Regeneron Q1 2026 net income falls 10% to $727m

Regeneron Pharmaceuticals reported GAAP net income of $727m for the first quarter of 2026, down 10% from $809m in Q1 2025. On a non-GAAP basis, net income rose 12% to $1.04bn. Total revenue increased 19% year-on-year to $3.6bn. Net product sales rose 8% to $1.53bn, while collaboration revenue advanced 24% to $1.9bn. Dupixent global net sales increased 33% to $4.9bn, and Eylea HD US net sales jumped 52% to $468.4m. Regeneron left its 2026 R&D and SG&A guidance unchanged but raised GAAP gross margin on net product sales to 79-80% from 77-78%.