Regeneron Pharmaceuticals: 2Q26 First Takes – Solid Beat Driven By Dupixent/Eylea

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Regeneron Pharmaceuticals: 2Q26 First Takes – Solid Beat Driven By Dupixent/Eylea

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

30 July 2026

Regeneron Pharmaceuticals Overweight

REGN, REGN US

2Q26 First Takes – Solid Beat Driven By Dupixent/ Price (29 Jul 26):$695.42

Eylea

Pharmaceuticals — Major &

REGN reported a meaningful 2Q beat with total revenues of $4.2bn (+$465mm vs Specialty

cons) and EPS of $14.29 (+$4.10 vs cons). The top line was driven primarily by Chris Schott, CFA AC

Dupixent ($367mm vs cons) although Eylea HD (+$67mm) and Libtayo (+ (1-212) 622-5676

$29mm) also came in ahead. christopher.t.schott@jpmorgan.com

Taylor Hanley

On Dupixent, the product continues to show strong volume growth and appears to (1-212) 622-0790

have benefitted from favorable gross to net adjustments in the qtr, resulting in US taylor.hanley@jpmchase.com

sales growth of 42%. And with REGN having now repaid its SNY development Ekaterina V Knyazkova, CFA

balance, the company’s collaboration revenues/overall profitability will step up (1-212) 622-9576

ekaterina.v.knyazkova@jpmchase.com

nicely starting in 3Q. On Eylea, sales were overall stronger than expected and we

Ethan Brown

await further color on the Eylea HD PFS approval timelines. (1-212) 622-4928

ethan.brown@jpmchase.com

Bigger picture, we see REGN’s core assets (Dupixent, Eylea, Libtayo) and cash on

Hardik Parikh, CFA

hand offering downside support near current levels but believe pipeline clarity/ (1 212) 622-2875

progress will be needed for shares to further re-rate from here. In addition, we see hardik.k.parikh@jpmorgan.com

REGN’s willingness to use its balance sheet to further build out its pipeline as well J.P. Morgan Securities LLC

as any updates on the potential for Sanofi collaboration on next-generation IL-4/