Regeneron reported adjusted fourth‐quarter earnings of $11.44 per share, a 5% year-over-year decline but well above the analyst consensus of $10.71. Revenue for the period climbed 3% to $3.88 billion, exceeding the consensus estimate of $3.79 billion. For fiscal 2026, the company projects GAAP gross margins of 79%–80% and adjusted gross margins of 83%–84%, with R&D expenses forecast at $5.9–$6.1 billion and non-GAAP SG&A spending of $2.5–$2.65 billion, underscoring management’s confidence in sustaining operating leverage through continued investment in its late-stage pipeline.

Following the earnings release, Raymond James upgraded its rating to Outperform and lifted its price target from $820 to $870, citing strong margin expansion potential and robust cash generation from Regeneron’s four blockbuster products. Other firms, including Jefferies and UBS, raised their targets by 5%–8% on expectations that the company’s new antibody launches and pipeline readouts will drive double-digit revenue growth over the next two years. Consensus estimates for 2026 revenue were revised upward by an average of 4%, signaling broad investor confidence in Regeneron’s product mix and R&D productivity.

At the upcoming Angiogenesis 2026 meeting, Regeneron will present 64-week data from the Phase 3 QUASAR trial in retinal vein occlusion (RVO), demonstrating that every-two-month dosing of EYLEA HD achieves noninferior vision gains to monthly aflibercept 2 mg with a 30% reduction in injection frequency. Full primary results from the Phase 3b ELARA trial will show that monthly EYLEA HD in wet AMD and diabetic macular edema cohorts delivered a mean +9.2-letter improvement in visual acuity over baseline and superior anatomic control versus prior anti-VEGF therapies. These data underpin recent FDA approvals and support the expectation of a meaningful shift toward extended-interval treatment regimens.