0000872589-26-000023
SEC filingRegeneron Q2 2026营收增长17%，非GAAP EPS增长11%，Sanofi开发余额已清偿。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total Revenues | $4,291M | $3,676M | 17% |
| Gross Margin on Net Product Sales (GAAP) | 78% | 83% | -5pp |
| Gross Margin on Net Product Sales (Non-GAAP) | 87% | 86% | +1pp |
| Operating Income | $1,293.5M | $1,079.5M | 20% |
| Net Income (GAAP) | $1,297M | $1,392M | (7%) |
| Diluted EPS (GAAP) | $12.23 | $12.81 | (5%) |
| Non-GAAP Net Income | $1,543M | $1,424M | 8% |
| Non-GAAP Diluted EPS | $14.29 | $12.89 | 11% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | GAAP R&D | $6.500–$6.635B | GAAP |
| FY2026 | Non-GAAP R&D | $5.950–$6.050B | Non-GAAP |
| FY2026 | GAAP SG&A | $2.830–$2.960B | GAAP |
| FY2026 | Non-GAAP SG&A | $2.500–$2.600B | Non-GAAP |
| FY2026 | GAAP Gross Margin on Net Product Sales | 78%–79% | GAAP |
| FY2026 | Non-GAAP Gross Margin on Net Product Sales | 84%–85% | Non-GAAP |
| FY2026 | GAAP COCM | $985M–$1.035B | GAAP |
| FY2026 | Non-GAAP COCM | $970M–$1.020B | Non-GAAP |
| FY2026 | Capital Expenditures | $1.030–$1.100B | N/A |
| FY2026 | GAAP Effective Tax Rate | 13%–14% | GAAP |
| FY2026 | Non-GAAP Effective Tax Rate | 14%–15% | Non-GAAP |
简评
Regeneron 二季度营收同比增长17%至$4.3B，非GAAP EPS增长11%，连续第二个季度实现双位数增长。核心驱动为Dupixent全球净销售额（由Sanofi入账）同比增长38%至$6.0B，以及EYLEA HD美国净销售额增长52%至$596M。Sanofi合作收入同比增长51%至$2,174M，主要因抗体商业化利润份额从$1,282M增至$2,033M。GAAP净利同比下降7%，主因GAAP有效税率从8.4%升至15.1%（去年同期释放IRS审计相关的未确认税收利益），以及IPR&D费用$127M的负面影响。
利润率方面，GAAP毛利率从83%降至78%，主因Limerick工厂生产中断导致的未吸收制造成本；非GAAP毛利率则从86%微升至87%。管理层强调，Sanofi开发余额已于二季度末全额清偿，将从三季度起显著提升合作利润。资本返还方面，上半年回购$2.0B股票，并宣布每股$0.94股息。2026年指引中，GAAP R&D和毛利率区间均获上调，反映公司对管线投入和运营效率的信心。风险方面，EYLEA美国净销售额同比下滑45%，竞争压力和患者向EYLEA HD转移的趋势持续。