Regeneron Pharmaceuticals: Strong Qtr on Dupixent/Eylea, Watching for Sanofi Collab Developments

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Regeneron Pharmaceuticals: Strong Qtr on Dupixent/Eylea, Watching for Sanofi Collab Developments

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

30 July 2026

Regeneron Pharmaceuticals Overweight

REGN, REGN US

Strong Qtr on Dupixent/Eylea, Watching for Sanofi Price (29 Jul 26):$695.42

Collab Developments ▲Price Target (Dec-26):$900.00 Prior (Dec-26):$850.00

REGN reported a meaningful 2Q beat driven by strong results for Dupixent, Eylea

HD, and Libtayo. On the call, REGN also highlighted productive early discussions Pharmaceuticals — Major &

Specialtywith Sanofi on expanding the companies' collaboration as well as REGN's interest

in external biv dev oppties. From here, we are updating our model to reflect the Chris Schott, CFA AC

strength of the commercial business and now forecast FY26 sales of $17bn and (1-212) 622-5676

christopher.t.schott@jpmorgan.com

EPS of $54.69.

Taylor Hanley

Bigger picture, we see REGN’s core assets (Dupixent, Eylea, Libtayo) and cash on (1-212) 622-0790

taylor.hanley@jpmchase.com

hand offering downside support near current levels but believe pipeline clarity/

Ekaterina V Knyazkova, CFA

progress will be needed for shares to further re-rate from here. In addition, we see

(1-212) 622-9576

REGN’s willingness to use its balance sheet to further build out its pipeline/near- ekaterina.v.knyazkova@jpmchase.com

term launches (where there does appear to be mgmt appetite) as well as any updates Ethan Brown

on the potential for Sanofi collaboration on next-generation IL-4/IL-13 assets as (1-212) 622-4928

potential catalysts for shares. ethan.brown@jpmchase.com

Hardik Parikh, CFA

(1 212) 622-2875

• Eylea HD continues to ramp nicely ahead of potential PFS approval. hardik.k.parikh@jpmorgan.com