Fourth-quarter revenue increased 3% from a year earlier to $3.88 billion, topping Wall Street expectations of $3.78 billion, according to Fiscal.ai data.
- Non-GAAP earnings slipped 5% to $11.44 per share but still came in ahead of analysts’ forecasts of $10.74.
- Sales of the Eylea declined amid competitive pressure and a shift of patients to the high-dose version.
- Sanofi collaboration revenue rose 35% as the company received a larger share of profits from jointly commercialized antibody drugs.
Regeneron Pharmaceuticals (REGN) reported a better-than-expected fourth-quarter (Q4) print, as higher sales from its collaboration with Sanofi and Eylea HD injections offset lower revenue from Eylea, which is marketed outside the U.S. by Bayer.
Fourth-quarter revenue increased 3% from a year earlier to $3.88 billion, topping Wall Street expectations of $3.78 billion, according to Fiscal.ai data. Non-GAAP earnings slipped 5% to $11.44 per share but still came in ahead of analysts’ forecasts of $10.74.
REGN shares were 2.6% lower in pre-market trading on Friday, while retail sentiment on Stocktwits remained ‘neutral’ over the past 24 hours.
Revenue Breakdown
Eylea HD sales climbed 66% in the fourth quarter as strong demand lifted volumes, though gains were partly offset by lower pricing. In contrast, sales of the Eylea declined 52% amid competitive pressure, a shift of patients to the high-dose version, and affordability-driven use of cheaper alternatives, the company said.
Eylea is a prescription medicine injected into the eye to treat conditions like Wet Age-Related Macular Degeneration (Wet AMD) and Diabetic Macular Edema (DME). Eylea HD is a higher-dose and longer-lasting version of Eylea.
Sanofi collaboration revenue rose 35% as the company received a larger share of profits from jointly commercialized antibody drugs, driven primarily by stronger sales of Dupixent, used to treat eczema.
“In the fourth quarter, we secured label expansions and new filler solutions for EYLEA HD, further enhancing its commercial potential. Dupixent received new approvals in Japan and Europe and is currently the most widely used innovative branded antibody medicine, with over 1.4 million active patients worldwide,” said Leonard S. Schleifer, President and CEO of Regeneron.
The company also forecast non-GAAP R&D costs of $5.90-$6.10 billion for full-year 2026, significantly higher than $5.15 billion in FY2025. The company has around 45 product candidates in clinical development, it added.
Stock Watch
On Thursday, TD Cowen raised its price target on Regeneron to $820 from $800 and maintained a ‘Buy’ rating. This implies a 12% upside from the current trading price.
The stock has gained 9.2% over the past year, but is down 3.2% year to date.
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