Regeneron Pharmaceuticals Inc at TD Cowen Healthcare Conference Transcript

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

Question: Tyler Van Buren - TD Cowen - Analyst : That was well done. Naturally, we'll start with EYLEA, Marion, what's the latest on the EYLEA franchise? And what do you view as the key catalyst in 2025 that are going to accelerate the growth of the franchise obviously, including HD.

Question: Tyler Van Buren - TD Cowen - Analyst : Thank you for that. I know you guys don't comment too much on pricing, but I'm going to ask about it anyways. Roche with VABYSMO has been quite aggressive with their branded launch, way more aggressive than you guys had to be historically. And now we've got Amgen's PAVBLU, right, which is a somewhat different dynamic. And obviously, there's discounts that they can offer to where the physicians could make a little bit more money per injection certainly in the near term, but how that evolves over time as we think about what happened with lucentis biosimilars is important to note. So there's complex dynamics going on here with pricing. And I'm sure you guys are looking at it on a daily, monthly, quarterly basis. How do you think about it right now? And how do you put these all together? And how should we think about pricing?

Question: Tyler Van Buren - TD Cowen - Analyst : Okay. And that's primarily EYLEA 2 mg, right?

Question: Tyler Van Buren - TD Cowen - Analyst : Understood. So EYLEA 2 mg consensus has come down with the introduction of Pavblu. I think for this year, 2 mg is maybe down like 15%, if not 20% year-over-year. given the potential biosimilar erosion of Pavblu, which is interesting. I mean, it continues to grow even with VABYSMO launching into this market. So what are your latest thoughts on the potential for biosimilar erosion and what you've seen so far with Pavblu in the market?

Question: Tyler Van Buren - TD Cowen - Analyst : Great. Let's move to DUPIXENT. What's the KOL feedback or feedback in general been on the COPD launch? Do you guys still have confidence in that being a potential multibillion-dollar opportunity for DUPIXENT?

Question: Tyler Van Buren - TD Cowen - Analyst : That's great. In terms of prescribing and the EOS cutoff of 300, do physicians have to stick strictly to that cutoff or given the label of elevated eosinophils or eosinophilic phenotype, is it up to their discretion?

Question: Tyler Van Buren - TD Cowen - Analyst : Moving to the largest indication with DUPIXENT atopic dermatitis. Obviously, Lilly has gotten EBGLYSS approved and is launching that. Have you guys seen any early impact or pressures by EBGLYSS on the dupi franchise?

Question: Tyler Van Buren - TD Cowen - Analyst : Great. So CSU and bullous pemphigoid, which I'm pretty sure most of the audience hasn't done much work on yet. Potential approvals and launches later this year to sixth and seventh indications. Can you talk about those incremental opportunities and how significant they could be?

Question: Tyler Van Buren - TD Cowen - Analyst : Losing track. Sorry about that. Okay. That's great. And DUPI life cycle management plans are underway, 31, 33 potential LOE, obviously, without any additional patents or extensions, which there are. But when will we learn more about your plan for life cycle extension or management?

Question: Tyler Van Buren - TD Cowen - Analyst : So the Phase 3 itepekimab COPD readout, it's a big readout coming later this year. Can you talk about -- or can you give us a little bit more precision as to when we may get that readout? And what would be a strong result that would encourage you all moving forward, what would you like to see?

Question: Tyler Van Buren - TD Cowen - Analyst : Talking about expanding the opportunity in COPD, how much larger of an opportunity could this be relative to DUPI in COPD?

Question: Tyler Van Buren - TD Cowen - Analyst : Wonderful. Let's go ahead and round out the commercial franchises in Hem/Onc, Well, I guess we might get to in (inaudible) a little bit too. But in Hem/Onc, bit excited about these bispecific launches, right? Limbo in particular, best-in-class CR rate. Unfortunately, you've had some delays with both of those launches. So can you just talk about your commercial preparations for Limbo with the potential launch in July as well with odro in follicular lymphoma later in the year? And how prepared you are to compete against heavyweights like J&J? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 4:50PM, REGN.OQ - Regeneron Pharmaceuticals Inc at TD Cowen Healthcare Conference

Question: Tyler Van Buren - TD Cowen - Analyst : Tremendous. Now back to Libtayo. So Libtayo is annualizing well over $1 billion in annual sales. I'm not sure how many people actually realize that. But cutaneous squamous cell carcinoma earlier this year, you showed exciting adjuvant data. Can you talk about what you see for the opportunity there, differentiation? And how quickly you could get something like that to market?

Question: Tyler Van Buren - TD Cowen - Analyst : Also in the first half, we'll get Phase 2 Libtayo plus fianlimab-LAG-3 lung cancer data. What do you need to see from that Phase 2 to move it forward into pivotal development?

Question: Tyler Van Buren - TD Cowen - Analyst : You could drive a truck through the difference in your Phase 2 data versus opdualag data. So it should be positive. But -- as you think about that opportunity, how large do you think it is for Libtayo fianlimab in melanoma?

Question: Tyler Van Buren - TD Cowen - Analyst : Obesity. There's a lot we could discuss there, but maybe we'll just -- for this discussion with 3.5 minutes left, focus on the myostatin, the lead program. Can you just describe when we should get that Phase 2 data, what we should expect from it and what you want to see to have confidence to move forward into Phase 3.

Question: Tyler Van Buren - TD Cowen - Analyst : Is the larger goal there to move forward with the myostatin monotherapy or in combination or in the same molecule?

Question: Tyler Van Buren - TD Cowen - Analyst : Very interesting. I'm going to go to another pipeline program with a Phase 3 readout at the end of the year that I'm pretty sure most of the audience is not aware of the Phase 3 MG readout. Why should people be paying more attention about that readout? And what do you need to see to have the differentiation and compete commercially?

Question: Tyler Van Buren - TD Cowen - Analyst : That's great. We're out of time, and we're competing with lunch now. But to wrap up the conversation Marion, Ryan, what do you believe is the most underappreciated aspect of the Regeneron story by investors?

Question: Tyler Van Buren - TD Cowen - Analyst : Great. Marion, Ryan, thank you very much for your time.