Regeneron reported adjusted earnings per share of $11.44 for Q4, a 5% year-over-year decline that nevertheless surpassed the consensus estimate of $10.71. Revenue rose 3% to $3.88 billion, topping the $3.79 billion forecast. Management outlined expectations for 2026 GAAP gross margins of 79%–80% and adjusted gross margins of 83%–84%. The company plans adjusted R&D spending of $5.9–$6.1 billion and non-GAAP SG&A expenses between $2.5 billion and $2.65 billion, reflecting continued investment in its late-stage pipeline while maintaining operational efficiency. CEO Leonard Schleifer highlighted the strength of four established blockbuster medicines as the bedrock of current performance and pointed to a robust clinical portfolio to drive future growth.

Following the strong Q4 results and detailed 2026 outlook, Raymond James raised its rating on Regeneron to Outperform and increased its price target from $820 to $870. The upgrade underscores confidence in the company’s ability to leverage its ophthalmology and immunology franchises, including recent FDA approval of EYLEA HD for retinal vein occlusion. With a market capitalization north of $76 billion and active late-stage programs in oncology and rare diseases, analysts view the revised target as justified by durable cash flow generation and diversified growth drivers.