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Regeneron

REGN · Nasdaq

Partner profit shares now outweigh Regeneron's own sales

Collaboration revenue rose 52.4% to $3.0B, 58.7% of revenue against 35.3% for net product sales, as Dupixent grew and the Sanofi repayment deductions ended.

Q3 FY2026, the quarter to Sep 30, 2026 · 10-Q filed Oct 30, 2026

Q3 FY2026 · revenue
$5.1B+68.9% on the year
Operating margin
40.0%
Net income
$1.9B
Free cash flow, quarter
$1.5B

Largest source of revenue: Collaboration revenue, 58.7% of the total.

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Where Regeneron's money goes

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Key insights · Q3 FY2026
  1. 01

    Partner profit shares now outweigh Regeneron's own sales

    Collaboration revenue rose 52.4% to $3.0B, 58.7% of revenue against 35.3% for net product sales, as Dupixent grew and the Sanofi repayment deductions ended.

    Why it matters

    Collaboration revenue was $3.0B against $1.97B a year earlier, 58.7% of the quarter's $5.1B revenue and 6.2 points more of the total. Net product sales, the medicines Regeneron sells itself, rose 13.7% to $1.8B and fell 7.0 points to 35.3% of revenue. Most of the collaboration line is Regeneron's share of profits on Dupixent and Kevzara, sales that Sanofi records as its own.1

    The filing names two causes: higher Dupixent sales, and "the full repayment of the Sanofi development balance" by the end of the second quarter. That balance was Regeneron's obligation to repay development costs Sanofi had funded, deducted from its profit share until cleared. With it gone, the full share reaches revenue. Bayer collaboration revenue moved the other way, with lower EYLEA sales outside the US.1

    AnalysisPart of the jump is a one-time step rather than a trend. Once the quarters after the repayment are lapped, growth in this line rests on Dupixent's own sales. The larger point is structural: most of Regeneron's revenue is now its cut of a product whose sales sit on another company's income statement.

  2. 02

    Operating income nearly doubled while costs rose 12.5%

    Operating income rose 99.5% to $2.05B, 57.2% of last year's full-year operating income, because most added revenue arrived without matching cost.

    Why it matters

    Total expenses rose 12.5% to $3.07B against revenue growth of 36.3%, so operating income climbed to $2.05B from $1.03B and operating margin widened 12.7 points to 40.0%. This one quarter's operating income equals 57.2% of the $3.58B the company earned from operations in all of the last full year.1

    Research and development rose to $1.79B from $1.48B, yet fell to 35.1% of revenue from 39.3%. Selling, general and administrative cost was nearly flat at $677.8M against $657.8M, falling to 13.2% of revenue from 17.5%. The filing records Sanofi's reimbursement of shared commercial costs as a reduction of that line.1

    AnalysisThe leverage comes from where the new revenue arrived. A profit share is booked after the partner's own selling costs, so when it grows, little new expense follows it onto Regeneron's statement. That makes the margin sensitive to the same things as the revenue: Dupixent's sales and the terms of the Sanofi agreement.

  3. 03

    Earnings now come from operations, not portfolio gains

    A year ago net income was 142.2% of operating income, lifted by securities gains; this quarter it is 95.1%.

    Why it matters

    Total other income fell 68.0% to $235.9M from $736.5M, and the filing's breakdown attributes the drop to smaller gains on marketable and other securities. A year ago other income equalled 71.7% of operating income; this quarter it was 11.5%. Net income therefore rose 33.5% to $1.95B, far less than operating income's 99.5% rise, and net margin slipped 0.8 points to 38.1%.1

    The same pattern ran through the last full year, when net income of $4.50B was 125.9% of operating income of $3.58B. This quarter the effective tax rate eased to 14.7% from 17.2%, and unrealized losses of $160.8M on debt securities pulled comprehensive income to $1.79B, below net income.1

    AnalysisOperating income is the cleaner read of the business, and it is now carrying the result rather than the investment book. The gap between the two lines still depends on markets the company does not control, so a strong securities quarter can again lift net income above what operations earned.

Sources

  1. 1.Regeneron 10-Q for the period to 2026-09-30 (the filing), Oct 30, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $238.5M in FY2008 to $14.3B in FY2025, the operating margin from -36.2% to 24.9%, over 17 years.

  • Revenue$14.3B
  • Operating income$3.6B
  • Operating margin24.9%
Period
Q3 FY2026
Revenue
$5.1B
Operating income
$2.0B
Operating margin
40.0%
Net income
$1.9B
Free cash flow
$1.5B
Business performance

Does the profit turn into cash?

Q3 FY2026: free cash flow of $1.5B against net income of $1.9B in the quarter.

  • Operating cash flow$5.0B
  • Capital expenditure$898.4M
  • Free cash flow$4.1B
  • Net income$4.5B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

Revenue streams

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited). The filing restates this breakdown for 1 period.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
Not reported
the company reports expenses by nature: no cost of revenue or gross profit line exists
Operating margin
40.0%
Source10-Q, Derived from Income from operations and Revenues in the 10-Q filed 2026-10-30
Net margin
38.1%
Source10-Q, Derived from Net income and Revenues in the 10-Q filed 2026-10-30
Free cash flow, quarter
$1.5B
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-30
Free cash flow margin, quarter
29.0%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-30
Cash conversion, quarter
0.92x
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-30
Capital spending, quarter
5.9%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-30
Revenue growth
+68.9%
From the record's own history, against the prior year.

Not reported, or not derivable

  • gross margin: the company reports expenses by nature: no cost of revenue or gross profit line exists

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Revenue streams

Collaboration revenue$3.0B58.7%
Net product sales$1.8B35.3%
Other revenue$310.0M6.1%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-10-30

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by nature: what they are (food, labor, occupancy, personnel, marketing), not what they were for, so there is no cost-of-revenue line and no gross profit.

Cost lineQ3 FY2026Of revenueSource
Total Expenses$3.1B60.0%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-10-30
Income from operations$2.0B40.0%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-10-30

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

Largest customer (Customer A) share of gross product revenue
48.0%
As of Sep 30, 2026
View source
Customer A 48 % 49 % 46 % 51 %
Second customer (Customer B) share of gross product revenue
30.0%
As of Sep 30, 2026
View source
Customer B 30 % 30 % 31 % 26 %

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement26 lines, as presented in the 10-Q
LineQ3 FY2026A year earlierChangeOf revenueSource
Revenues:
Revenues$5.12B$3.75B+36%100%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-10-30
Net product sales$1.81B$1.59B+14%35.3%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:ProductMember], as reported in the 10-Q filed 2026-10-30
Collaboration revenue$3.00B$1.97B+52%58.7%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [regn:CollaborationRevenueMember], as reported in the 10-Q filed 2026-10-30
Other revenue$310.0M$198.2M+56%6.1%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:ProductAndServiceOtherMember], as reported in the 10-Q filed 2026-10-30
Expenses:
Research and development$1.79B$1.48B+22%35.1%Source10-Q, us-gaap:ResearchAndDevelopmentExpense, as reported in the 10-Q filed 2026-10-30
Acquired in-process research and development$21.5M$83.1M-74%0.4%Source10-Q, regn:AcquiredInProcessResearchAndDevelopment, as reported in the 10-Q filed 2026-10-30
Selling, general, and administrative$677.8M$657.8M+3.0%13.2%Source10-Q, us-gaap:SellingGeneralAndAdministrativeExpense, as reported in the 10-Q filed 2026-10-30
Net product sales$321.7M$281.0M+14%6.3%Source10-Q, us-gaap:CostOfGoodsAndServicesSold [us-gaap:ProductMember], as reported in the 10-Q filed 2026-10-30
Cost of collaboration and contract manufacturing$251.9M$240.6M+4.7%4.9%Source10-Q, us-gaap:CostOfGoodsAndServicesSold [regn:CollaborationandContractManufacturingMember], as reported in the 10-Q filed 2026-10-30
Other operating (income) expense, net (shown as a deduction)($0)$10.0M0.0%Source10-Q, us-gaap:OtherOperatingIncomeExpenseNet, as reported in the 10-Q filed 2026-10-30
Total Expenses$3.07B$2.73B+12%60.0%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-10-30
Statements of Operations
Income from operations$2.05B$1.03B+99%40.0%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-10-30
Other income (expense):
Other income (expense), net$246.5M$755.8M-67%4.8%Source10-Q, us-gaap:OtherNonoperatingIncomeExpense, as reported in the 10-Q filed 2026-10-30
Interest expense (shown as a deduction)($10.6M)$19.3M-45%0.2%Source10-Q, us-gaap:InterestExpenseNonoperating, as reported in the 10-Q filed 2026-10-30
Total other income (expense)$235.9M$736.5M-68%4.6%Source10-Q, us-gaap:NonoperatingIncomeExpense, as reported in the 10-Q filed 2026-10-30
Statements of Operations
Income before income taxes$2.28B$1.76B+30%44.6%Source10-Q, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, as reported in the 10-Q filed 2026-10-30
Income tax expense$335.4M$303.3M+11%6.6%Source10-Q, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-Q filed 2026-10-30
Net income$1.95B$1.46B+33%38.1%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-10-30
Net income per share - basic (in dollars per share)$19$14+36%0.0%Source10-Q, us-gaap:EarningsPerShareBasic, as reported in the 10-Q filed 2026-10-30
Net income per share - diluted (in dollars per share)$18$14+35%0.0%Source10-Q, us-gaap:EarningsPerShareDiluted, as reported in the 10-Q filed 2026-10-30
Weighted average shares outstanding - basic (in shares)101,700,000103,600,000-1.8%Source10-Q, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-Q filed 2026-10-30
Weighted average shares outstanding - diluted (in shares)105,600,000107,200,000-1.5%Source10-Q, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-Q filed 2026-10-30
Statements of Comprehensive Income
Net income$1.95B$1.46B+33%38.1%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-10-30
Other comprehensive income (loss), net of tax:
Unrealized (loss) gain on debt securities-$160.8M$15.7M3.1%Source10-Q, us-gaap:OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax, as reported in the 10-Q filed 2026-10-30
(Loss) gain on foreign currency translation-$900.0K$800.0K0.0%Source10-Q, us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent, as reported in the 10-Q filed 2026-10-30
Statements of Comprehensive Income
Comprehensive income$1.79B$1.48B+21%34.9%Source10-Q, us-gaap:ComprehensiveIncomeNetOfTax, as reported in the 10-Q filed 2026-10-30
Cash flow statement2 lines, as presented in the 10-Q

Year to date, as a quarterly filing reports it.

LineQ3 FY2026A year earlierChangeSource
Cash flows from operating activities:
Net income$1.95B$1.46B+33%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-10-30
Statement of Cash Flows
Cash, cash equivalents, and restricted cash at end of period$3.67B$2.51B+46%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-10-30
Balance sheet31 lines, as presented in the 10-Q
LineQ3 FY2026A year earlierChangeSource
Current assets:
Cash and cash equivalents$3.66B$2.51B+46%Source10-Q, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-10-30
Marketable securities$5.64BSource10-Q, us-gaap:MarketableSecuritiesCurrent, as reported in the 10-Q filed 2026-10-30
Accounts receivable, net$7.58BSource10-Q, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-Q filed 2026-10-30
Inventories$2.89BSource10-Q, us-gaap:InventoryNet, as reported in the 10-Q filed 2026-10-30
Prepaid expenses and other current assets$1.02BSource10-Q, us-gaap:PrepaidExpenseAndOtherAssetsCurrent, as reported in the 10-Q filed 2026-10-30
Total current assets$20.80BSource10-Q, us-gaap:AssetsCurrent, as reported in the 10-Q filed 2026-10-30
Assets
Marketable securities$9.56BSource10-Q, us-gaap:MarketableSecuritiesNoncurrent, as reported in the 10-Q filed 2026-10-30
Property, plant, and equipment, net$5.73BSource10-Q, us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization, as reported in the 10-Q filed 2026-10-30
Intangible assets, net$1.32BSource10-Q, us-gaap:IntangibleAssetsNetExcludingGoodwill, as reported in the 10-Q filed 2026-10-30
Deferred tax assets$4.54BSource10-Q, us-gaap:DeferredIncomeTaxAssetsNet, as reported in the 10-Q filed 2026-10-30
Other noncurrent assets$2.47BSource10-Q, us-gaap:OtherAssetsNoncurrent, as reported in the 10-Q filed 2026-10-30
Total assets$44.41BSource10-Q, us-gaap:Assets, as reported in the 10-Q filed 2026-10-30
Current liabilities:
Accounts payable$1.14BSource10-Q, us-gaap:AccountsPayableCurrent, as reported in the 10-Q filed 2026-10-30
Accrued expenses and other current liabilities$3.59BSource10-Q, us-gaap:AccruedLiabilitiesAndOtherLiabilities, as reported in the 10-Q filed 2026-10-30
Finance lease liabilities$720.0MSource10-Q, us-gaap:FinanceLeaseLiabilityCurrent, as reported in the 10-Q filed 2026-10-30
Deferred revenue$749.8MSource10-Q, us-gaap:ContractWithCustomerLiabilityCurrent, as reported in the 10-Q filed 2026-10-30
Total current liabilities$6.20BSource10-Q, us-gaap:LiabilitiesCurrent, as reported in the 10-Q filed 2026-10-30
Liabilities and stockholders' equity
Long-term debt$1.99BSource10-Q, us-gaap:LongTermDebtNoncurrent, as reported in the 10-Q filed 2026-10-30
Finance lease liabilities$0Source10-Q, us-gaap:FinanceLeaseLiabilityNoncurrent, as reported in the 10-Q filed 2026-10-30
Deferred revenue$220.2MSource10-Q, us-gaap:ContractWithCustomerLiabilityNoncurrent, as reported in the 10-Q filed 2026-10-30
Other noncurrent liabilities$2.50BSource10-Q, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-10-30
Total liabilities$10.91BSource10-Q, us-gaap:Liabilities, as reported in the 10-Q filed 2026-10-30
Stockholders' equity:
Preferred Stock, par value $.01 per share; 30.0 shares authorized; shares issued and outstanding - none$0Source10-Q, us-gaap:PreferredStockValue, as reported in the 10-Q filed 2026-10-30
Class A Stock$0Source10-Q, us-gaap:CommonStockValue [us-gaap:CommonClassAMember], as reported in the 10-Q filed 2026-10-30
Common Stock$100.0KSource10-Q, us-gaap:CommonStockValue [us-gaap:CommonStockMember], as reported in the 10-Q filed 2026-10-30
Additional paid-in capital$15.17BSource10-Q, us-gaap:AdditionalPaidInCapital, as reported in the 10-Q filed 2026-10-30
Retained earnings$39.47BSource10-Q, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-Q filed 2026-10-30
Accumulated other comprehensive (loss) income-$197.5MSource10-Q, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 10-Q filed 2026-10-30
Treasury Stock, at cost; 36.9 shares in 2026 and 33.7 shares in 2025 (shown as a deduction)($20.95B)Source10-Q, us-gaap:TreasuryStockCommonValue, as reported in the 10-Q filed 2026-10-30
Total stockholders' equity$33.50B$30.96B+8.2%Source10-Q, us-gaap:StockholdersEquity, as reported in the 10-Q filed 2026-10-30
Liabilities and stockholders' equity
Total liabilities and stockholders' equity$44.41BSource10-Q, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-Q filed 2026-10-30

About this data

Source
Regeneron 10-Q, accession 0000872589-26-000034, filed Oct 30, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds Regeneron's model up, and what could bend it

Competitive edge

  • One antibody engine feeds every product line

    Research and development of $1.79B is 35.1% of revenue against 13.2% for selling, general and administrative cost, the spending profile of an inventor rather than a seller.

    The detail

    Regeneron's core is VelocImmune and the wider VelociSuite technologies, which generate fully human antibodies repeatedly. Approved products span eye disease, immunology, cancer, cardiovascular and rare diseases. Research and development was $1.79B, 58.5% of total expenses of $3.07B and 87.6% of operating income; selling, general and administrative cost was $677.8M.1

    AnalysisThe advantage holds because partners pay for access to what the engine produces: Sanofi funded development and sells Dupixent, Bayer sells EYLEA abroad. Each new antibody draws on the same platform, so the fixed cost of discovery is spread across many programs. The caveat is that output is uneven, with late-stage misses this year alongside new approvals.

  • Partners supply the global sales force

    Sanofi and Bayer sell much of Regeneron's portfolio abroad, so selling, general and administrative cost fell to 13.2% of revenue from 17.5%.

    The detail

    Sanofi records global Dupixent and Kevzara sales and leads payor negotiations; Regeneron is reimbursed for shared commercial costs, which the filing classifies as a reduction of selling, general and administrative expense. Bayer sells EYLEA HD and EYLEA outside the US and the two split those profits equally. That cost line was $677.8M against $657.8M a year earlier while revenue rose 36.3%.1

    AnalysisRegeneron gets worldwide reach without building a worldwide field force, and pays for it with part of the margin and with control over pricing and the customer relationship outside the US. The trade suits a company whose scarce resource is discovery rather than distribution.

  • EYLEA HD moves patients before copies arrive

    Regeneron is shifting patients to a higher-dose version that copies of the original do not replicate, and HD volumes are rising.

    The detail

    The filing says EYLEA HD sales rose on "higher sales volumes, partly offset by a lower net selling price", while EYLEA fell on "continued competitive pressures" and the move of patients to EYLEA HD. Net product sales overall rose 13.7% to $1.8B.1

    AnalysisHD allows longer gaps between injections, and the company is adding indications, longer dosing intervals and a pre-filled syringe. A patient on HD is one a cheaper biosimilar of the original product does not win on price alone. The edge depends on retina specialists continuing to choose HD, and the lower net price shows the defence has a cost.

What to watch

  • Three medicines carry most of the business

    The filing calls Regeneron substantially dependent on EYLEA HD, EYLEA and Dupixent, while EYLEA faces launched biosimilars and patent challenges.

    The detail

    EYLEA's US regulatory exclusivity has expired, several biosimilars are approved and some have launched, and more are expected; competition abroad cuts into what Regeneron earns from Bayer. Patents covering EYLEA and EYLEA HD are under challenge in the US and Europe. Net product sales grew 13.7% against revenue growth of 36.3%, and fell to 35.3% of revenue.1

    AnalysisDupixent's growth currently masks the erosion on the eye side, because the two show up in different lines. Rising research spending is the company's answer: a bet that the pipeline produces launches large enough to register in product sales before EYLEA's decline runs further.

  • A partner books the product that drives growth

    Collaboration revenue is 58.7% of revenue, and Sanofi, not Regeneron, records Dupixent sales and leads its payor negotiations.

    The detail

    The filing says Regeneron relies on Sanofi and Bayer to sell some of its largest products and has limited commercial capability outside the US. Bayer can end its agreement on advance notice. On its own sales, buyers are concentrated: the largest customer took 48% of gross product revenue in the quarter and the second 30%, against 49% and 30% a year earlier.1

    AnalysisLosing either partner would leave Regeneron to build or buy sales capacity abroad, and any change in Sanofi's execution on Dupixent reaches Regeneron's revenue directly. The dependency deepened this quarter as partner revenue gained share against the company's own sales.

  • Government pricing deals point to lower prices

    The filing says agreements with the US government will likely reduce prices for certain products, and its tariff exemption depends on US investment.

    The detail

    The agreements commit Regeneron to most-favored-nation prices for certain wholly owned products in Medicaid and for some future launches, and the Inflation Reduction Act lets Medicare set prices for selected drugs. Payors and pharmacy benefit managers demand rebates, prior authorization and step therapy. The exemption from tariffs under the Commerce Department's investigation depends on keeping commitments to invest in US manufacturing and research.1

    Capital spending was $300.2M in the quarter against $201.4M a year earlier. Over the full years shown, it rose to $898.4M in the last full year from $383.1M in the earliest.1

    AnalysisSo far the pricing pressure shows only at the edge, in a lower net price for EYLEA HD. How much of the government agreements and Medicare negotiation reaches each product line is not yet visible in these figures, and the US investment commitments are a standing claim on cash for as long as the exemption is wanted.

Sources

  1. 1.Regeneron 10-Q for the period to 2026-09-30 (the filing), Oct 30, 2026, read Nov 2, 2026
Go deeper

Regeneron, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What Regeneron's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • What Dupixent has to do once the repayment step is lapped

    Which part of this quarter's collaboration growth repeats and which does not, and what the profit share needs from Dupixent to hold the new level of operating income.

  • Can EYLEA HD outgrow the biosimilars?

    The volume and price trade-off inside Regeneron's own product sales, and the conditions under which the eye franchise steadies or keeps shrinking.

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Questions to start with
  • How much of Regeneron's 52.4% rise in collaboration revenue came from ending the Sanofi development balance repayments?
  • Why did Regeneron's net income rise only 33.5% when its operating income rose 99.5% this quarter?
  • How could Regeneron's most-favored-nation pricing agreements affect EYLEA HD and its other wholly owned products?

Business Lens describes Regeneron from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.