Regeneron Beats on Dupixent, Eylea HD and Libtayo and Lines Up a Busy Catalyst Calendar
- Third-quarter revenue of about $5.1 billion beat consensus, driven by Dupixent (Sanofi-partnered, over $5 billion in a quarter for the first time), Eylea HD and Libtayo.
- An FDA decision on cemdisiran, a subcutaneous C5 siRNA for myasthenia gravis, is due in November, and a global Phase 3 for the GLP-1/GIP agonist olatorepatide is planned.
- Management says it is open to deals at any stage, with large cash reserves, and describes the Sanofi relationship as repaired after last year's dispute, now backed by a $1 billion upfront for four long-acting antibodies.
💡 Points Based on public reports
Dupixent royalties and profit share now carry Regeneron, so the Sanofi reset, with a large upfront and big milestones, matters as much as any single asset. It also locks in a partner that is itself shopping for deals. Olatorepatide is a late entry into obesity; the muscle-preservation angle is the only plausible way to stand out in a crowded class.
Regeneron achieves 'clean sweep' in Q3 with myriad pipeline catalysts on deck ↗