How will Regeneron grow?

Later this morning, Regeneron Pharmaceuticals will disclose its second-quarter earnings, and, because of the company’s partnerships with a pair of European pharma companies, we already know a bit about sales of its two biggest products.

What we don’t know is what the narrative will be. The Wall Street consensus is that Regeneron will report earnings of roughly $5 per share, which happens to be nearly identical to what it made in the second quarter of 2018.

Dupixent, the company’s treatment for a growing number of immunological diseases, brings in more money each quarter, but Regeneron, storied for its investment in research, spends more and more on science. If the company ends up reporting flat year-over-year earnings, investors are likely going to want to hear what the plan is for turning that commitment to R&D into actual profits.