What happened?

Shares of biotech company Regeneron (NASDAQ:REGN) jumped 11.5% in the afternoon session after the company reported a 36% increase in third-quarter 2026 revenue to $5.1 billion, alongside a 70% rise in non-GAAP diluted earnings per share to $20.07. 

According to a company press release, Regeneron reported record net sales for Dupixent, EYLEA HD, and Libtayo, and widened its alliance with Sanofi to encompass additional next-generation immunology antibodies. The company recognized its complete share of partnership profits following the full repayment of Sanofi's development balance. It also highlighted pipeline milestones, including an expected November regulatory decision from the U.S. Food and Drug Administration for cemdisiran in generalized myasthenia gravis. 

In addition, updated four-year Phase 3 trial data indicated that Libtayo reduced the risk of death by 37% in cutaneous squamous cell carcinoma.

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What is the market telling us

Regeneron’s shares are not very volatile and have only had 3 moves greater than 5% over the last year. Moves this big are rare for Regeneron and indicate this news significantly impacted the market’s perception of the business.

The previous big move we wrote about was 29 days ago when the stock dropped 4% on the news that the biotechnology company expanded its immunology alliance with Sanofi on terms that left economics for its blockbuster drug Dupixent untouched. Sanofi will pay Regeneron $1 billion upfront and up to $7 billion in development, regulatory, and commercial milestones for four next-generation, long-acting antibodies, the company said in a press release. The agreement settles prior litigation and calls for both drugmakers to equally split global development costs, commercialization expenses, and future profits, while leaving the existing Dupixent profit-sharing terms unchanged, the company added.

Regeneron is up 17.3% since the beginning of the year, and at $910.25 per share, it has set a new 52-week high. Investors who bought $1,000 worth of Regeneron’s shares 5 years ago would now be looking at an investment worth $1,424.

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