Regeneron Q3 Beats Estimates, Flags EYLEA Delay

Regeneron reported third-quarter revenue of $3.75 billion and GAAP net income of $1.46 billion ($13.62/share), with adjusted EPS of $11.83 that topped analyst estimates. Management said strong demand for Dupixent, EYLEA (including a push to a higher‑dose EYLEA HD) and Libtayo drove results, with EYLEA U.S. net sales of about $1.11 billion and Libtayo quarterly sales near $365 million. Executives highlighted regulatory and pipeline progress — including FDA approval of Libtayo in the adjuvant CSCC setting, positive late‑stage data in multiple indications, and recent launches of odronextamab and linvoseltamab. The company reported higher R&D and capital spending (about $5 billion year‑to‑date) while returning over $3 billion to shareholders through buybacks and dividends. Management and analysts said the EYLEA franchise is stable but that material growth depends on label and format extensions that could be delayed into 2026; shares ticked up after the results.