Regeneron Pharmaceuticals Inc at BMO Capital Markets Prescription for Success Healthcare Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : Obviously, the drug has been a huge success, but as we kind of continually hear, it seems like it's sort of relatively in the early innings. So I'd love to hear, from your perspective, where are we today versus your long-term goals for the drug? How should we be thinking about remaining runway in the U.S.? And while it's more Sanofi domain than yours, I'd be curious your perspective on the ex U.S. sort of trajectory and runway as well?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : And obviously, Sanofi made a good amount of headlines when they put forward their goal of the greater than EUR 10 billion peak sale for DUPIXENT. And how should we -- there's a lot of label expansion going on here. Obviously, the precise mix will -- is sort of unknowable. But broadly speaking, how should we be thinking about contribution from existing lines of business versus some of these newer expansion opportunities? And then sort of we will get the COPD after that. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 23, 2020 / 2:00PM, REGN - Regeneron Pharmaceuticals Inc at BMO Capital Markets Prescription for Success Healthcare Conference (Virtual)

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : Sure. And at the DUPIXENT event that Sanofi hosted, there was a lot of questions around COPD. It's been sort of characterized as a high-risk, high-reward opportunity. So I guess maybe first, where do you see the greatest risk in this -- or greatest level of uncertainty in this indication? And maybe more broadly, how do you think about the clinical bar here and the broader competitive landscape? Where do you see -- how do you see DUPI fitting in? Where is it going to be? What is the value add that it brings in this large and pretty competitive market?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : Justin, can you hear me? Justin?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : Do you hear me, Justin?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : All right. I hear you loud and clear.

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : I see you as well.

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : And obviously, you won't be able to tell me anything about the interim. But how should we think about the context of that interim vis-a-vis the profile goal that you just described?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : All right. And so on Friday, you had the -- you announced the 300-milligram auto-injector was approved. Just tell us, remind us a little bit about what you think that brings to the table from a competitive positioning perspective. And also, what's left to do? And when we should think about -- anything you can say about timing in regard to the 200-milligram?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : And to that point, with all the label expansion work that's going on, the continued growth of the product, obviously, the profitability has been great. How much of the cost base is in place now for DUPIXENT vis-a-vis where you're ultimately hoping to go? In other words, how much more field force, for example, do you need as the label grows? How should we just -- where -- how close are we to reaching that nice leverage, operating margin leverage inflection point that we all dream about?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : And we've been talking about sort of rightsizing PRALUENT for at least a year now, not longer. Obviously, it's out of the collaboration, as you pointed out. In the U.S., what does the commercial strategy have to look like for that drug to actually become profitable?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : And sort of stepping away from the antibody P&L and collaboration. Just the number of wholly owned products that Regeneron has, has been increasing. How do we think about Regeneron sort of overall commercial footprint? Do you have what you need? Do you have what you think you're going to need? Obviously, things like [lung] are large opportunities, but also require a lot of effort to realize them. How should we be thinking about that? And then the second part of that would naturally be for wholly owned products. Regeneron has not typically had a presence outside the U.S. So how should we be thinking about the company's willingness or appetite to start commercializing some of these products on its own, abroad? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 23, 2020 / 2:00PM, REGN - Regeneron Pharmaceuticals Inc at BMO Capital Markets Prescription for Success Healthcare Conference (Virtual)

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : And how should we be thinking about any potential timing or lead product candidate that would trigger that kind of actual decision?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : Sure. Now in our final few minutes, I want to -- I have to at least ask about EYLEA. Obviously, 1Q result was better than expected, I think. And the color coming out of the 1Q call certainly sounds encouraging. I know we're close to the end of the quarter. What, if anything, can you say about what you're seeing in the market right now, either at the franchise level or within any other specific indications?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : And in our last 10 seconds, fasinumab data do evidently -- that's obviously somewhat of a free call option, I would say. Beyond that, what other key data sets would you want us to be on the lookout for over the next -- remainder of this year and really over the next 12 months?

Question: Matthew W. Luchini - BMO Capital Markets Equity Research - Analyst : Well, thank you so much. I wish we had a whole another -- half hour, we could easily fill it. But unfortunately, we're out of time for today. Justin, thank you so much for participating. I wish you a good rest of the conference.