Regeneron Pharmaceuticals (REGN) Bernstein Insights: Healthcare Leaders and Disruptors – 3rd Annual Healthcare Forum summary

Financial performance and product highlights

• Achieved double-digit year-over-year growth in both top and bottom lines, with all-time quarterly net sales for EYLEA HD, DUPIXENT, and LIBTAYO.

• Paid off the Sanofi development balance, which will positively impact future collaboration profits.

• EYLEA HD accounted for 60% of EYLEA franchise net sales in Q2, with strong market share gains and increased treatment durability.

• LIBTAYO saw over 30% year-over-year growth, with significant contributions from both skin and lung cancer indications.

• DUPIXENT annualizing at $24 billion globally, with broad uptake across nine approved indications and strong patent protection extending into the 2030s and 2040s.

Market outlook and competitive landscape

• EYLEA HD expected to see sequential demand growth in Q3 and Q4 in the low to mid-teens, despite biosimilar competition.

• LIBTAYO is differentiated in lung cancer, with strong data in squamous cell and ongoing preparations for biosimilar Keytruda's entry.

• Ongoing monitoring of emerging immunotherapy innovations and ADCs that could impact LIBTAYO's market.

• DUPIXENT's exclusivity is protected by layered patents, with earliest biosimilar entry possible in 2031 (US), 2033 (EU), and 2034 (Japan).

• Active discussions underway to expand the Sanofi collaboration beyond DUPIXENT.

Pipeline strategy and upcoming milestones

• Drug development is science-driven, leveraging the Regeneron Genetics Center with over 3 million exomes sequenced and expansion into proteomics.

• Over 50 clinical programs, with antibody engineering and manufacturing scale as core strengths.

• Near-term milestones include a PDUFA date for cemdisiran in myasthenia gravis (Nov 2026), phase III readouts in PNH and geographic atrophy, and advancing hem-onc assets like Lynozyfic and odronextamab.

• Factor XI program advancing two antibodies for multiple thrombotic conditions, with phase III and II data expected in 2027.

• siRNA portfolio progressing in C5, liver, and CNS indications, with new data expected for MASH and ALS programs.