Regeneron Pharmaceuticals: 2Q Preview – Dupixent Trends Remain Solid, Focus Remains on Pipeline

Research evidence excerpt

Regeneron Pharmaceuticals: 2Q Preview – Dupixent Trends Remain Solid, Focus Remains on Pipeline

J P M O R G A N North America Equity Research

13 July 2026

Regeneron Pharmaceuticals Overweight

REGN, REGN US

2Q Preview – Dupixent Trends Remain Solid, Focus Price (10 Jul 26):$664.52

Remains on Pipeline Price Target (Dec-26):$850.00

Ahead of REGN's 2Q earnings, we are expecting a fairly uneventful quarter with Pharmaceuticals — Major &

Dupixent again trending ahead of expectations and Eylea HD continuing to ramp Specialty

sequentially. However, we see qtrly results as less of a driver for REGN shares. Chris Schott, CFA AC

Rather, given the recent LAG3 setback and ABBV’s acquisition of Apogee, we (1-212) 622-5676

expect focus for the call will be on the broader pipeline, REGN’s willingness to use christopher.t.schott@jpmorgan.com

its balance sheet to further build out its pipeline as well as any updates on the Taylor Hanley

potential for Sanofi collaboration on next-generation IL-4/IL-13 assets. Bigger (1-212) 622-0790

picture, we see REGN’s core assets (Dupixent, Eylea, Libtayo) and cash on hand taylor.hanley@jpmchase.com

offering downside support near current levels but believe pipeline clarity/progress Ekaterina V Knyazkova, CFA

(1-212) 622-9576

will be needed for shares to re-rate from here. ekaterina.v.knyazkova@jpmchase.com

Ethan Brown

• Overall we forecast 2Q26 revenues of $3.9bn (+$120mm vs cons) and (1-212)ethan.brown@jpmchase.com622-4928

EPS of $10.56 (in line with cons). On sales, we are above the Street largely

Hardik Parikh, CFA

based on Dupixent, which has continued its strong ramp with scripts up

(1 212) 622-2875

18% y/y. Below the topline we continue to expect increases in both SG&A hardik.k.parikh@jpmorgan.com