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Regeneron Pharmaceuticals Inc (NASDAQ:REGN) shares fell more than 5.5% on Wednesday morning even as the drugmaker reported better-than-expected first-quarter results and announced a new share repurchase program worth up to $3 billion.
Revenue rose 19% year-over-year to $3.605 billion for the quarter ended March 31, while adjusted earnings came in at $9.47 per share, both topping Wall Street forecasts of $3.49 billion and $8.94 per share respectively, according to LSEG data cited by Reuters.
Regeneron recorded $1.6 billion in Sanofi collaboration revenue during the quarter, reflecting roughly 36% year-over-year growth, as global net sales of its asthma therapy Dupixent jumped approximately 33% year-over-year to $4.9 billion.
The company’s eye care therapy Eylea, marketed in partnership with Bayer, generated $1.7 billion in global revenue, though that figure marked a 12% decline from a year ago.
The standard version of the treatment brought in $869.3 million, a roughly 40% year-over-year drop amid competitive pressures. Its high-dose version, Eylea HD, offset some of that weakness, contributing $800.9 million on approximately 77% year-over-year growth as stronger uptake lifted sales volumes.
Gross margin on net product sales came in at 76%, down from 81% in the prior-year period, while GAAP net income per diluted share fell approximately 7% year-over-year to $6.75.
Regeneron left its 2026 outlook largely unchanged but trimmed its guidance for GAAP gross margin to a range of 77% to 78%, from a prior range of 79% to 80%.