Regeneron Pharmaceuticals (REGN) stock soared 5.69% in pre-market trading on Thursday after the company reported second-quarter financial results that significantly exceeded Wall Street expectations.

The biotechnology firm posted adjusted earnings per share of $14.29, crushing the analyst consensus estimate of $10.26 by 39.28% and marking a 10.86% increase from $12.89 a year earlier. Revenue climbed 17% to $4.291 billion, easily topping the $3.816 billion forecast. The outperformance was fueled by strong demand for its key products, with Dupixent global net sales surging 38% to $6 billion and U.S. Eylea HD net sales jumping 52% to a record $596 million. Notably, the company had previously warned in an SEC filing that Q2 EPS would decline by approximately $1, making the actual beat even more dramatic and sparking rapid buying activity.

In addition to the earnings beat, Regeneron raised its 2026 GAAP gross margin guidance on net product sales to 78%-79% from 77%-78% and lowered its full-year capital expenditures forecast, further lifting investor sentiment.