Regeneron executives struck an upbeat tone on an investor call Friday as the biotech posted a consensus-beating $5.1 billion in third quarter earnings and CEO Leonard Schleifer touted the company’s ‘disease agnostic’ pipeline and approach to business development.
Regeneron executives touted “record sales” for some of the big biotech’s key products, striking a tone of ascension as the company opened trading on Friday morning up more than 11% to around $913 per share.
RBC Capital Markets called the third quarter a “clean sweep” for Regeneron, with revenue of $5.1 billion coming in “well above” the expected $4.61–$4.65 billion. The haul was a 36% increase over Q3 2025, according to Regeneron’s press release.
Meanwhile, BMO Capital Markets called Q3 a “clean quarter” for Regeneron, with “beats across the board highlight improving commercial outlook.”
CEO Leonard Schleifer in a statement attributed the strong showing to “record net sales,” for Sanofi-partnered inflammatory blockbuster Dupixent as well as the high-dose eye medicine Eylea HD and cancer immunotherapy Libtayo.
Dupixent continued to be a superstar for Regeneron and partner Sanofi, recording a 35% year-over-year increase with $6.5 billion in global sales—the first time the biologic had cleared the $5 billion mark, Schleifer said on a Friday morning investor call. Meanwhile, U.S. sales of Eylea HD leapt 62% to $699 million and Libtayo more than doubled year-over-year to $550 million.
Looking forward, Regeneron highlighted key upcoming catalysts for what Schleifer dubbed the biotech’s “disease agnostic” R&D pipeline.
First up, Regeneron is anticipating an FDA decision for cemdisiran, a subcutaneous siRNA therapy targeting C5, in November. If approved, cemdisiran would be the first siRNA therapy for myasthenia gravis, Regeneron Chief Scientific Officer George Yancopoulos said on the call. It would also be the only treatment to offer quarterly subcutaneous dosing, Schleifer added.
A former neurologist who cared for “many patients” with myasthenia gravis, Schleifer said it is “particularly gratifying” to see his company bring forward a potential new treatment option in this space.
Schleifer and Yancopoulos also highlighted a recent presentation at the European Society for Medical Oncology (ESMO) meeting of four-year follow-up data from the Phase 3 C-POST trial studying Libtayo as an adjuvant treatment for patients with high-risk cutaneous squamous cell carcinoma. The PD-1 inhibitor showed a 37% reduction in the risk of death at a median of 44 months, up from 22% at a median follow up of 30 months, the company reported on Monday.
Libtayo was approved by the FDA in October 2025 as the first and only immunotherapy for this indication.
On the obesity front, Yancopoulos pointed to Phase 3 data from olatorepatide, the dual GLP-1/GIP receptor agonist that Regeneron licensed in June 2025 from the Chinese biopharma Hansoh Pharmaceuticals for close to $2 billion in biobucks. In the China-based Phase 3 trial, olatorepatide elicited an up to 19% reduction in body weight at 48 weeks, according to a March 9 press release. At the time, Regeneron planned to launch a global Phase 3 trial for the drug this year.
Addressing a question on Regeneron’s potential place in the obesity race, Yancopoulos said the company’s objective is “not to just compete commercially with the Me Too but to give our commercial group an agent that really makes a difference for patients,” citing the need for an option that can address the challenge of muscle loss seen with other drugs in the class.
The executives also touched on Regeneron’s recently updated partnership with Sanofi in which the French pharma fronted $1 billion to advance four long-acting, next-generation antibodies for immune-mediated conditions. Beyond the sizeable upfront payment, the new deal could bring in up to $7 billion more for Regeneron in development, regulatory and commercial milestones.
The renewal was seen as somewhat of a détente for what BMO Capital Markets on Oct. 1 called the “sometimes contentious” partnership. Just last year, Regeneron sued Sanofi, alleging that the French pharma did not provide “full access to material information” about Dupixent’s sales.
“We have a very good relationship right now with Sanofi. I think we’re back on a very strong track,” Schleifer said in response to an analyst question on the new collaboration.
New Sanofi CEO Belén Garijo “has been really clear cut in helping us frame that we want to continue to build on Dupixent for a long time,” Schleifer added. Garijo took the reins at Sanofi in April after former CEO Paul Hudson was let go two months earlier.
“This was an exceptional quarter by every measure,” Schleifer said. “Our three core growth brands are performing at record levels, and our expanded alliance with Sanofi positions us to lead the next era of type 2 inflammation medicines.”
In response to a question from TD Cowen analyst Tyler Van Buren on whether Regeneron would become “even more aggressive on the business development front than it was a year ago,” Schleifer said the company is “open to any and all opportunities at all stages.
“We love platforms if we can get platforms, but we have the firepower to do an advanced product or an early stage,” he said. “So we are sort of agnostic.”
