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Regeneron Pharmaceuticals (REGN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Regeneron Pharmaceuticals (REGN) Q3 2026 earnings results →

Q3 2026 Revenue up 36% year over year to $5.1B · 38¢ of every $1 of revenue kept as net profit · operating margin 40.0%

Regeneron Pharmaceuticals made $5.1B in Q3 2026 (+36% Y/Y): Collaboration revenue $3.0B, Net product sales $1.8B, Other revenue $310M. Operating margin 40.0%, net earnings $1.9B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.

Revenue$5.1B
Year over year+36%
Operating margin40.0%
Net earnings$1.9B
Operating cash flow$1.8B

Drawing the Sankey…

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Regeneron Pharmaceuticals Q3 2026 revenue breakdown: Sankey diagram of revenue (Collaboration revenue, Net product sales, Other revenue, Lynozyfic), costs, profit and cash flow
Regeneron Pharmaceuticals Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $5.1B in Q3 2026, up 36% year over year and up 19% from the previous quarter. Collaboration revenue was the largest line at 59% of revenue. Collaboration revenue added $1.0B year over year (up 52%), 76% of the total change.

Operating profit was $2.0B, a 40.0% margin (up 12.7 points year over year). Of the extra revenue versus Q3 2025, 75% reached operating profit, above the 27% margin then. Total costs grew 12% against revenue growth of 36%. The fastest-growing cost line was Research & development (+22%). Net earnings were $1.9B, up 33% year over year. The effective tax rate was 14.7%.

Operating cash flow was $1.8B (up 10% year over year), 92% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.26B of share-based compensation. Working capital and other items used $0.54B. Capital expenditures of $0.30B left free cash flow of $1.5B.

Quarterly history

Regeneron Pharmaceuticals revenue by quarterRegeneron Pharmaceuticals revenue by quarter$3.0BQ1 2025$3.7BQ2 2025$3.8BQ3 2025$3.9BQ4 2025$3.6BQ1 2026$4.3BQ2 2026$5.1BQ3 2026
Regeneron Pharmaceuticals net earnings by quarterRegeneron Pharmaceuticals net earnings by quarter$809MQ1 2025$1.4BQ2 2025$1.5BQ3 2025$845MQ4 2025$727MQ1 2026$1.3BQ2 2026$1.9BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 30, 2026$5.1B+36%40.0%$1.9B$1.8B
Q2 202610-QJul 30, 2026$4.3B+17%30.1%$1.3B$813M
Q1 202610-QApr 29, 2026$3.6B+19%17.8%$727M$1.1B
Q4 202510-KFeb 4, 2026$3.9B+2%22.7%$845M$1.2B
Q3 202510-QOct 28, 2025$3.8B+0.9%27.3%$1.5B$1.6B
Q2 202510-QAug 1, 2025$3.7B+4%29.4%$1.4B$1.1B
Q1 202510-QApr 29, 2025$3.0B-4%19.5%$809M$1.0B

Charts

Regeneron Pharmaceuticals: revenue growth, year over year and quarter over quarterRegeneron Pharmaceuticals: revenue growth, year over year and quarter over quarterY/YQ/Q-4%Q1 2025+4%+21%Q2 2025+1%+2%Q3 2025+2%+3%Q4 2025+19%-7%Q1 2026+17%+19%Q2 2026+36%+19%Q3 2026
Latest (Q3 2026): Y/Y +36%, Q/Q +19%.
Regeneron Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 2026Regeneron Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$4.8BBuybacks−$3.0BCash drawn (+) / kept (−)−$1.2BCapital spending−$1.0BShares issued$1.0BTaxes on employees’ shares−$696MOther investing$431MDividends−$383MExchange rates−$1.0MAcquisitions−$300K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Regeneron Pharmaceuticals: profit against cash, quarter by quarterRegeneron Pharmaceuticals: profit against cash, quarter by quarterNet incomeOperating cash flow$918M$1.3BQ4 2024$809M$1.0BQ1 2025$1.4B$1.1BQ2 2025$1.5B$1.6BQ3 2025$845M$1.2BQ4 2025$727M$1.1BQ1 2026$1.3B$813MQ2 2026$1.9B$1.8BQ3 2026
Latest (Q3 2026): Net income $1.9B, Operating cash flow $1.8B.
Regeneron Pharmaceuticals: diluted shares by fiscal yearRegeneron Pharmaceuticals: diluted shares by fiscal year115MFY2020112MFY2021114MFY2022114MFY2023115MFY2024109MFY2025
-5.6% since FY2020: buybacks shrank the count.
Regeneron Pharmaceuticals in its industry: growth against margin (225 companies, SIC 2834)Regeneron Pharmaceuticals in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMREGN (+36%, 40%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Regeneron Pharmaceuticals

This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. (where applicable, together with its subsidiaries, "Regeneron," "Company," "we," "us," and "our"), and actual events or results may differ materially from these forward-looking statements. Words such as "anticipate," "expect," "intend," "plan," "believe," "seek," "estimate," variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others:

In its own words, from its 10-K, filed Feb 4, 2026.

Regeneron Pharmaceuticals against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +36% against the peers' median +7%. Operating margin: 40.0% against the peers' median 20.4%.

CompanyQuarterRevenueY/YOp. margin
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
TEVA Teva Pharmaceutical IndustriesQ3 2026$4.4B-2%16.2%

Source: Regeneron Pharmaceuticals 10-Q on SEC EDGAR · CIK 872589 · Pharmaceutical Preparations

Guidance and outlook

Regeneron Pharmaceuticals: what its forward-looking statements are about (10-Q filed 2026-10-30)Regeneron Pharmaceuticals: what its forward-looking statements are about (10-Q filed 2026-10-30)Other10Costs5Demand2Legal & regulation1Products1Capital spending1Buybacks & dividends1
21 statements; tone +0.00 (−1 all cautious, +1 all confident); 4 hedged.
Regeneron Pharmaceuticals: outlook statements against the filing beforeRegeneron Pharmaceuticals: outlook statements against the filing beforeConfident3Cautious3

13F: who owns REGN and who is buying

Largest holders of REGN (13F)Largest holders of REGN (13F)Vanguard Group$7.0BBlackRock$5.7BVanguard Capital Management LLC$4.1BDodge & COX$3.0BState Street$3.0BInvesco$2.5BVanguard Portfolio Management LLC$2.0BFranklin Resources$1.7BGeode Capital Management, LLC$1.6BNuveen, LLC$1.3B
Funds' net buying of REGN by quarter (13F)Funds' net buying of REGN by quarter (13F)−$261M2024-09−$745M2024-12$639M2025-03−$1.1B2025-06−$1.1B2025-09$2.7B2025-12−$467M2026-03$379M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on REGN

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：再生元（REGN）财报

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