Regeneron opens the
books on Wednesday evening.

Libtayo Market Share Growth

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Libtayo global net product sales grew 29% to nearly $500 million, establishing itself as the second most prescribed immunotherapy in U.S. first-line non-small cell lung cancer with 20% of new patient starts.

"Libtayo maintained its strong growth trajectory in the second quarter. Global net product sales reached nearly $500 million, up 29% compared to last year on a constant currency basis. ... In first-line non-small cell lung cancer, Libtayo is now firmly established as the second most prescribed immunotherapy treatment in the U.S., where Libtayo's share of new patient starts has doubled since early 2025 to 20% as physicians increasingly recognize its strong clinical profile."

- Marion McCourt, Executive Vice President, Commercial - Q2 FY26 Earnings Call - July 30, 2026

Dupixent Growth Collaboration

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Dupixent global net product sales grew 38% on a constant currency basis, and Regeneron is in early discussions with Sanofi for further collaboration on Dupixent follow-on programs.

"Dupixent global net product sales as reported by Sanofi, were $6 billion, up 38% compared to the second quarter of last year on a constant currency basis. ... Given that success, I can report that we have had productive early discussions with Sanofi to identify potential opportunities for further collaboration, including for several of Regeneron's Dupixent follow-on programs."

- Leonard Schleifer, Co-Founder, Board, Co-Chair, President and Chief Executive Officer - Q2 FY26 Earnings Call - July 30, 2026

Sanofi Balance Repayment

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Regeneron has fully repaid the $3.1 billion Sanofi development balance, which will lead to a step-up in Sanofi collaboration revenue starting in the third quarter as the full share of collaboration profits is recorded.

"We've now fully repaid the Sanofi development balance, which was approximately $3.1 billion when the Sanofi antibody collaboration agreement was amended as part of the 2022 Libtayo transaction. That amendment accelerated repayment of the balance, which further reduced our share of collaboration profits as it was paid down. The repayment lowered our reported Sanofi collaboration revenue by approximately $930 million in 2025 and $530 million in the first half of this year. Given full repayment of the Sanofi development balance starting in the third quarter, we expect Sanofi collaboration revenue to step up as we record our full share of collaboration profits."

- Christopher Fenimore, Executive Vice President, Finance and Chief Financial Officer - Q2 FY26 Earnings Call - July 30, 2026

Cemdisiran Regulatory Differentiation

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Cemdisiran, a C5 siRNA, has an FDA target action date in November for generalized myasthenia gravis, offering a differentiated profile with convenient 4x per year subcutaneous dosing.

"Regulatory submissions for cemdisiran monotherapy in generalized myasthenia gravis or gMG, have been accepted for review by both the FDA and the EMA. The FDA target action date is in November of this year, while the European Commission decision is anticipated in the second half of 2027. If approved, cemdisiran would represent a highly differentiated treatment option in gMG and be the first siRNA approved for this disease. We believe cemdisirin's efficacy, safety and convenient 4x per year subcutaneous dosing profile, highly differentiated from C5 antibodies and other modalities approved for gMG."

- George Yancopoulos, Co-Founder, Board, Co-Chair, President and Chief Scientific Officer - Q2 FY26 Earnings Call - July 30, 2026

Eylea Hd Momentum Prefilled Syringe

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EYLEA HD U.S. net sales reached nearly $600 million, surpassing EYLEA for the first time, with strong sequential demand and an anticipated FDA approval for a prefilled syringe by year-end.

"EYLEA HD in the U.S. continued to gain momentum with net product sales in the second quarter of nearly $600 million, up 52% compared to the prior year. Importantly, this quarter marked the first time EYLEA HD net sales exceeded EYLEA, highlighting the continued strength of the conversion to our next-generation product. ... We expect launch of this new enhancement to drive even further adoption of EYLEA HD, and we are continuing to work closely with the FDA and multiple contract manufacturers with the goal of approval before the end of the year."

- Leonard Schleifer, Co-Founder, Board, Co-Chair, President and Chief Executive Officer - Q2 FY26 Earnings Call - July 30, 2026

Long Acting Il13 Antibody

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Regeneron's long-acting IL-13 antibody shows initial clinical data indicating a prolonged half-life, with plans for an expedited path to start registration-enabling studies by late next year or early 2028.

"We have enrolled initial healthy subjects in our first-in-human trial for a long-acting IL-13 antibody and expect to begin dosing patients with atopic dermatitis later this quarter with plans to execute an expedited path to starting registration-enabling studies potentially by the end of next year or early 2028. Our initial clinical data indicate that this antibody has a prolonged half-life that has the potential to extend the dosing interval well beyond those achieved with currently approved products in this category."

- George Yancopoulos, Co-Founder, Board, Co-Chair, President and Chief Scientific Officer - Q2 FY26 Earnings Call - July 30, 2026