Regeneron Pharmaceuticals Inc at Bank of America Global Healthcare Conference Summary

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

Question: Tim Anderson - Bank of America - Analyst : Yes. Okay. Yes. So interesting timing for our conference, given all the news coming out of Washington. So just high level, very open ended, we've got potential headwinds from as an industry from tariffs, from changes to IRA. Is that impacting how you guys are doing business in any sense of the word, hiring plans on freeze, M&A, how you're looking at that environment? Is that on ICE for now? Or is it just business as usual and you'll figure it out day by day and does not impact anything yet?

Question: Tim Anderson - Bank of America - Analyst : So on M&A, historically, Regeneron doesn't do much because I think so much comes out of the internal organic pipeline. But you are in a net cash position, EYLEA has obviously slowed down as it faces by similar pressures. And so there's a lot of investors wondering is suddenly Regeneron going to be doing something bigger out of line with what it's done historically, which is very little.

Question: Tim Anderson - Bank of America - Analyst : Okay. So let's spend a little bit of time on MFN who better to answer those questions than the Head of Commercial. Marion, you should have all the answers to this stuff. I am being tongue and cheek, ofcourse. So is this rhetoric? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 13, 2025 / 5:00PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Bank of America Global Healthcare Conference

Question: Tim Anderson - Bank of America - Analyst : This isn't the first time we've had an executive order on MFN. We had one in 2020 from Trump as well in the market, roundly dismissed that one. This time around, it didn't dismiss it so much at least yesterday morning, initially stocked through and then suddenly the market dismissed it. Internally, are you guys taking this is something that's really serious and it's all hands on deck? And how does the response to this executive were compared to the last one in 2020?

Question: Tim Anderson - Bank of America - Analyst : So one of the things that has come up as part of the MFN discussion as, okay, US prices are too high. Ex-US prices are too low. Rest of the world is free riding on the US. So Trump says those guys should pay more. I don't know how conceivably that could ever happen, either the government can force that to happen or manufacturers. But as a manufacturer, do you guys realistically have any ability to price product? My sense was that companies ex-US are really more price takers because most countries are more akin to a single-payer system. So as an individual company, I guess, as you'll say, you don't have a lot of upward pricing power in places like Europe or other countries outside the US? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 13, 2025 / 5:00PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Bank of America Global Healthcare Conference

Question: Tim Anderson - Bank of America - Analyst : So we published a report this morning, it was a simple scenario analysis looking at earnings impact if we were to assume a certain level of price cuts to government programs for all our companies. In there was a big disclaimer saying it's really impossible to do any sort of math with precision because we don't really know what true net pricing is in the US. We can figure it out in a lot of cases. And we really don't know at ex US where those net prices are pretty much confidential everywhere. So I have to ask the question. Anything you can say on the price difference between US EYLEA and, let's say, [U5] EYLEA?

Question: Tim Anderson - Bank of America - Analyst : EYLEA, I think, correct me if I'm wrong, is the second biggest spend item in Medicare [part B] behind KEYTRUDA. Does that -- is there a level of nervousness about that inside Regeneron that puts you in a cross hair?

Question: Tim Anderson - Bank of America - Analyst : So Ryan has touched on this initially. EYLEA is facing different challenges at the moment, and we can touch on some of those. And US sales last year, $6 billion this year, at least our model dropped to $4 billion. Biosimilars having a big impact on that. A lot of moving parts to EYLEA including some positives, right? So you have some new enhancements coming out of a prefilled syringe that will help, you have a new indication outside of the current indication in what's called RVO, dosing flexibility that gives the prescriber ability to dose possibly more frequently as needed. Can you rank order the importance of those three attributes?

Question: Tim Anderson - Bank of America - Analyst : The prefilled syringe approval got delayed that I think caught everyone off guard, you guys off guard -- it seemed very last minute. It also feels like it's one of those situations where we might get full approval fairly soon. What can you say about likely approval timing? And then if you could tie that into the disruption at the FDA that's happening?

Question: Tim Anderson - Bank of America - Analyst : Have there been folks that Regeneron has had relationships within the FDA that are no longer there? A lot of times, these are kind of long-standing relationships. A lot of folks at FDA stayed there for a long time. I have to imagine there's already been some turnover consequences of which are still unknown, but has there been that sort of turnover that you guys have picked up?

Question: Tim Anderson - Bank of America - Analyst : Okay. Let's talk about Amgen with their biosimilar called (inaudible). So they launched kind of surprisingly, I think it was in October, and it's been ramping up. It's the only biosimilar probably out there until we get into late 2026. April 1, they got reimbursement code, a Q code in place that allows docs to basically bill for it a little more easily. What are you seeing happen in the marketplace we're now, what, six weeks downstream of the Q code? Is there an inflection and uptake that you guys are sensing?

Question: Tim Anderson - Bank of America - Analyst : One of the challenges besides Amgen in Q1 was this co-pay foundation assistance program that funding has dried up for. And you guys are the major funder for that. And I think, Ryan, I've said before you, you guys have been the only funder, majority all inconsequential. The big question is when is the funding going to resume? And I know you can't answer that question. But the question I have is Q1 really didn't see a complete 100% impact of that foundation not having funding. It did have funding for part of Q1. And we picked up through channel checks that there were still docs prescribing that didn't realize the foundation was out of funds. So the question for you, Marion is, could Q2 US EYLEA be weaker than what it was in Q1?

Question: Tim Anderson - Bank of America - Analyst : And that dynamic has existed for a long time. Regeneron has been the only or the lead funder and other companies have essentially free ridden on that, right. So Roche -- as an example or anyone else saw a [drug]. It benefited from you guys donating. So why the change now? You guys are in a solid financial position, a net cash position of $6 billion or $7 billion. Stock has been under pressure because of EYLEA performance. You guys could help suddenly change that if you guys decided to suddenly fund the foundation again. So in as much as you have visibility, why the change now and not funding? And why wasn't that decision made to try to force Roche to contribute a year ago or two years ago?

Question: Tim Anderson - Bank of America - Analyst : Okay. Let's pivot to your other really important product, which is Dupixent. You split it 50-50 with Sanofi, if you're doing great, probably sells worldwide, something like $17 billion this year. We have it reaching low $20s billion by 2030. And then might go off patent in that 2031/2032 time frame. New indication online for the product, which is in COPD. Do you want to give us any sort of uptake dynamics or market share of stance or how that launch is going? And then maybe wrap that into one of the pipeline products that Ryan had mentioned, which is itepekimab coming along that would complement Dupixent in that setting?

Question: Tim Anderson - Bank of America - Analyst : The confidence level of the organization in this upcoming readout, it seems to be when I talk to investors, almost a forgone conclusion that Phase II results are going to be positive. But I can -- certainly think of past COPD trials where there have been negative surprises. It's a little bit of a best endpoint to measure. So high confidence we're going to hit on Phase III. And so if you could also describe what you think would be clinically meaningful exacerbation reduction.

Question: Tim Anderson - Bank of America - Analyst : Maybe last question. So competition in any topic, you've got [little] out there with a newer product (inaudible). It seems like it's doing reasonably well. What are you seeing in the marketplace in terms of when that product is getting used? It does have one differentiating attribute, which is a more extended dosing frequency.

Question: Tim Anderson - Bank of America - Analyst : Great. Okay. We're out of time. We're going to call it there. Thanks, Marion, and Ryan and Regeneron for participating in our conference. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 13, 2025 / 5:00PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Bank of America Global Healthcare Conference