Regenerative Pharmaceutical (REGN.US) Q3 Results Exceed Expectations and Raise Annual Net Product Gross Margin Guidelines

The Zhitong Finance App learned that Regenerative Pharmaceutical (REGN.US) released results for the third quarter of 2026: total revenue of US$5.118 billion, up 36.3% year on year, higher than IBES's agreed estimate of US$4.542 billion; GAAP diluted earnings per share was 18.45 US dollars, up 35.5% year on year. Non-GAAP diluted earnings per share were $20.07, up 69.7% year over year, and about 24% higher than IBES's estimate of $16.20.

The growth structure needs to be broken down: net product sales were only US$1,805.3 billion, up 13.7% year on year, while cooperative revenue was US$300.5 billion, up 52.4% year on year (of which Sanofi's cooperative revenue was US$2,724 million). The company explained that Sanofi's development balance was fully repaid at the end of the second quarter of 2026, and Sanofi's cooperative revenue will not be reduced from the third quarter, causing this jump — that is, most of the revenue growth rate is due to accounting factors rather than the acceleration of terminal sales.

On the product side, ice and fire are twofold. Dupixent's global net sales were US$6.540.5 billion, up 35% year over year (as recorded by Sanofi, regenerative yuan only confirmed profit share); Libtayo was US$550 million, up 51%; and Kevzara was US$255.6 million, up 66%. However, EYLEA HD and the older generation EYLEA combined total of US$1,741.2 billion, a year-on-year decrease of 11% — the increase in EYLEA HD of 63% did not offset the 49% decline in the previous generation EYLEA, and the US market combined also fell slightly by 1%.

The company raised its 2026 net product gross margin guidance to about 80% (non-GAAP approximately 86%, previous value 77% — 78%/83% — 84%), while lowering sales and management expenses and capital expenditure guidelines. In addition, Sanofi collaborated in October to add four next-generation long-lasting antibodies, and regenerated elements received an advance payment of 1 billion US dollars, which will be recognized as cooperative revenue in the fourth quarter, and is expected to reach a maximum milestone of 7 billion US dollars; Pasatru (garetosmab) has been approved by the FDA for progressive ossifying fiber dysplasia, and the FDA decision on cemdisiran to treat myasthenia gravis is expected to be released next month.