Regeneron Pharmaceuticals Inc at Jefferies Global Healthcare Conference Summary

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

Question: Akash Tewari - Jefferies LLC - Analyst : <_ALACRA_META_ABSTRACT>Perfect. I feel like I was listening to a Dupixent commercial. So thanks so much. And again, we're very grateful to have you. Chris, I'm going to start off this question. This is the number one question we're getting kind of on EYLEA, where it's been funny talking to Regeneron, been talking to Roche, and there's differences in terms of when foundation funding has an impact. When does pricing have an impact. And I think the number one question we're getting after Q3 is like if we look at Vabysmo, we saw real pressures in terms of volume growth. And when we look at high-dose EYLEA, you guys really stood out, right? You were growing double digits from a volume perspective. And it does seem like your team has really retooled. That would actually be the way I describe it, your commercial strategy, and it's having an impact on the bottom line. Can you talk to us, to the extent Len will let you, what is going on at a ground level on EYLEA that's allowed that franchise actually return to growth from a volume perspective for high dose? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 17, 2025 / 3:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Jefferies Global Healthcare Conference

Question: Akash Tewari - Jefferies LLC - Analyst : Understood. I don't know I'm going to let you get away with it, it's all been the same. No, because I think one of the things that I noticed, and I feel like I was surprised, I think your team may have also been surprised was Amgen was employing -- you've seen Novartis with Cimerli give volume-based discounts. I don't think you've seen a company give long-dated reimbursement, where you're basically accruing like an accounts receivable for two years. And I think Amgen's strategy really would resonate if you're a very high-volume practice, right? Talk to me, maybe to the extent you can, about what your team has done to kind of neutralize some of that strategy. And again, on the pricing impact, right, you saw kind of an 8% price impact in Q3. I think the big question for a lot of investors is, should we kind of assume that that continues on a go-forward basis, or would it revert more towards kind of a 1% to 3% ASP decline that we've kind of seen historically with the class? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 17, 2025 / 3:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Jefferies Global Healthcare Conference

Question: Akash Tewari - Jefferies LLC - Analyst : Understood. Now maybe just on kind of foundation funding. And I will say -- and I wouldn't just say this unless I meant it. You guys were literally funding everyone's -- like I think you had a right to feel like we're spending the vast majority on good days. We're the ones helping patients, and there needs to be more kind of equitable distribution. I think there's no doubt. As you go into next year, I think the concern for some investors is, well, there's about a 10% impact in terms of patients who couldn't get on supplemental insurance. And I expect another kind of 10% impact as we go into next year. Your team has talked about a matching program. I feel like demand from your peers has been disappointing so far. So I guess the hard question becomes, if there is no shift in kind of the status quo, will Regeneron commit to funding the patient assistance organizations to the same level they did historically, or there's no way this restarts unless there is, again, more equitable share?

Question: Akash Tewari - Jefferies LLC - Analyst : Understood. And maybe just a bit of a nuance here. It does seem like maybe Roche is putting out some funding. It's not a huge check, I know, but it seems like it might not be through good days. So this is a question I think we get from investors. Let's say you do hear a funding returning, not through good days, but towards patient assistance for wet AMD patients, would that be recognized as a match under your current program? And would that maybe change, and you would recognize that as a matching donation, right? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 17, 2025 / 3:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Jefferies Global Healthcare Conference

Question: Akash Tewari - Jefferies LLC - Analyst : Okay. Understood. Now you talked about the label enhancements, and I agree with you. I think they could be super important. But I also want to make sure investors are kind of level setting, right? And especially your stock was up to date, you had an OAI, certainly from, I think, the long only -- it doesn't matter if it's at the end of the year, it doesn't matter if it's midyear, it's more when it comes. If I was thinking about reasonable expectations, Scholar Rock, I think, mentioned that there is going to be -- they're at least available to have an FDA site inspection at that Bloomington facility. What is Regeneron's kind of internal confidence on at least two of the labeling enhancements happening by year-end with a potential December inspection versus you know what, just be conservative, really expect something more midyear and Q1.

Question: Akash Tewari - Jefferies LLC - Analyst : Understood. Now Ryan, you and I have talked about this. You think about the inflection, you're already seeing an inflection on volume on high-dose EYLEA, but it gets a little provocative. I mean, 10% of your patients are impacted by these foundations. Let's hope that gets resolved next year. 20% of your patients on EYLEA are an RVO. About 1/3 of patients on EYLEA are monthly dosing. And paradoxically, those would be the patients, I would think would be the first to try high dose and because you don't have the monthly dosing, they're the ones who are maybe trying another treatment. I mean, that's 50% of your patients that theoretically high dose would suddenly be able to unlock. When we think about the magnitude of inflection that could occur if you can get these label, like help us understand what the trajectory could look like as we get into the back half of the year and then '27. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 17, 2025 / 3:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Jefferies Global Healthcare Conference And then maybe stepping back, would potentially the EYLEA franchise in the US return to growth going forward, or are we talking more about stabilizing growth where the high-dose growth offsets the low dose growth?

Question: Akash Tewari - Jefferies LLC - Analyst : Understood. Chris, I know you get -- there's always the question of when will Regeneron guide, and you guys have never really historically guided. But I look -- I mean, the way we kind of think about this, if I talk to a Sanofi investor, they'll often say Dupixent's NPV is around $40 billion, you are approaching $20 billion in cash. I mean, you're getting to a place where I think you could be a deep value type play. From a Board perspective, from a C-suite perspective, right, you've been historically a growth company, you're being treated as a value company. What can you do from kind of a CapEx perspective, a communication perspective to kind of get out of that bubble and like maybe add more certainty on how the business is going to perform until the end of the decade?

Question: Akash Tewari - Jefferies LLC - Analyst : I want to hit on something that I think came up at our brunch, and I think it's important. I mean, if you continue to generate cash, your team continues to generate cash at its current rate, you could end this decade with free cash flow in the kind of $30 billion to $35 billion range. I mean, that's -- you'd be one of the only large-cap biotechs, where cash is a bigger percentage of your EV. I don't know if you want that much cash on your balance sheet, right? Like what's the right amount of cash that you'd want on your balance sheet? And then doesn't that kind of imply that there is going to be larger M&A from the Regeneron team, right? I can't conflate the two, either your share buybacks meaningfully increase from even here, your dividend meaningfully increases, or there is going to be some large-scale BDM in the works.

Question: Akash Tewari - Jefferies LLC - Analyst : Understood. Maybe just hitting on your pipeline, and this is kind of an observation I've noticed, and I wanted to see how crazy I sound. You just had the Trump Rx deal. And I think one of the things that's missing is that's a deal that seems to be not just available to Lilly and Novo, but any treatment that's making -- getting into obesity in the future. You had in-licensed the Hansoh GIP/GLP, and I think a lot of investors are like, oh, I was looking for something more aggressive. You guys have always talked about your GIP/GLP more as like an add-on asset where you would add on other MOAs. But what about just the asset itself, right? You -- that Hansoh Phase 3 in China reads out in Feb. You very well may have a 20% to 25% weight loss product with almost an identical profile to tirzepatide, and you could be launching within, let's say, six months to a year of MariTide. I look at MariTide estimates and then I look at your pipeline for sell-side. I mean, no one is giving you credit for just the weekly GIP/GLP. Are we making a mistake here? What is the market opportunity on just that asset alone?

Question: Akash Tewari - Jefferies LLC - Analyst : Understood. And maybe just on a finer point on that. The sense I've gotten is your interest on myostatin has -- I mean, you still talk about it, but it's not the first thing you talked about when it comes to obesity. And then I almost think there's a play with I&I with some of these -- I mean, you think about HS, these are areas that Lilly is looking at, you think about vascular dementia, right? You can look at a GIP/GLP not just as a pure-play obesity asset. How is Regeneron thinking about that GIP/GLP in indications that maybe we're not thinking about that might also combine with your life after Dupixent, and it sounds like we'll hear more about that going into next year.

Question: Akash Tewari - Jefferies LLC - Analyst : And I can't help but notice you're not calling out the leptin. You do have that study in collaboration with Lilly. I think that's always kind of an interesting, quote-unquote, healthier weight loss play. Where does leptin add-on kind of fit into your portfolio? Is this something we should be digging into or probably not?

Question: Akash Tewari - Jefferies LLC - Analyst : Got it. Factor XI, and we just saw the Librexia ACS study fail, I think, Friday, I'm losing track of time. I think one of the things -- I feel like people look at it very binary. It's like the mAbs, the orals and then there's a target. And I don't know if people really appreciate you have two different mAbs, but then also your development program is not going for maybe the same indications. So can you comment on, A, when you think about ACS, but also stroke, right, Asundexian has a big stroke study coming up. Do you feel confident that, that's maybe the right place for Factor XI? And number two is, if not there, where do you think Factor XI will really have clinical benefit?