Q2 2026 Regeneron Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Total revenues increased 17% year-over-year, with non-GAAP EPS up 11%, marking the second consecutive quarter of double-digit growth.
- Dupixent global net sales reached $6 billion, up 38% year-over-year on a constant currency basis, driven by robust demand across all approved indications.
- EYLEA HD U.S. net sales hit nearly $600 million, up 52% year-over-year, with physician demand growing 24% sequentially and now exceeding EYLEA sales.
- Libtayo global net sales reached nearly $500 million, up 29% year-over-year, with strong adoption in non-small cell lung cancer and non-melanoma skin cancers.
- The company has a deep and diverse pipeline with approximately 50 active clinical programs, including promising next-generation assets like a long-acting IL-13 antibody and obesity portfolio advancing to Phase III.
- EYLEA U.S. net sales declined 45% year-over-year due to ongoing conversion to EYLEA HD and competitive dynamics, with expected further declines from biosimilar launches.
- The EYLEA HD prefilled syringe approval remains delayed, with the timeline pushed to potentially by the end of 2026, impacting a key product enhancement.
- GAAP gross margin was negatively impacted by unabsorbed manufacturing costs from a temporary production interruption at the Limerick, Ireland facility.
- Linazipic growth remains modest in the late-line treatment setting, limiting near-term commercial contribution despite a strong clinical profile.
- The company faces ongoing competitive pressures in ophthalmology and oncology, with the need to navigate FDA leadership changes and regulatory uncertainties.
Welcome to the Regeneron Pharmaceuticals Second Quarter 2026 Earnings Conference Call. My name is Michelle, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference call is being recorded.
I will now turn the call over to Ryan Crowe, Senior Vice President, Investor Relations. You may begin.
Thank you, Michelle. Good morning, good afternoon, and good evening to everyone listening around the world.
Thank you for your interest in Regeneron and welcome to our second quarter 2026 earnings conference call.
An archive and transcript of this call will be available on the Regeneron Investor Relations website shortly after our call concludes.
Joining me on today's call are Dr. Leonard Schleifer, Co-Founder, Board Co-Chair, President and Chief Executive Officer Dr. George Yoncopoulos, Co
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