Regeneron Pharmaceuticals Inc at Evercore ISI Healthcare Conference Transcript

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

Question: Cory Kasimov - Evercore Inc - Analyst : All right. Perfect. So hard to believe we're already in December, but that is the case. And so given the timing, I'd love to start the discussion by asking you to reflect back on 2025 and talk about what you think are the company's biggest accomplishments this year, recognizing it's been quite a busy year for Regeneron.

Question: Cory Kasimov - Evercore Inc - Analyst : There's so much going on in hindsight. We needed more than 45 minutes. All right. So let's start as we go specifically into products with EYLEA HD and the recent FDA approvals of the monthly dosing and the RVO indication. As we've written in the past, you guys are kind of competing and competing effectively with one arm tied behind your back. How much do you expect these two label enhancements to impact uptake still without the prefilled syringe as part of that?

Question: Cory Kasimov - Evercore Inc - Analyst : Okay. Great. And then as it relates to the prefilled syringe, in terms of where things stand on that front, maybe what are the pseudo bookends at this point as you see them? And are these at all impacted by the warning letter that was disclosed earlier today, I guess, it came last week for the Catalent facility. 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 02, 2025 / 6:20PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Evercore ISI Healthcare Conference

Question: Cory Kasimov - Evercore Inc - Analyst : Okay. And then, Marion, with the PFS for EYLEA HD is already approved in Europe, and I recognize that's commercialized by your partner, Bayer. But what trends have you noticed there in Europe that maybe inform your expectations as you think about the impact the PFS could ultimately have here in the US.

Question: Cory Kasimov - Evercore Inc - Analyst : Okay. Excellent. And then as it relates to the biosimilar impact on EYLEA 2-milligram -- how much more are you expecting as we move into '26? I mean, is the brunt of it done? Do you think you continue to see this persist into next year, especially as additional biosimilars come to market? How should we think about that dynamic? 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 02, 2025 / 6:20PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Evercore ISI Healthcare Conference

Question: Cory Kasimov - Evercore Inc - Analyst : I'll refrain from asking about those affordability issues today. Last question, I guess, on the ophthalmology front is kind of looking into the future, multiple companies that are looking to bring bispecifics, multispecifics, depots into the market. I heard Merck was talking this up earlier today in their session. What do you make of the pending competition here? And are next-gen products something that are of interest to Regeneron --

Question: Cory Kasimov - Evercore Inc - Analyst : Okay. Excellent. So let's move on to Dupixent. And here's an area we keep tacking on additional indications. I think the count is eight now, maybe nine. So I guess curious how much of these newer indications contribute to Dupi's trajectory at this point, especially, I mean, you have -- the product has now got line of sight on $20 billion in sales pretty soon, maybe as early as next year.

Question: Cory Kasimov - Evercore Inc - Analyst : So bottom line, Dupi has a lot of legs left to it. At the same time, you have talked in the past because it's inevitable, right? You have to think about life cycle management. What might Dupixent life cycle management look like? And would any follow-on molecules be subject to the Sanofi collaboration?

Question: Cory Kasimov - Evercore Inc - Analyst : Got it. All right. So let's move on to oncology and start with Libtayo. Curious how the adjuvant CSCC launch is progressing and how you think about the impact of this indication, be kind of immediate versus more gradual in nature?

Question: Cory Kasimov - Evercore Inc - Analyst : Okay. And then with ASH around the corner -- around the corner meaning this weekend, I wanted to ask about Lynozyfic, your newly approved BCMA bispecific. And I guess the appropriate place to start is with the big news last week from Johnson & Johnson on their bispecific with the MajesTEC-3 trial. I guess, broadly, what do you think these results might mean for BCMA bispecifics in multiple myeloma? And then more specifically, what's the potential impact or read-through to Lynozyfic?

Question: Cory Kasimov - Evercore Inc - Analyst : We'll be tuning into that roundtable, and I'll give it a plug myself and say, I think it's a great idea you guys started this. So kudos to you for doing that. All right. So moving on to LAG-3. What do you believe you need to see in fianlimab? It's always been a mouthful. The frontline metastatic melanoma Phase 3 trial for this product some point next year to become a commercial success? I guess what's the ideal outcome here?

Question: Cory Kasimov - Evercore Inc - Analyst : Okay. Excellent. So another area of active development for Regeneron, where there's been some big news of late is Factor XI. Bristol and Bayer have had recent updates, one positive, one negative in indications you're not initially pursuing. Nevertheless, how do those trials impact your confidence in your programs, if at all?

Question: Cory Kasimov - Evercore Inc - Analyst : All right. Makes sense. So next up on cemdisiran in gMG. Can you talk a little bit about how you see the unmet need there and the size of the commercial opportunity?

Question: Cory Kasimov - Evercore Inc - Analyst : Sounds great. Regarding the GIP/GLP you in-licensed from China, I'm curious how you think about the monotherapy potential of this asset. I mean, assuming this market is ultimately as large as everyone believes it will be, even a small single-digit percent share can quickly add up. So do you think about it this way at all? Or is it really just about the future combination potentials with some homegrown assets?

Question: Cory Kasimov - Evercore Inc - Analyst : Okay. And then two questions left for you in our last two minutes. The first is on BD. Curious how business development priorities have evolved at Regeneron and how they might change going forward, especially given the amount of cash that products like Dupixent are going to be generating for you guys? 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 02, 2025 / 6:20PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Evercore ISI Healthcare Conference

Question: Cory Kasimov - Evercore Inc - Analyst : Okay. And then as we wrap up, I recognize this last question is a tough one for you guys given how much you have going on. But asking for a little sneak peek into 2026 and sort of setting the stage for how you think about sort of the key objectives for Regeneron next year. You have 30 seconds to answer.

Question: Cory Kasimov - Evercore Inc - Analyst : It sounds like a lot of R&D roundtables to look forward to.

Question: Cory Kasimov - Evercore Inc - Analyst : Excellent. We're out of time. Thank you guys very much. 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 02, 2025 / 6:20PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Evercore ISI Healthcare Conference