Regeneron reported adjusted fourth-quarter EPS of $11.44, down 5% year-over-year but surpassing consensus of $10.71, supported by sales of $3.88 billion, up 3% versus the prior year and ahead of the $3.79 billion street estimate. For fiscal 2026, the company projects GAAP gross margins of 79%–80% and non-GAAP gross margins of 83%–84%, with R&D spending guided between $5.9 billion and $6.1 billion and non-GAAP SG&A of $2.5 billion to $2.65 billion. CEO Dr. Leonard Schleifer highlighted the contribution of four blockbuster medicines and the late-stage pipeline as drivers of sustained financial strength.

Following the Q4 release, Raymond James upgraded Regeneron to an Outperform rating, lifting its price target from $820 to $870, citing confidence in the company’s strategic positioning and robust clinical pipeline. This upgrade contributes to a consensus shift, with other firms also raising targets by an average of 5% after modeling better-than-expected margins and pipeline milestones. The company’s market capitalization of approximately $76.6 billion and active trading volume underscore sustained investor interest in light of these revisions.

At the virtual Angiogenesis annual meeting on February 7, Regeneron is showcasing 64-week results from the Phase 3 QUASAR trial in retinal vein occlusion, which demonstrated the first every-two-month anti-VEGF dosing option following positive primary endpoints at week 36. Full primary data from the Phase 3b ELARA trial will also be presented, confirming that monthly dosing of EYLEA HD in wet AMD and DME patients yields improved visual acuity and anatomic control versus prior therapies. Safety analyses pooled from PULSAR, CANDELA, PHOTON and QUASAR trials confirm a consistent adverse event profile, with the most common reactions including cataract, conjunctival hemorrhage and elevated intraocular pressure.