Regeneron Pharmaceuticals Inc. (REGN) Q3 2026 (USD) Adj. EPS 20.07 (exp. 16.19), Revenue 5.1bln (exp. 4.56bln); Sees FY outlook for capex of USD 1.05 - 1.1bln

• Dupixent global net sales (recorded by Sanofi) increased 35% to USD 6.5bln.
• EYLEA HD U.S. net sales increased 62% to USD 699mln.
• Libtayo global net sales increased 51% to USD 550mln.

A beat on both the adjusted line and the top line, with the detail doing the work: the franchise picture is the usual Regeneron split between a maturing ophthalmology book and the partnered growth engine. The transition from legacy EYLEA to the high-dose formulation has been the central question for the name since biosimilar and rival competition began eroding the original product; a strong HD ramp is the established tell that the switch is holding share, and beats driven by it have historically been received better than beats driven by cost lines. Dupixent, booked by Sanofi with Regeneron sharing profits, remains the larger swing factor on the profit line, so its growth rate matters more to consensus revisions than the company's own recorded revenue. Libtayo's trajectory speaks to whether the oncology franchise is becoming a third leg, a theme that has tended to drive the multiple debate rather than near-term numbers. Capex guidance of this kind is typically a secondary line for a large-cap biotech and rarely moves the print reaction. Follow-ons are the call commentary on EYLEA franchise erosion net of HD conversion, any formal guidance update, and Sanofi's read on the Dupixent ramp, which on past occasions has refined the street's profit-share math.