Regeneron projects double-digit percentage growth in both revenue and adjusted earnings per share for fiscal 2026, reflecting confidence in its core franchises. Management guided to adjusted R&D investment of $5.9–$6.1 billion and non-GAAP SG&A expenses of $2.5–$2.65 billion, while targeting an adjusted gross margin of 83%–84%. These assumptions underpin a plan to lift full-year revenues by at least 10% and deliver mid-teens EPS growth, driven primarily by Dupixent expansion and moderating headwinds at Eylea.

Dupixent continued its rapid advance, with fourth-quarter collaboration revenues climbing more than 40% year-over-year, bolstered by new atopic dermatitis and asthma indications. The therapy’s patient support initiatives accelerated adoption, and ongoing late-stage trials in chronic obstructive pulmonary disease and eosinophilic esophagitis position Dupixent for sustained high-teens compound annual growth through 2028, significantly mitigating risks from post-exclusivity competition.

U.S. net sales of Eylea products declined 28% year-over-year to $1.08 billion in Q4, with $506 million from the higher-dose HD formulation and $577 million from the standard regimen. Competitive biosimilar pressure moderated in the quarter as patient assistance programs and anticipated label expansions for retinal vein occlusion began to slow market share erosion. Management expects the rate of decline to narrow to low-teens percentages by mid-2026.

Regeneron announced plans to invest $2 billion in a new bulk biologics manufacturing facility in Saratoga Springs, New York, creating 1,000 jobs and expanding capacity for both existing products and pipeline candidates. This follows more than $7 billion committed across domestic sites since 2023, underscoring the company’s focus on in-house production to optimize margins and ensure supply continuity as its portfolio scales.