Filing Flows › Regeneron Pharmaceuticals (REGN) › Q1 2026
Regeneron Pharmaceuticals (REGN) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Regeneron Pharmaceuticals (REGN) reported revenue of $3.6B for the first quarter 2026 (Q1 2026), +19% from a year earlier and -7% from the quarter before. Operating margin was 17.8%, net earnings $727M (20.2% of revenue).
Regeneron Pharmaceuticals, Q1 2026: revenue $3.6B (+19% year over year), operating margin 17.8%, net earnings $727M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | -7% | +19% |
| Operating profit | $643M | -27% | +9% |
| Net earnings | $727M | -14% | -10% |
| Operating cash flow | $1.1B | -8% | +3% |
| Free cash flow | $848M | — | +4% |
What changed
Revenue was $3.6B in Q1 2026, up 19% year over year and down 7% from the previous quarter. Collaboration revenue was the largest line at 53% of revenue. Collaboration revenue added $0.37B year over year (up 24%), 64% of the total change.
Operating profit was $0.64B, a 17.8% margin (down 1.7 points year over year). Of the extra revenue versus Q1 2025, 9% reached operating profit, below the 20% margin then. Total costs grew 22% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+62%). Net earnings were $0.73B, down 10% year over year. The effective tax rate was 12.5%. Non-operating items added $0.19B, 23% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.1B (up 3% year over year), 148% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.26B of share-based compensation. After capital expenditures ($0.23B), free cash flow as the company reports it was $0.85B.
Questions
What was Regeneron Pharmaceuticals' revenue in the first quarter 2026?
Regeneron Pharmaceuticals (REGN) reported revenue of $3.6B for the first quarter 2026 (Q1 2026), +19% from a year earlier and -7% from the quarter before.
Was Regeneron Pharmaceuticals profitable in the first quarter 2026?
Operating profit was $643M (17.8% of revenue) and net earnings $727M.