Regeneron Pharmaceuticals (REGN) Goldman Sachs 45th Annual Global Healthcare Conference summary

Capital allocation and financial strategy

• Three-pillar strategy: internal R&D investment, manufacturing expansion, and business development including M&A and partnerships.

• Over $12 billion in share buybacks to date, with a new $3 billion repurchase program authorized in April.

• Ended Q1 with $17.5 billion in cash, providing flexibility for future M&A or potential dividends, though no immediate plans for large-scale deals or dividends.

• Sanofi development balance of $2.2 billion expected to be fully repaid by end of 2026, unlocking $600–800 million in incremental annual profitability.

Product and pipeline updates

• EYLEA HD adoption accelerated by permanent J code, with broadening prescriber base and extended dosing intervals improving patient outcomes.

• Dupixent's COPD PDUFA date delayed three months due to FDA-requested subgroup analyses; confidence remains high in approval.

• Robust patent portfolios and lifecycle management strategies in place for key products, with ongoing efforts to extend treatment duration and explore biobetters.

• Upcoming pipeline milestones include linvoseltamab PDUFA in August, Libtayo adjuvant CSCC data, fianlimab phase II/III data, and obesity program readouts in 2025.

Legal and intellectual property developments

• Ongoing litigation to protect EYLEA's 2-mg IP, with temporary restraining orders in place to prevent biosimilar launches until at least June 2027.

• Confident in the validity and breadth of key patents, with active defense against biosimilar entrants.