Regeneron Q1 GAAP Income Drops 10% as Non-GAAP EPS Jumps 15%
REGN•Regeneron reported GAAP net income of $727m in Q1 2026, down 10% year-over-year, while non-GAAP net income rose 12% to $1.04bn and non-GAAP EPS jumped 15% to $9.47. Total revenue climbed 19% to $3.6bn, driven by product sales up 8% to $1.53bn and collaboration revenue up 24% to $1.9bn.
1. Q1 Financial Results
Regeneron posted GAAP net income of $727m in Q1 2026, down 10% from $809m a year earlier, while non-GAAP net income increased 12% to $1.04bn and non-GAAP EPS rose 15% to $9.47 per share.
2. Revenue Breakdown
Total revenue climbed 19% to $3.6bn driven by product sales, which rose 8% to $1.53bn, and collaboration revenue, which advanced 24% to $1.9bn, while other revenue more than doubled to $171.2m.
3. Expense Trends
Operating investments grew as R&D spending increased 16% to $1.54bn, IPR&D expenses surged to $101.9m, SG&A costs rose 2% to $648m and cost of goods sold jumped 40% to $373m.
4. Guidance and Outlook
Regeneron maintained its full-year R&D and SG&A guidance, raised gross margin on net product sales to 79%-80% from 77%-78%, increased 2026 capital expenditure plans to $1.1bn-$1.3bn and struck a US government pricing agreement aimed at balancing drug prices overseas.
