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Regeneron Pharmaceuticals (REGN) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 30, 2026
Regeneron Pharmaceuticals (REGN) reported revenue of $5.1B for the third quarter 2026 (Q3 2026), +36% from a year earlier and +19% from the quarter before. Operating margin was 40.0%, net earnings $1.9B (38.1% of revenue).
Regeneron Pharmaceuticals, Q3 2026: revenue $5.1B (+36% year over year), operating margin 40.0%, net earnings $1.9B, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.1B | +19% | +36% |
| Operating profit | $2.0B | +58% | +99% |
| Net earnings | $1.9B | +50% | +33% |
| Operating cash flow | $1.8B | +119% | +10% |
| Free cash flow | $1.5B | +159% | +5% |
What changed
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.
Questions
What was Regeneron Pharmaceuticals' revenue in the third quarter 2026?
Regeneron Pharmaceuticals (REGN) reported revenue of $5.1B for the third quarter 2026 (Q3 2026), +36% from a year earlier and +19% from the quarter before.
Was Regeneron Pharmaceuticals profitable in the third quarter 2026?
Operating profit was $2.0B (40.0% of revenue) and net earnings $1.9B.