Regeneron Pharmaceuticals Inc at Goldman Sachs Global Healthcare Conference Transcript

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

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : With that, Chris, to start here, could you walk us through how Regeneron approaches capital allocation, specifically, how you're thinking about allocation across internal R&D, share buybacks, noting the new $3 billion share repurchase program authorized in April as well as M&A and partnerships?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : You've also frame the pay down of the Sanofi development balance potentially fully reimbursed by the end of 2026. Maybe help us understand what this will allow Regeneron to do on the forward post that.

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : Switching over to EYLEA. So you recently received a permanent J-code for the high-dose asset. Could you speak to any trends that you've observed since that period with regard to physician use, entrances of new prescribers, and how that trajectory is progressing?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : You've also spoken to efforts to accelerate the conversion of patients from other agents to high-dose EYLEA. Could you just discuss the different factors that are playing out here?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : And the judge in the West Virginia court where the aflibercept litigation is taking place has extended the deadline for the judgment. Could you just speak to us about what's playing out in the courts but also your base case strategy around protection of the 2 mg IP?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : Moving over to Dupixent here, the FDA extended the PDUFA date for the drug in COPD given requested additional analysis. Could you just frame the nature of these required analyses and whether there was a specific subpopulation that wasn't focused?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : Maybe just delving further. Sorry, another question on IP here, but how are you thinking about lifecycle management of Dupixent and biobetters on the forward and even just your IP?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : You have a slew of pipeline data that's going to start reading out midyear onwards. Perhaps it's just helpful to frame that dataset for us, and we can delve further into questions around them.

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : Maybe starting with obesity here, could you frame the key learnings from the Phase 1 data in healthy volunteers evaluating this drug as well as the construct and how you think it differentiates itself from the competitors going after that same approach to target body composition?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : And how are you thinking about read-through from other activin and myostatin pathway targeted approaches?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : Pivoting over to allergy, we will see first data this year from the initial clinical study of the combination of linvoseltamab and Dupixent in severe food allergy. Could you frame for us what we should be thinking about when we see this first data set?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : Great. You also mentioned the oncology portfolio, and there's quite a bit of data that's going to play out over the year. Could you speak to what you're most excited about?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : There are numerous programs in development on the bispecific platform, both with different tumor antigens and numerous T cell side targets. Could you just talk about your strategy about how you're prioritizing these targets on the forward?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : And linvo is under FDA review at this point. Maybe frame for us how you think about this launch on the forward?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : The company always talks about this iceberg and what we see is just the tip of the iceberg. Is there any insight you want to provide about what's under the water and how you think about just this overall portfolio of R&D that you have behind what is in the clinic?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : Great. One last question for you, Chris. We talked about capital allocation. I think one question that comes up is, given the cash generation, are you interested in larger-scale M&A or issuing a dividend? How do you think about that in the context of everything you're doing?

Question: Salveen Richter - Goldman Sachs Group, Inc. - Analyst : Great. Well, with that, Chris and Ryan, thank you so much. I appreciate the time today.