Regeneron Builds on Sanofi Partnership in Strong Q3 Earnings

Regeneron Pharmaceuticals reported strong Q3 earnings on 30 October 2026, with revenues increasing by 36% year-on-year to US$5.1bn.

The results mark the company's third consecutive quarter of double-digit growth in both revenue and non-GAAP earnings per share (EPS). The performance reflects increasing demand across its established medicines portfolio, alongside higher collaboration revenue from its longstanding partnership with Sanofi.

In October 2026, the two pharmaceutical companies agreed to renew and expand their global antibody collaboration, adding four next-generation, long-acting antibodies to their existing alliance.

Christopher Fenimore, Regeneron’s Chief Financial Officer, praised the company’s approach in a LinkedIn post discussing the results.

He writes: “What I'm proudest of is how it came together: focused execution across our teams, steady investment in our science and value delivered for stakeholders along the way.”

Core portfolio growth

Three of Regeneron's key medicines, Dupixent, EYLEA HD and Libtayo, achieved record quarterly net sales during the period, indicating the strength of its commercial portfolio.

Dupixent, which Regeneron co-developed with Sanofi, recorded global net sales of US$6.5bn, an increase of 35% compared with Q3 2025. The figures are recorded by Sanofi, with Regeneron receiving a share of the profits through its collaboration agreement.

Meanwhile, US net sales of EYLEA HD increased by 62% to US$699m, driven by higher sales volumes and growing demand. Global net sales of cancer immunotherapy Libtayo rose by 51% to US$550m, supported by increased demand in the US market.

Leonard Schleifer, President and CEO of Regeneron, described the performance as an “outstanding quarter for Regeneron with Dupixent, EYLEA HD, and Libtayo each achieving record net sales.”

Leonard also highlighted progress across several clinical programmes, including Phase 3 trials in multiple myeloma, lymphoma, anticoagulation and obesity, alongside encouraging early-stage data in metabolic dysfunction-associated steatohepatitis (MASH), postural orthostatic tachycardia syndrome (POTS) and ovarian cancer.

The company also benefited from an increase in collaboration revenue from Sanofi, which rose by 68% year-on-year to US$2.72bn. This was primarily driven by higher profits associated with Dupixent, alongside the repayment of the Sanofi Development Balance.

Regeneron and Sanofi expand antibody collaboration

The results come as Regeneron and Sanofi strengthen their longstanding relationship, expanding their global antibody alliance to include four additional long-acting antibodies invented by Regeneron.

Announced on 1 October 2026, the agreement builds on the companies' existing collaboration, which has helped establish Dupixent as a leading treatment for diseases, including eczema, asthma and chronic obstructive pulmonary disease (COPD).

The new programmes include a clinical-stage long-acting IL-13 antibody, REGN20423, a long-acting bispecific antibody targeting IL-4 and IL-13, and two additional preclinical antibody candidates. Collectively, the programmes are intended to advance the next generation of treatments for inflammatory and immunological conditions.

Under the expanded agreement, Regeneron received an upfront payment of US$1bn from Sanofi, with the potential to secure up to a further US$7bn through development, regulatory and sales-based milestones.

Commenting on the partnership at the time of the announcement, Sanofi CEO Belén Garijo highlighted the success of the long-standing partnership.

She writes: “What started 20 years ago as a bold bet has become one of the most productive partnerships in our industry. Together, we have transformed how we treat diseases driven by type 2 inflammation and built a world-leading immunology business in the process.”

The expanded partnership represents an important opportunity for both companies to build on the commercial success of Dupixent while developing longer-acting antibody treatments for a wider range of inflammatory diseases.

Pipeline progress and new approvals

Beyond its established portfolio and Sanofi collaboration, Regeneron continues to advance a broad clinical pipeline spanning oncology, immunology and other therapeutic areas.

The company highlighted progress across approximately 50 product candidates in clinical development, including several late-stage programmes.

Among the developments, Regeneron expects an FDA decision on cemdisiran for generalised myasthenia gravis in November 2026. 

It also reported positive developments for its oncology portfolio, including longer-term data demonstrating an increasing and clinically meaningful overall survival benefit for Libtayo when used as an adjuvant treatment for patients with cutaneous squamous cell carcinoma.

Another notable milestone was the FDA approval of Pasatru (garetosmab) in August 2026 for adults with fibrodysplasia ossificans progressiva (FOP), a rare condition characterised by abnormal bone formation in soft tissues. The company also reported positive 84-week Phase 3 results, demonstrating sustained efficacy in reducing new bone growth and disease flare-ups.

The developments illustrate Regeneron's strategy of combining commercial growth with continued investment in scientific innovation, as it looks to expand its reach across multiple therapeutic areas.

Regeneron - key partners

Sanofi

CEO: Belén Garijo | HQ: Paris, France

Sanofi is a global pharmaceutical company specialising in immunology, oncology, rare diseases and vaccines. Its longstanding partnership with Regeneron has produced Dupixent, a leading treatment for type 2 inflammatory diseases. The companies expanded their alliance in October 2026, adding four next-generation long-acting antibodies to their collaboration, with Regeneron receiving US$1bn upfront and potentially US$7bn in milestone payments.

Bayer

CEO: Bill Anderson | HQ: Leverkusen, Germany

Bayer is a global life sciences company operating across pharmaceuticals, consumer health and crop science. Its pharmaceutical business has a longstanding collaboration with Regeneron covering the development and commercialisation of EYLEA and EYLEA HD, treatments for retinal diseases. Bayer leads commercialisation outside the US, while the companies share development costs and profits from international sales.