REGENERON $REGN Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $5.1B (Est. $4.54B) 🟢; +36% YoY 🔹 Adj. EPS: $20.07 (Est. $16.24) 🟢; +70% YoY 🔹 Dupixent Global Net Sales: $6.5B; +35% YoY 🔹 EYLEA HD U.S. Net Sales: $699M; +62% YoY FY26 Guide: 🔹 Non-GAAP R&D: $6.05B-$6.15B; from $5.95B-$6.05B 🔹 Non-GAAP SG&A: $2.4B-$2.5B; from $2.5B-$2.6B 🔹 Non-GAAP Gross Margin: 86%; from 84%-85% 🔹 Capital Expenditures: $1.05B-$1.10B; from $1.03B-$1.10B Product Net Sales: 🔹 Dupixent (Global): $6.5B; +35% YoY 🔹 EYLEA HD - U.S.: $699M; +62% YoY 🔹 EYLEA - U.S.: $400M; -41% YoY 🔹 Libtayo - Global: $550M; +51% YoY 🔹 Sanofi Collab. Revenue: $2.72B; +68% YoY Other Q3 Metrics: 🔹 Non-GAAP Gross Margin: 86%; flat YoY 🔹 Non-GAAP ETR: 15%; +190 bps YoY Capital Return: 🔹 Buybacks: $2.3B 🔹 Remaining Authorization: $2.2B 🔹 Dividend: $0.94/share Key Updates: 🔹 Sanofi Collaboration: $1.0B up-front; up to $7.0B in future milestones 🔹 Pasatru: FDA approved for FOP Comments: 🔸 “This was an outstanding quarter for Regeneron, with Dupixent, EYLEA HD, and Libtayo each achieving record net sales” 🔸 “Finally, we expanded our alliance with Sanofi to include four Regeneron-invented, next-generation, long-acting antibodies designed to build on the success of Dupixent.”

Regency-era novelist Maria Edgeworth was famous for including economic concepts into her novels, including the idea of productive labor. Her works were ahead of her time and enormously influential, yet her name is hardly ever mentioned in the history of economics. On this episode of the Odd Lots podcast, @jeannasmialek tells @TheStalwart and @tracyalloway why she thinks Edgeworth's name needs to be placed back in the pantheon of economic history. Listen at or watch at

REGENT Demo Day was epic!! We got 600 of our closest friends, investors, customers, partners, suppliers, and state and federal leaders to come out to @regentcraft HQ in RI, we put them on a couple ferries, and we showed off the best of REGENT with live on-water flight demos and amazing programming. Couldnt have asked for a better audience or a better way to cut the ribbon on our Seaglider manufacturing facility and celebrate our $240M Series B. Still buzzing from the energy in the room - thank you to everyone who came out. Time to put that capital to work - onwards to production!