Regeneron Pharmaceuticals (REGN) Citi Annual Global Healthcare Conference 2025 summary

Policy and manufacturing updates

• Announced a $7 billion commitment to expand R&D and domestic manufacturing, including new facilities in New York and a contract with FUJIFILM Diosynth Biotechnologies.

• Ongoing construction of a fill-finish facility to reduce supply chain risk and bring capabilities in-house.

• Active negotiations with the administration on MFN drug pricing, aligning with goals to foster innovation and ensure fair global contributions.

• Committed to increasing domestic manufacturing while maintaining global production capabilities.

Capital allocation and business development

• Prioritizes internal investment but remains open to external M&A and collaborations, recently announcing a partnership with Tessera.

• Evaluates opportunities based on scientific merit, commercial potential, and resource complementarity, applying the same rigorous process to both internal and external projects.

• Actively monitors high-valuation late-stage assets but will invest if the opportunity aligns with strategic goals.

Eylea HD commercial outlook and competition

• Recent approvals for RVO and Q4 dosing expected to impact commercial performance starting in 2026, with a prefilled syringe filing planned for Q2.

• Patient affordability addressed through a matching program, though participation has been limited so far.

• Eylea HD positioned as best-in-class, with biosimilars presenting challenges mainly for the 2mg dose; label updates and unique RVO approval provide differentiation.

• Anticipates exclusion from Part B IRA drug price negotiations due to biosimilar competition, with CMS decisions expected by February 2026.