Regeneron Pharmaceuticals (REGN) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic Overview and Innovation

• Emphasizes a science-first, big data-driven approach, leveraging proprietary platforms like VelocImmune and the Regeneron Genetics Center for rapid drug discovery and development.

• Portfolio includes 14 internally discovered therapies approved in the past 15 years and about 45 clinical candidates across six therapeutic areas, supporting future growth.

• Focuses R&D investment internally, allocating about 95% of resources to in-house innovation, citing higher returns and sustainability compared to external deals.

• Plans to invest approximately $6 billion in R&D and over $7 billion in US capital investments in coming years, with $6B non-GAAP R&D spend expected in 2026 and $7B+ committed to U.S. manufacturing and R&D expansion.

• Returned $3.8 billion to shareholders in 2025 through buybacks and dividends, and initiated a modest dividend that year.

Commercial Performance and Product Updates

• Eylea HD net sales in Q4 2025 reached $506 million in the US, up 66% year-over-year, now comprising nearly half of the franchise's net sales.

• Eylea HD label expanded to include four-week dosing and macular edema following retinal vein occlusion, with an FDA decision on a prefilled syringe expected in Q2 2026.

• Dupixent, co-commercialized with Sanofi, is the most widely used branded antibody globally, with over 1.3 million patients and annualized global net sales exceeding $19 billion.

• Libtayo is the only approved IO treatment for adjuvant CSCC in the US and is the second most prescribed IO in first-line advanced lung cancer.

• Leading brands EYLEA, Dupixent, and Libtayo maintain top positions in their categories, with strong sales and growth momentum.

Pipeline Highlights and Clinical Advancements

• Advancing long-acting antibodies for type 2 inflammation, including expedited development of an IL-13 antibody and other genetically defined I&I targets.

• Achieved proof of principle in allergy treatment by eliminating IgE-producing plasma cells, with all initial patients showing >90% sustained IgE reduction.

• Five key late-stage programs target solid tumors, myeloma, complement-mediated diseases, anticoagulation, and obesity, with pivotal data readouts expected starting in the first half of the year.

• Linvoseltamab monotherapy in first-line multiple myeloma and precursor conditions achieved 100% MRD negativity in available patients; four registrational studies underway.

• Cemdisiran and Pozelimab combination in PNH showed superior LDH control versus standard of care, with pivotal data expected late this year or early next.