Regeneron Q1 revenue jumps 19% to $3.6bn, GAAP net income down 10%
Regeneron posted GAAP Q1 net income down 10% to $727m while non-GAAP net income rose 12% to $1.04bn on 19% revenue growth. Total revenue climbed to $3.6bn driven by 33% Dupixent sales growth and a 52% jump in Eylea US sales, while R&D expenses increased 16% to $1.54bn.
1. Q1 Financial Results
Regeneron reported GAAP net income of $727m for the first quarter, down 10% from $809m a year earlier, while non-GAAP net income rose 12% to $1.04bn. GAAP diluted EPS stood at $6.75 and non-GAAP diluted EPS increased 15% year-on-year to $9.47.
2. Product Sales Performance
Total revenue grew 19% to $3.6bn, with net product sales up 8% to $1.53bn and collaboration revenue up 24% to $1.9bn. Dupixent global net sales rose 33% to $4.9bn, and Eylea HD US net sales jumped 52% to $468.4m, while other revenue more than doubled to $171.2m.
3. Expenses and Investments
Operating expenses climbed as Regeneron boosted investment in its pipeline: R&D expenses increased 16% to $1.54bn and IPR&D expenses rose to $101.9m from $12m. SG&A expenses were up 2% at $648m and cost of goods sold surged 40% to $373m.
4. Updated Guidance
Regeneron maintained its full-year R&D and SG&A spending targets but raised its GAAP gross margin guidance on net product sales to 79%–80% from 77%–78%. It also increased its 2026 capital expenditure forecast to $1.1bn–$1.3bn from $1.1bn–$1.2bn.