Regeneron Pharmaceuticals Inc at Citi Global Healthcare Conference Transcript

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

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : All right. Okay. So Chris, let's first focus on maybe on the policy and the macro. We've had a lot of announcements from some pharma companies on manufacturing and tariffs and that kind of stuff. Give us kind of an update of where you guys are with respect to either -- I know you've made some announcements on manufacturing, but on MFN, price negotiations. Just kind of the state of the world from a policy context. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 03, 2025 / 3:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Citi Global Healthcare Conference

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay, that's super helpful. I guess, Chris, you just stick with more sort of a type of financial questions at the onset. You guys have a very substantial cash balance and you've initiated a dividend. You've done some buybacks. But you historically haven't done a lot of M&A or BD deals sort of upsize. I guess and you -- and most companies that have done that have needed to do that to fill their pipeline so I think that's a good sort of scorecard on like where you are from a pipeline perspective. But is that something that you're thinking about differently looking to say '26 or '27? Are there, say tools or technologies or indications that maybe you could be more aggressive with the cash? I mean, I guess the question is, it burning a hole in your pocket or is it not?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : And how would you sort of tier that? Would it be sort of unmet need? New verticals, new therapeutic areas, or would it be just sort of staged? Like is there a way to think about kind of how you would prioritize something on the BD external front?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay, that makes sense. And just to follow-up on the cutbacks on the commercial investments you're making in the US, I guess is the intermediate to long-term goal to manufacture products in the US for the US market and Europe for the European market. Is that kind of how you would think would ultimately end up steady state wise?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : That's helpful. Well, let's switch to some of the commercial markets. So we'll start with Eylea. In terms of Eylea HD enhancements, just got approval of RVO and the Q4 dosing. Maybe talk about when these could start to play out in the commercial setting? Is this maybe more of a '26 kind of inflection for Eylea HD? How should we think about the timing of the impact of those? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 03, 2025 / 3:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Citi Global Healthcare Conference

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay. Yeah, and the third one on the pre-filled syringe maybe help us with kind of what are approximate timelines? What's been the gating factor, and how should we think about that as being kind of the third of the approval to really see a bit of a tipping point?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay, that's helpful. And guys, looking at the overall franchise, I know over this year, you've had some payer or foundation issues with regard to Eylea, Eylea HD. There's been a lot of nuances in the market. Would you say, by middle part of next year, a lot of these things will normalize, assuming that you have the pre-filled syringe? Do you expect maybe a return to sort of franchise growth for the combined Eylea and Eylea HD?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay. Yeah, that's helpful. And when you think though, Chris or Ryan, about the competition, so maybe help us with the Regeneron response to -- have biosimilars been impactful thus far? I know it's fairly early days. And then, help us with kind of how you're thinking about the Vabysmo looking to next year as a competition? Just thinking at a high level, like kind of price and volume strategies.

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay. And last one, just on the sort of on the policy front. I know we've seen some announcements on MFN and on, at least for GLP-1s new Medicare, Medicaid access. Are there any Eylea-specific policy kind of data points that we should focus on looking to, say '26 or new shifts, new emphasis on wet AMD markets in particular, for example?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay, that makes sense. Eylea HD is outside of those conversations?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay. That makes sense. That's helpful. Well, Dupi still is, wouldn't ever call a drug on autopilot, but it's still growing up until the right, pretty robustly, and the core markets in the case of AD and asthma are still growing as well. Maybe let's focus on just those two indications. So help us with kind of the growth drivers going forward? Biologics are still very low penetration and AD, talk about kind of what activities you guys have done commercially to continue to invest in that as a brand.

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Talk a little bit about the COPD launch, Ryan. When you think about eosinophil testing, I know initially that was thought to be an uncertainty with regard to patient identification and adoption. Has that become a more normalized like commercial situation?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Yes. And in terms of the future one runway, so CSU, BP or new line extensions and you have AFRS as the next, kind of line up. So talk a little bit about how you think about this as a kind of commercial investment. Do you redeploy a lot of the sales professionals to new indications? Are you growing overall the commercial effort? I just want to -- how do you maximize as you add more line extensions?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay, that's helpful. Well, let's switch gears to a pipeline. We can talk about Libtayo too. But, for LAG-3, the -- maybe just remind us of the timing of when we could see that data? What was, what does, in you guys' view, kind of a win look like in terms of clinical differentiation and maybe just remind folks the assumptions of the study?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Thank for that, Ryan. And then I guess the follow-up would be in lung and maybe other indications. Could you go, right, I'm assuming you have Phase II success in lung. Could you go right into a Phase III? Would you do more of a basket trial? Like what would you say would be the, maybe the next steps outside of melanoma?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay. And when you think commercially and LAG-3 and melanoma, what are lessons to be learned from Opdualag and this adding in a next gen combo therapy on top of an already, pretty well-established market? Is there something you guys can take away that as an opportunity in melanoma?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : And looking to the core Libtayo franchise, maybe give us a bit of an update in terms of the future growth drivers? Obviously not including LAG-3, but, if you had the derm indications versus lung? Like what's been the trend over the past couple quarters and maybe what gives you, perhaps optimism looking to '26?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : I guess the bigger question is how are you guys thinking about the Keytruda and the Opdivo LOE sort of an indirect effect? I don't know if you guys have really felt this effect. It's not happening with Dupi and maybe Eylea just recently had sort of biosimilars. But is this something that you guys can sort of manage going into that -- your competitors LOEs? I know you have some differentiation obviously on the labels with respect to CSCC and Basal cell.

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay. Let's switch gears to Lynozyfic.

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Doing terrific. So talk a little bit about the myeloma kind of backdrop there from maybe a commercial kind of context? How you guys are thinking about this in a -- it's a crowded market, but it's also a big TAM that's growing still pretty nicely.

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Yeah. I guess you're bispecific platform you have in both oncology and hematology, you have a ton of stuff going on. Is there -- we talked about LAG-3, we talked about Leno. Is there maybe looking to next year, like a Phase II or Phase III data set that you want to highlight that we may get sort of mature data that could be a new narrative to the story? I know there's -- when I look at your chart, for instance, there's a lot going on, right, in the pipeline.

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay. And then, outside of oncology, hematology, the obesity asset, Myostatin, plus GLP-1. Talk a little bit about Regeneron's strategy going forward? There's obviously been a ton of deals. There's been a lot of commercial kind of news with respect to Lilly and Novo. So how are you guys thinking about being different in this indication?

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Okay. And then on the Myostatin, on the muscle preservation side, I think that's probably one of the bigger points of differentiation. How are you guys thinking about that from a maybe a commercial backdrop? I think there you'd have to get obviously paid for that component to it. So I wasn't sure if there's a different way to think about that in terms of the risks of current patients on a GLP-1 or GIP?GLP in terms of what muscle loss that the -- what sort of consequences of that really are.

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Fantastic, Chris, Ryan, thank you so much guys.