Regeneron Pharmaceuticals Inc at Morgan Stanley Global Healthcare Conference Summary

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

Question: Terence Flynn - Morgan Stanley - Analyst : Great. Good morning, everybody. I'm Terence Flynn, Morgan Stanley's US biopharma analyst, and I'm very pleased to be hosting Regeneron to kick off our 23rd Annual Global Healthcare Conference this morning. For important disclosures, please see the Morgan Stanley research disclosure website at If you have any questions, please reach out to your Morgan Stanley sales representative. Today from the company, we have Len Schleifer, who's the Board Co-Chair, President and CEO; Marion McCourt, Head of Commercial; and Chris Fenimore, the company's CFO. With that, I'm going to turn it over to Chris, and then go over to Len for opening remarks.

Question: Terence Flynn - Morgan Stanley - Analyst : Great. Well, thanks so much for framing all that, Len. I know we're going to unpack a lot of this. But I guess just big picture, I think back to DUPIXENT, we used to talk a long time ago about the size of this opportunity. You guys were always more optimistic than Wall Street. I think I remember I maybe had $2 billion in my model at some point, and you prove me wrong.

Question: Terence Flynn - Morgan Stanley - Analyst : So -- but as I look at kind of where the stock is now, look at these opportunities, as you go down this list, do you think the Street is missing the commercial opportunity here? Is it POS? What is the Street missing that you're enthusiastic about? Because you kind of go down this list, but I'd argue a lot of this is not reflected in the current value. So what do you think the Street is missing as you go down this list in terms of commercial opportunity? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 3:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Morgan Stanley Global Healthcare Conference

Question: Terence Flynn - Morgan Stanley - Analyst : Great. Maybe a good segue into capital allocation. I mean, it seems like based on the pipeline you have that there'd be limited interest for later-stage deals. Again, as you think about the lens through which you apply business development, maybe you and Chris can kind of tag team this, but how do you think about capital deployment here in the context of your pipeline, the investments that are required here and also external opportunities?

Question: Terence Flynn - Morgan Stanley - Analyst : Yes. Understood. I know it's something you don't want to probably talk about too much, but again, it's top of mind for everyone right now, just given where we are in the policy environment. And so, maybe you could just give us your perspective on kind of the tariff MFN situation, where we are? And are we getting closer to a resolution in your view? And then I know the other thing that you guys have talked a lot about is Medicare co-pay assistance is an opportunity to maybe lean into. So maybe give us a view on kind of both of those and where we stand right now.

Question: Terence Flynn - Morgan Stanley - Analyst : All right. Maybe we'll go back to some of the key kind of growth drivers here. But I guess, one question as we think about DUPIXENT, I know there was some competitor data out recently for another OX40. Maybe, Marion, you could just give us kind of your view on kind of the key growth drivers for DUPIXENT here in the forward and how you think about this competitive landscape now we have a little bit more visibility.

Question: Terence Flynn - Morgan Stanley - Analyst : And then just remind us the structure of that partnership, if Sanofi launches their OX40, they have to fund that fully separately, they couldn't leverage any...

Question: Terence Flynn - Morgan Stanley - Analyst : Would you be interested in the profit share if they approached you for that, so that you could leverage this across the portfolio?

Question: Terence Flynn - Morgan Stanley - Analyst : No answer. All right. Well, the other focused asset in immunology that you guys have in your portfolio is Itepekimab. Maybe just talk to us about how you potentially can leverage this on your existing infrastructure.

Question: Terence Flynn - Morgan Stanley - Analyst : And when will we get an update on the COPD side in terms of kind of go-forward strategy from you and Sanofi?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And then remind us the -- maybe Marion could speak to this, just some of the other opportunities in terms of the commercial set for that asset. For Itepekimab, sorry...

Question: Terence Flynn - Morgan Stanley - Analyst : Yes. All right. Maybe we'll pivot over to oncology now. You mentioned a lot of the upcoming data sets here, Len, that you're expecting. I think obviously, a lot of focus on LAG-3 in general as a target. You guys are right here behind Bristol. But as you think about the upcoming melanoma trial that we're expecting data, I think, later this year, early next year. Maybe just frame for us kind of what you want to see for success there and differentiation versus Opdualag? And then maybe, Marion, you could just speak to the commercial opportunity in that setting.

Question: Terence Flynn - Morgan Stanley - Analyst : What -- as we think about maybe just LAG-3, I know you guys have been optimistic, you have a better antibody than Opdualag. So as you think about read-through from melanoma to lung, I think that's one of the other questions people have is how broad could this LAG-3 opportunity be? And so, when we see your melanoma data, how should we think about it in the context of the lung cancer opportunity? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 3:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Morgan Stanley Global Healthcare Conference Because I think that's one area, checkpoint inhibition that everyone has been focused on for a long time and just trying to understand read-through from one indication to the next. And sometimes we've seen read-through, sometimes we haven't. So as we think about extrapolating to other indications, like how excited or not should we be when we see this melanoma data?

Question: Terence Flynn - Morgan Stanley - Analyst : As you think about that filling opportunity, I know you guys have been moving this in-house, as you alluded to. Is that going to be across the portfolio? And what percentage of your filling can you ultimately accomplish as a result of this in-housing effort?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. Great. Maybe we'll go back to the pipeline. You mentioned your C5 effort. You've got two different assets here, several different indications. I think, again, this is one of those questions where the Street is debating the size of the -- we know the established commercial opportunity, but how do you guys come in as a later entrant, differentiate, drive share, particularly, let's say, PNH or MG. I think GA is still an open question. But again, at least in those two, maybe you could talk to us about how you come in... REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 3:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Morgan Stanley Global Healthcare Conference

Question: Terence Flynn - Morgan Stanley - Analyst : And then how do you think about the size of the commercial -- incremental commercial build you guys need on this? Is there anything you can leverage currently? Or do you need to build out de novo for these indications?

Question: Terence Flynn - Morgan Stanley - Analyst : Great. Maybe just in the last couple of minutes, you guys did have a press release out this morning on some positive Phase III data in your immunology setting. Maybe, when you just give us the highlights there? And then I guess the question I had is, are you able to file for approval on these two data sets? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 3:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Morgan Stanley Global Healthcare Conference

Question: Terence Flynn - Morgan Stanley - Analyst : How do you frame the commercial opportunity? Because that is one where there's not a lot of analogs. I mean, maybe you could say like Xolair for peanut allergy, but how do you think about the commercial opportunity?

Question: Terence Flynn - Morgan Stanley - Analyst : Great. Well, I think we're up on time. But thank you so much, everyone. Really appreciate the time this morning.