Regeneron Pharmaceuticals Inc at Piper Sandler Healthcare Conference Transcript

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

Question: Chris Raymond - Piper Sandler - Analyst : All right. Let's do that. Okay. Cool. Yes. Why don't we just jump right into conversion from the 2-milligram to IV HD. This is top of mind with everyone. We've done a decent amount of survey work. I think others probably have as well. But we've had some recent KOL feedback around the mix for EYLEA 2-milligram versus HD and there's the survey work and then you get these one-off KOLs that have their own opinion. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 05, 2024 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Piper Sandler Healthcare Conference And I think maybe what this illustrates is there's a big diversity, I guess, of use, of opinion of projections. But one of the things that I think kind of caught our attention is we're starting to get more feedback that EYLEA 2-milligram might be a bit more sticky over the long range. And I'm not just talking about like what you've seen last quarter in the next coming couple of quarters. But ultimately, there is a -- you're not going to ever convert everybody from 2-milligram to HD. Maybe just talk a little bit about that dynamic.

Question: Chris Raymond - Piper Sandler - Analyst : Yes. Let's maybe talk about the label, right? There's been -- this has come up in a lot of our work that a Q4-week dose would be a very important thing for Eylea HD. Just talk about that effort.

Question: Chris Raymond - Piper Sandler - Analyst : Okay. And another issue, I guess, that we've heard from a couple of one-off maybe conversations with KOLs is that -- and this is new, actually, to me, is that there's a bit more ambivalence I guess, around extended dosing believing really don't care as much. And maybe this is a factor of how folks have sort of evolve their practices over time. There are a lot of practices that are focused on doing injections. You guys have been following or I should say you've been driving this market for years. You understand this better than anyone. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 05, 2024 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Piper Sandler Healthcare Conference Has that maybe evolved over time where perhaps it used to be early on in the availability of VEGF that folks wanted the longer, the better. But now the things that maybe evolved where maybe that's not the top of mind?

Question: Chris Raymond - Piper Sandler - Analyst : So, obviously a very dynamic market, lots of stuff, a lot of, moving parts or cross winds if you will. But, you, you've got a competitor in the, that's been you know, a formidable competitor. And I guess it's interesting, we asked docs, cross off ton of different attributes, what do you like about which, which, option and it's been pretty consistent, DOCS favor IVHD in terms of, overall efficacy, the BSO does better on access, which, that obviously will change over time. It just takes time for reimbursement and access to the perceptions to change. But one of the hooks, I guess that the bismol consistently wins with is with those recalcitrant recalcitrant patients, those that are, tough to try. And ali she doesn't really have that perceived attribute at this point, maybe just talk about this issue and how big of a deal is that and, is this something that, is a focus or am I just hearing this from physicians that are again a minority?

Question: Chris Raymond - Piper Sandler - Analyst : Okay. Good. And so maybe just another sort of cross-wind or dynamic that's going on in this market is the potential for an Avastin shortage we got some KOL feedback that indeed -- and then we followed this up with a survey that indicated yet, it's a relatively wide -- somewhat widespread that physicians are starting to hear from their compounders that they're no longer willing to supply. Pine is a major supplier that's decided definitively to get out of the business, and it seems like there are others. Just give us a sense, we've seen supply issues with Avastin over time. There have been a couple of different waves over the last several years where you've seen quality issues and other supply shocks. -- give us a sense maybe of how this particular instance sort of fits in with what we've seen in the past. Is this different maybe than others? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 05, 2024 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Piper Sandler Healthcare Conference

Question: Chris Raymond - Piper Sandler - Analyst : Any sense as to timing. It -- we keep asking, it seems like at this point in time, right, December of 2024, there's a lot of anticipation that going to happen, but I haven't really seen, especially in some of the pulse survey work that we've done that has really moved the market that much at this point. That's too granular.

Question: Chris Raymond - Piper Sandler - Analyst : Okay. All right. Great. So let's maybe talk a little bit about the other news item or dynamic, which is the potential for the biosimilar or flivercept launch with Amgen launching Pav Blue with a prefilled syringe. We got some pretty interesting feedback. It seems the awareness of this was a lot higher than I would have thought and willingness to prescribe the drug once launched, was a bit higher than I thought. I know you guys are making progress in front of us with the conversion, obviously, but you also have the prefilled syringe of EYLEA HD coming by midyear of next year. And you're also going to have a permanent J code around April or so, but just heading into the new year, maybe just share some perspective and how should we be thinking about this dynamic on this looming launch here? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 05, 2024 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Piper Sandler Healthcare Conference

Question: Chris Raymond - Piper Sandler - Analyst : Okay. All right. Let me ask a CFO question. So capital allocation, I know this comes up all the time. But maybe your latest thoughts, maybe, Chris, on capital allocation, whether it's a mix of M&A, share repurchase, you already have shown an appetite for that, maybe internal R&D investments sort of -- this question with respect to a dividend also comes up, any thoughts that might be new here with respect to capital allocation.

Question: Chris Raymond - Piper Sandler - Analyst : Okay. All right. So let's maybe jump into the development pipeline. So maybe first, the geographic atrophy program, it feels like this is widely ignored still by investors, you're extending your C5 siRNAs antibody approach into the ophthalmology space. You've got this pozelimab, cemdisiran combo. Maybe just talk about this program. This is unique, right? You're jumping right into Phase III without patient data I'd love to get a sense of the premise there in GA, we know from some of the launches that have come already in that space, if there's a large unmet need or at least a large market opportunity, but the unmet need is pretty big. So maybe talk about that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 05, 2024 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Piper Sandler Healthcare Conference

Question: Chris Raymond - Piper Sandler - Analyst : And just noticing in clinic trials, I know this is not a perfect sort of guide, but the completion date is noted as July 2027. Is that just sort of a placeholder? Or do you really think the enrollment would take that long?

Question: Chris Raymond - Piper Sandler - Analyst : All right. So let's talk about the IL-33 in non-type 2 COPD. Last quarter, you guys shared you completed enrollment in your two Phase III studies, both past interim futility in 2023. And I think results are you're guiding to second half of next year. remind us of that maybe, if you will, Ryan, the positive data you shared from the Phase II and what we should expect to see from the readouts in Phase III? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 05, 2024 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Piper Sandler Healthcare Conference

Question: Chris Raymond - Piper Sandler - Analyst : Okay. Last, maybe pipeline question. You guys are always eager, George, especially to talk about your oncology efforts. It seems like you don't get enough attention as much as maybe you'd like on the oncology efforts. If there's maybe one or two programs, you lag three, I think, is top of mind and want to leave the witness -- what would you sort of highlight that maybe people are not paying enough attention to on the oncology side?

Question: Chris Raymond - Piper Sandler - Analyst : Okay. Awesome. Well, this happens every year. I'm about halfway through my questions, and we're unfortunately out of time. So -- but thanks so much, guys.