Regeneron earnings: guidance and next results
Regeneron's next results are expected on October 30, 2026. Watch whether Regeneron's manufacturing costs improve and collaboration profit steps up.
What has Regeneron guided for the year?
Regeneron guides research at $6,500–$6,635 million under GAAP and $5,950–$6,050 million under non-GAAP. GAAP is the complete standardized accounting view; non-GAAP is management’s adjusted view, which removes selected costs such as stock-based compensation. The ranges describe one research program, not two, and excluded costs still affect shareholders.
Management also expects product gross margin of 78.0%–79.0% under GAAP and 84.0%–85.0% under non-GAAP. Gross margin measures what product sales leave after manufacturing costs. It does not measure collaboration revenue, which follows different accounting rules. The Limerick interruption left factory costs running while production stopped, but production returned to normal by June, so later quarters should show whether the recovery improves costs and output.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| GAAP R&D | Year to Dec 2026 | 6,500 | 6,635 | Jul 30, 2026 |
| Non-GAAP R&D | Year to Dec 2026 | 5,950 | 6,050 | Jul 30, 2026 |
| GAAP gross margin on net product sales | Year to Dec 2026 | 78.0% | 79.0% | Jul 30, 2026 |
| Non-GAAP gross margin on net product sales | Year to Dec 2026 | 84.0% | 85.0% | Jul 30, 2026 |
| Capital expenditures | Year to Dec 2026 | 1,030.0 | 1,100.0 | Jul 30, 2026 |
What this means. The company says the stock-based compensation tax shortfall is less than one percent, so the table's one percent high end is only a rounded upper limit.
How have Regeneron's revenue and profit trended?
Revenue growth slowed to near flat in 2025 while operating margin continued to decline; the eye-franchise transition is central to the trend. The company’s real free cash flow, computed as cash from operations minus capital spending, moves with working-capital timing even as net cash remains strong. Diluted EPS can rise faster than real free cash flow per share when buybacks reduce the share count.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,290.7 | 3,605.4 | 3,884.3 | 3,754.3 | 3,675.6 | 3,028.7 | 3,789.2 | 3,720.7 |
| Gross margin | 86.6% | 81.4% | 84.9% | 86.1% | 85.6% | 84.7% | 85.1% | 86.8% |
| Operating income | 1,293.5 | 642.9 | 879.9 | 1,026.8 | 1,079.5 | 591.7 | 990.2 | 1,179.5 |
| Net income | 1,296.9 | 727.2 | 844.6 | 1,460.0 | 1,391.6 | 808.7 | 917.7 | 1,340.6 |
| EPS, diluted | 12.23 | 6.75 | 7.86 | 13.62 | 12.81 | 7.27 | 8.06 | 11.54 |
What this means. Earnings per share is the profit for one share, so it is not measured in millions of dollars like most other rows.
What should you watch in Regeneron's next results?
Regeneron plans to report third-quarter results on October 30, 2026. This will be the first full period after Limerick returned to normal production and after the Sanofi Development Balance stopped reducing collaboration revenue. The release should show whether manufacturing costs improved, collaboration profit stepped up and capital spending accelerated.
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