Investing.com -- Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) reported first-quarter results that exceeded analyst expectations, driven by strong growth in its collaboration with Sanofi on Dupixent.

The company posted adjusted earnings per share of $9.47, beating the analyst consensus of $8.97 by $0.50. Revenue reached $3.6 billion, up 19% YoY from $3.0 billion in the first quarter of 2025, and surpassing the analyst estimate of $3.48 billion. The stock rose 1.4% following the announcement.

Dupixent global net sales, recorded by Sanofi, surged 33% to $4.9 billion, contributing to a 36% increase in Sanofi collaboration revenue to $1.6 billion. However, combined U.S. net sales of EYLEA HD and EYLEA decreased 10% to $941 million. EYLEA HD sales grew 52% to $468 million, while legacy EYLEA sales fell 36% to $473 million due to competitive pressures and patient transition to EYLEA HD.

"In the first quarter of this year, we were able to achieve strong double-digit growth on both the top and bottom line while continuing to invest significant resources in our portfolio of nearly 50 product candidates in clinical development," said Leonard S. Schleifer, M.D., Ph.D., Board co-Chair, President and Chief Executive Officer.

The company's GAAP gross margin on net product sales declined to 76% from 81% in the prior-year quarter, primarily due to unabsorbed manufacturing costs and higher inventory write-offs resulting from a temporary production interruption at its Limerick, Ireland facility. The company resumed initial production in the second quarter but expects continued margin pressure until normal production levels return by the end of the second quarter.

Regeneron updated its full-year 2026 GAAP gross margin guidance to 77%-78% from 79%-80%, reflecting the manufacturing disruption impact. The company repurchased $803 million of common stock during the quarter and authorized a new $3.0 billion share repurchase program in April.