Oct 30, 2026 earnings call — Record Dupixent sales and pipeline progress
Dupixent reached record $6.5 billion in Q3 net sales, up 35% year over year.
Revenue $5.1B (est $4.6B) · EPS $20.07 (est $16.51)
Key quotes
"Our 3 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 the initial data from 40 participants, a single dose was well tolerated and reduced liver fat by approximately 70% on average from baseline in just 12 weeks."
"An FDA decision is expected next month, and a European Commission decision is anticipated in the second half of 27."
Analyst Q&A 10
CIDEB results and differentiation
Q (Salveen Richter · Goldman Sachs): They asked to frame CIDEB clinical data against competitors and where Regeneron would position the asset, and what key differentiation points are.
A: Management said CIDEB targets a genetically validated pathway that directly protects the liver. They described unprecedented rapid and deep liver fat reductions of about 70% after a single dose and said the genetic data increases confidence in clinical benefits.
"These are really game changing results And, of course, highly supported with the genetics." — George D. Yancopoulos (PRESIDENT)
cemdisiran launch readiness
Q (Brian Abrahams · RBC): They asked about prelaunch activities for cemdisiran, lessons learned, target audience and expected uptake.
A: Management said launch preparations are well underway and they have a talented neurology team. They would not detail launch strategy now but said they are launch ready and look forward to the label and bringing cemdisiran to patients.
"I am not going to say a lot about launch strategy, but delighted to talk about it in the future." — Marion McCourt
STAT6 oral addition to alliance
Q (Akash Tewari · Jefferies): They asked if Regeneron would add STAT6 oral assets to the Sanofi alliance if they show efficacy similar to Dupixent.
A: Management said the alliance is open to opportunities but believes oral agents are a long way from matching Dupixent’s efficacy and safety. They noted injectables given once every few months could be more convenient than daily pills, and said there may be room for multiple treatment options.
"I think the oral agents are an interesting class, but they are a long way from giving the efficacy and safety that Dupixent pathway blockers would give." — Leonard S. Schleifer (CEO)
Business development stage preference
Q (Tyler Van Buren · TD Cowen): They asked if Regeneron will be more aggressive on business development and what development stage is ideal for acquisitions.
A: Management said they are agnostic on stage and open to opportunities at all stages, focusing on science and platforms. They said they have the resources to do early or advanced products and do not manage deals by filling a specific phase slot; internally they often prioritize internal opportunities when they compare favorably to externals.
"We are open to any and all opportunities at all stages." — Leonard S. Schleifer (CEO)
Four next-gen Dupixent programs
Q (UBS): They asked whether Regeneron needs only one of the four next-gen Dupixent programs to succeed or if different antibodies will be used for different indications.
A: Management said they have four assets because some may be better tailored for one setting versus another. They said the development plan anticipates using different assets for different settings.
"I think that 1 of the reasons that we have these 4 assets is that we can actually imagine, as you say, that some might be better tailored for 1 setting versus another setting." — George D. Yancopoulos (PRESIDENT)
AD competition: long-acting vs efficacy
Q (Tazeen Ahmad · BofA): They asked whether long-acting treatments will be sufficient to compete in AD or if improved efficacy over Dupixent will be needed.
A: Management said it is very hard to show efficacy over an established therapy like Dupixent and that few will match the combined experience of Sanofi and Regeneron. They also said some competitors use heavily engineered antibodies for long acting formats and that their naturally derived antibodies historically tend to perform well.
"showing efficacy over Dupixent reminds me of the number of people that have tried to show efficacy over EYLEA over the last 15 years." — Leonard S. Schleifer (CEO)
NASH mechanism and trials
Q (Barclays): They asked about the anti-fibrotic mechanism, relation to FGF21 class, whether genetics point to cirrhosis or F2/F3, and registrational strategy and target population.
A: Management said the pathway appears to protect against multiple aspects of liver disease beyond fat-driven disease and that the genetic profile is unique. They said early clinical data mirror the genetics, giving confidence, and that they are moving aggressively and will provide more details at the November 10 roundtable.
"So we feel that this mechanism may be getting at the heart and driving of many aspects of the liver disease that the world would like to be preventing and no other pathway has shown this sort of genetic protection profile." — George D. Yancopoulos (PRESIDENT)
Focus across many specialties
Q (Gregory Renza · Truist): They asked whether Regeneron’s breadth across specialties could hurt execution and how much they will invest in obesity resources like the 3,000-patient trial.
A: Management said they are concerned about this and are focused on making sure best-in-class opportunities are adequately developed and commercialized. They said they have experience across specialties and aim to deliver truly differentiated therapies rather than me-too products.
"How do we make sure that our best in class opportunities and drugs get adequately developed and compete well, both in the development as well as commercialization." — Leonard S. Schleifer (CEO)
Sanofi alliance intent vs Dupixent
Q (Evan Seigerman · BMO): They asked what unmet need the expanded Sanofi alliance is trying to solve beyond Dupixent and whether programs are lifecycle protection or replacement.
A: Management declined to unveil strategy on the call and said the alliance has interesting ideas they will discuss over time and in a better format with Sanofi. They deferred giving details during this Q&A.
"I do not think this is the format where we really want to unveil our strategy." — Leonard S. Schleifer (CEO)
PNH switching and patient stickiness
Q (Alexandria Hammond · Wolfe): They asked if replicating ATLAS-X1 efficacy vs Ultomiris and SOLIRIS would drive patient switching now and at steady state, and about patient stickiness nuances.
A: Management said early clinical results are exciting and compelling but additional differentiated data are needed. They said they will look forward to bringing the product and indication into the marketplace.
"I do think that the early clinical results have been very exciting and very compelling, but to the point we will have to see additional clinical data differentiation." — Marion McCourt