Regeneron Pharmaceuticals at Bank of America Merrill Lynch Health Care Conference Transcript

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

Question: Steve Byrne - BofA Merrill Lynch - Analyst : Any questions? We have one up here. Unidentified Audience Member Can you talk about how Sanofi does some of the funding of your clinical development? Can you talk a little bit about the revenue split, presumably, or how the rest of the economics work? And then I know it's on one of the slides, REGN475, it said there was a clinical hold. Can you kind of elaborate on that? Thank you.

Question: Steve Byrne - BofA Merrill Lynch - Analyst : Len, if we could kind of simplify the EYLEA market into four buckets -- wet AMD, DME, US and ex-US, those four buckets, five years from now, how would you rank the market opportunity for EYLEA in those four buckets?

Question: Steve Byrne - BofA Merrill Lynch - Analyst :

Question: Steve Byrne - BofA Merrill Lynch - Analyst : Assuming there isn't a structural change in the Avastin compounding market, you've already taken a meaningful share away from them, roughly the same amount of share from Avastin as from Lucentis, and one would think that Avastin users are price-sensitive, and yet you're still capturing share from them. Is it your view and feedback from docs that it's not so much price and that it's an efficacy reason that they're switching from Avastin to EYLEA? And moreover, what's your outlook for further changes in share from either of those buckets [of switchers]?

Question: Steve Byrne - BofA Merrill Lynch - Analyst : Okay. I think we're out of time. Thanks for the update.