Regeneron Pharmaceuticals Inc at Wells Fargo Healthcare Conference Transcript

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

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Great. Awesome. So we like to talk about. There's a lot of commercial execution going on, a lot coming up there. Great quarter with high-dose EYLEA. So can you talk a little bit about the journey of high-dose EYLEA in the beginning and then obviously a lot change with the charity thing earlier this year and then you are reinvesting in that. So there's a lot -- there are a lot of questions there, but just talk a little bit about the journey in the last six months and then the outlook as well here with the high-dose EYLEA.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : So is it fair to say that 2Q strength you have seen in high-dose EYLEA has not like charity or the new contribution to foundation has not contributed to that yet. It is mostly the strength of the product at this point?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : No, that is helpful.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Got it. So I mean, how are you seeing the competition from biosimilars at this point. So I asked this because, I mean, like people do not appreciate that this category has been actively managed with Avastin anyway, right? It's not that starting this year, it hasn't been managed, right? I mean there have been auths before that as well. So are there are prior auths there with EYLEA biosimilar? Or like what -- how are you competing against EYLEA biosimilar, which is a very good product actually?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : It very helpful. And then let's just talk a little bit about the upcoming PDUFA files for some of those expansions. So first of all, how do you feel about this now that you've got the new PDUFA, NUEPA lufa number one. And number two, there are three different things like Q4 dosing, RVO and PFS pre-filled syringe approval. So can you just think about -- help us understand the importance of each of them.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : In all three of these submissions are -- like there are two submissions, right? So they all got delayed for the manufacturing reasons at this point.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Got it. Very helpful. Do you expect to the inspection at this point? Because inspection already happened, right?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Got it. Very helpful. I have to ask.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : So okay, so awesome. So this is very helpful. Moving on to the other product you have, small product called Dupixent. So I mean, amazing that after so many years of launch, you are still growing at 20%-plus. So I mean I ask this question every year. Where would the next growth come from? So can you talk a little bit about that.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Yeah, I know my boss's -- Robin's kid was born on that day, that's why I remember the day. Yeah. Awesome. So great. So let's just talk about COPD a little bit. You have seen a very good traction in the beginning. In what inning we are in sport terminology at this point? I mean, you launched last year. So like how much more -- like I know the growth has been really rapid there, but I mean it's a big market. So how are you thinking about this?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Got it. So you've got a very broad label there, right? I mean, the label is not restricting on EO as such. So do you see usage beyond the -- beyond like below 300 as well here in the real world?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Got it. 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 04, 2025 / 1:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Wells Fargo Healthcare Conference

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Right. That's for sure. Very helpful. Thank you for that. So let's just talk about some of the competition out there. So I mean we have the IL-13 out in the market. I mean none of them look better than Dupi, and they -- at best, they look similar to Dupi's clinical trial, but Dupi works really well in real wild as well. So are you seeing them as a challenger? Or are they -- like you are not seeing them --

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Got it. Very helpful. Another interesting readout last week from my senior gravis. So congratulations first of all. Again, now you have a task at your hand, right? So trying to understand, like help us understand like how do you plan to position the product here? And I mean it is a crowded market, but then at the same time, it is a growing market as well. So how do you think about the market evolution is a C5, the FcRn. So how do you position yourself?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Got it. So this is the sales force you do not have at this point, right? So this is something you will have to build up.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Got it. Great. I mean -- awesome. So let's just talk about two last topics before we conclude. So LAG-3, you have interesting data coming up later this year. So I mean, but you have a great LAG-3 and great grade PD-1 here, but you're comparing it against a PD-1, which is also a good PD-1. So can you talk a little bit about how you are thinking about what is meaningful here -- and yeah, just at the stage here?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : So uncertainty is the (inaudible). Awesome. So like this is very helpful. And then let's just step on ipilimumab here as well. What are the next steps here? I'm sure you have -- you've seen a lot more data now of the top line. And then there's a partner as well, so you have to think about that as well. So how do you think about that?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Got it. Very helpful. And one question on like, you have a very strong balance sheet. And I mean, Regeneron is a very innovative company. Any other company, people would be just clamoring for BD. But again, I'm sure you are getting those questions as well at this point. So has anything changed internally in terms of thought process around BD and use of cash in recent months, especially after itepekimab? 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 04, 2025 / 1:30PM, REGN.OQ - Regeneron Pharmaceuticals Inc at Wells Fargo Healthcare Conference

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Awesome. One last question I ask every year. One year down the line, I hope you are here. I hope I'm here, what would make you look back at the year and say it was a great year for us?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Awesome on that high note, thank you very much. Really appreciate it.