patients transition to the higher dose.
Sales of Eylea HD are likely to have surged in the to-be-reported quarter on strong demand. This, in turn, is likely to have resulted in an increase in total Eylea franchise sales. The Zacks Consensus Estimate for Eylea HD sales in the United States is currently pegged at $468 million.
In November 2025, the FDA approved Eylea HD injection 8 mg for the treatment of patients with macular edema following retinal vein occlusion (RVO) with up to every eight-week dosing after an initial monthly dosing period.
The regulatory body also approved a monthly dosing option for some patients who may benefit from resuming this dosing schedule across approved indications — wet age-related macular degeneration, diabetic macular edema, diabetic retinopathy and RVO.
These label expansions are likely to have boosted drug sales.
Apart from Eylea, profits from the sales of asthma drug Dupixent are a primary growth driver for REGN. Regeneron has a collaboration agreement with Sanofi SNY for drugs like Dupixent and Kevzara. While Sanofi records sales, Regeneron registers its share of profits/losses in connection with the global sales of the aforementioned drugs.
As reported by SNY last week, Dupixent sales were up 30.8% in the first quarter of 2026, driven by strong demand in all approved indications (atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyposis, eosinophilic esophagitis, prurigo nodularis, chronic spontaneous urticaria, chronic obstructive pulmonary disease, bullous pemphigoid). Hence, Regeneron is likely to have earned incremental profits from Dupixent in the to-be-reported quarter.
Meanwhile, Regeneron is also looking to diversify its revenue base to reduce its dependence on Eylea for top-line growth and build an oncology franchise, which currently comprises Libtayo and some newly approved drugs.
Growth in Libtayo’s sales has also boosted the top line in recent quarters. Libtayo sales are being driven by growth in demand for non-melanoma skin indications.
The recent label expansions could provide additional upside. The drug has also likely benefited from the recent label expansions in the United States and Europe as an adjuvant treatment for adult patients with CSCC at high risk of recurrence following surgery and radiation. This approval broadens Libtayo’s existing indication in advanced CSCC to include patients with high recurrence risk.
The Zacks Consensus Estimate for Libtayo’s sales is currently pegged at $361 million.
Operating expenses are also likely to have increased in the quarter due to pipeline advancement and higher commercialization-related expenses to support the ongoing launches of Libtayo in adjuvant CSCC, and Lynozyfic in late-line multiple myeloma and higher headcount-related costs.
The FDA had earlier approved linvoseltamab-gcpt for the treatment of relapsed or refractory (R/R) multiple myeloma (MM). The drug was granted accelerated approval by the FDA under the brand name Lynozyfic. It is also approved in the European Union (EU) to treat adults with R/R MM after at least three prior therapies, including a proteasome inhibitor, an immunomodulatory agent and an anti-CD38 monoclonal antibody.
A decrease in the number of shares outstanding is likely to have boosted the bottom line. In February 2025, management authorized a new share repurchase program to repurchase up to an additional $3.0 billion of the company's common stock. As of Dec. 31, 2025, $1.5 billion remained available for share repurchases. Investors will look forward to updates on the share buyback program.
REGN’s Key Pipeline Updates
The FDA recently granted accelerated approval to Otarmeni (lunsotogene parvec-cwha), marking it as the first gene therapy and the second new molecular entity approved under the FDA Commissioner’s National Priority Voucher program.
The FDA also approved extending dosing intervals of up to every 20 weeks for Eylea HD (aflibercept) in patients with wet age-related macular degeneration (wAMD) and diabetic macular edema (DME) who have demonstrated a sustained response after one year.
As part of the approval, the regulatory body updated Eylea HD’s label to incorporate 96-week (two-year) data from the pivotal PULSAR trial in wAMD and PHOTON trial in DME, confirming sustained efficacy and safety with extended dosing intervals over two years.
REGN’s Share Price Performance
Regeneron’s shares have lost 2.7% year to date compared with the industry’s decline of 0.7%.
Image Source: Zacks Investment Research
Other Stocks to Consider
Here are some other drug/biotech stocks that also have the right combination of elements to beat on earnings this time around:
AstraZeneca AZN has an Earnings ESP of +0.47% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
AZN beat on earnings in three of the trailing four quarters and missed in the remaining one, delivering an average surprise of 3.59%.
AstraZeneca is scheduled to report first-quarter results on April 29.
Alnylam Pharmaceuticals ALNY has an Earnings ESP of +12.80% and a Zacks Rank of 3 at present.
Alnylam beat on earnings in each of the trailing four quarters, delivering an average surprise of 336.57%. ALNY is scheduled to report first-quarter results on April 30.
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Regeneron Pharmaceuticals, Inc. (REGN): Free Stock Analysis Report
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Alnylam Pharmaceuticals, Inc. (ALNY): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).