Regeneron Pharmaceuticals Inc at Sanford C Bernstein Healthcare Leaders and Disruptors Healthcare Forum Summary

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

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : <_ALACRA_META_ABSTRACT>Excellent. So for the discussion today, I thought that we could start with the commercial business and then spend some time on the pipeline as well. And maybe just to kick things off with EYLEA, it would be great to know like really what drove such strong performance of HD in the second quarter. And you've had all these sort of headwinds that you've been working to get through over the course of the year and really hadn't fixed those yet by the second quarter. So what drove that strong performance?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Excellent. And in terms of the timing for that, I believe is it October for the prefilled syringe and the next month for the others. Is that --

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Great. Great. Are there any outstanding items that you're working through on these filings apart from CMC issues?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Excellent. And coming back to 2 milligrams. So biosimilars are getting close to one year in the market. How should we think about the shape of that erosion curve and where we are on that curve?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Great. And in terms of the demand decline, do you feel like the rate of that decline has sort of stabilized? Or do you see that changing between now and when those other two come into the market?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Moving over to Dupixent. What would you say have been the primary drivers behind continued strength this year? And just any color on the relative size of those drivers?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : And on COPD, could you talk about some of the things that you've done to invest in the launch? I think that many of us have seen the commercials, but any incremental investments in the field force or just other comments on investments in the launch?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : And there's been some news recently about potential restrictions on DTC advertising from the administration. Have you had any communications with the administration on that? And do you have any comments on it from a policy lens?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Great. Great. On Dupixent exclusivity, I realize the timing of that is 2031 at the earliest. So it's obviously quite some time. But you said to expect some INDs in the next, say, six to nine months. 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 24, 2025 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Sanford C Bernstein Healthcare Leaders and Disruptors Healthcare Forum And I was wondering kind of what is the strategic ambition here to develop something before that patent cliff that could eventually have a similarly large place in the market as Dupixent? Or should we think of it as more of one of many pieces across your pipeline that could allow you to continue to grow through that LOE?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Great. Well, maybe let's move over to that pipeline and maybe starting with oncology. You've gotten several recent approvals for your bispecifics in the relapsed/refractory setting. Initial feedback on the Lynozyfic launch in the US or your launch in Europe?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Yeah. Yeah, that was where I was going to go next. I mean you've talked about some ambitious plans in earlier lines that would be differentiated versus competitors. Could you just say a little bit more about that and also the time lines for that?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Excellent. And in the near term, you've got a LAG-3 readout in melanoma that there's a lot of interest in. How would you frame what a win looks like for that trial?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : You've also got a head-to-head study with fianlimab and Libtayo against Opdualag in melanoma. Could you talk about the time-line for that trial? And also just degree to which you think that that's a gating factor for a successful launch?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Excellent. Moving over to complement. You had some MG data recently that I know it's a crowded space, but at least from my standpoint, it looks very, very compelling. You probably had a bit more time to talk to some docs since then. What are you hearing about how this might fit into the treatment paradigm?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : In geographic atrophy, you said timing was what year? 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 24, 2025 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Sanford C Bernstein Healthcare Leaders and Disruptors Healthcare Forum

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Great. Great. And then on Factor XI, this is another part of your pipeline that's getting a bit more focused now. You started a few trials this year on the back of the Phase II from last year. Maybe if you could just give an overview of that program?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Is the level of R&D dollars that you would want to put against Factor XI contingent on the data from Milvexian that we'll see next year?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : On obesity, you recently shared the full 26-week data for the myostatin and activin trial. We've seen a lot of data across the space from those programs, including from Lilly. Like what would you say or the overall learnings from how these muscle-sparing agents could fit into the obesity landscape?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst :

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Great. Well, Chris, I think I've given you enough of a break, so I'll come back to -- maybe if you could start with just sort of laying out the overall capital allocation framework for Regeneron, and then I've got a few specific follow-ups. 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 24, 2025 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Sanford C Bernstein Healthcare Leaders and Disruptors Healthcare Forum

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Great. Great. And how do you think about the right pace of R&D investments when your top line is under a bit of pressure from EYLEA? Like is there a certain rate of earnings growth that is sort of a constraint on those investments? Or is it purely just an NPV-based decision?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : And on the external innovation side, you touched on this a bit, but if I could just go a little bit further on it. Is there any shift in your openness to more sizable opportunities just given the maturity of the company and the size of the balance sheet? 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 24, 2025 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Sanford C Bernstein Healthcare Leaders and Disruptors Healthcare Forum

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Great. Thank you so much. Just one last question would be, what would you say are the most exciting reasons to own Regeneron now and into 2026?

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Excellent. Thank you both so much for joining us. 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 24, 2025 / 2:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Sanford C Bernstein Healthcare Leaders and Disruptors Healthcare Forum