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Regeneron Pharmaceuticals (REGN) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Regeneron Pharmaceuticals (REGN) reported revenue of $4.3B for the second quarter 2026 (Q2 2026), +17% from a year earlier and +19% from the quarter before. Operating margin was 30.1%, net earnings $1.3B (30.2% of revenue).
Regeneron Pharmaceuticals, Q2 2026: revenue $4.3B (+17% year over year), operating margin 30.1%, net earnings $1.3B, operating cash flow $813M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | +19% | +17% |
| Operating profit | $1.3B | +101% | +20% |
| Net earnings | $1.3B | +78% | -7% |
| Operating cash flow | $813M | -25% | -29% |
| Free cash flow | $573M | -32% | -38% |
What changed
Revenue was $4.3B in Q2 2026, up 17% year over year and up 19% from the previous quarter. Collaboration revenue was the largest line at 57% of revenue. Collaboration revenue added $0.59B year over year (up 32%), 97% of the total change.
Operating profit was $1.3B, a 30.1% margin (up 0.8 points year over year). Of the extra revenue versus Q2 2025, 35% reached operating profit, above the 29% margin then. Total costs grew 15% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+30%). Net earnings were $1.3B, down 7% year over year. The effective tax rate was 15.1%.
Operating cash flow was $0.81B (down 29% year over year), 63% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.24B of share-based compensation. Working capital and other items used $0.85B. Capital expenditures of $0.24B left free cash flow of $0.57B.
Questions
What was Regeneron Pharmaceuticals' revenue in the second quarter 2026?
Regeneron Pharmaceuticals (REGN) reported revenue of $4.3B for the second quarter 2026 (Q2 2026), +17% from a year earlier and +19% from the quarter before.
Was Regeneron Pharmaceuticals profitable in the second quarter 2026?
Operating profit was $1.3B (30.1% of revenue) and net earnings $1.3B.