Regeneron Pharmaceuticals (REGN) TD Cowen 46th Annual Health Care Conference summary

Key financial and commercial drivers

• Earnings growth projected over the next 2–3 years, with potential for $70–$80 EPS and share price exceeding $1,000 if historical multiples are applied.

• EYLEA HD growth driven by label expansions (RVO, every-four-week dosing) and upcoming prefilled syringe launch.

• DUPIXENT annualized revenue just under $5 billion, with continued growth from new indications and launches.

• Sanofi development balance payoff expected by mid-year, providing significant bottom-line benefit in H2 and beyond.

• Oncology and hemonc franchises expanding, with Libtayo and Lynozyfic contributing to revenue.

Expense management and capital allocation

• R&D expense guidance at ~$6 billion (non-GAAP) in 2026, supporting large late-stage programs.

• Focus on operational efficiency, leveraging technology and AI, and recent hires in digital and AI leadership.

• Tax rate expected in mid-teens long-term, with COGS impacted by ongoing manufacturing investments.

• Capital allocation prioritizes internal R&D, business development, and shareholder returns via buybacks and modest dividends.

• $19 billion in cash provides flexibility for acquisitions, though discipline maintained on valuation.

Product and pipeline updates

• EYLEA HD uptake accelerating post-label expansions; prefilled syringe launch imminent.

• Charitable funding for patient access increased, with matching program up to $200 million in 2026.

• DUPIXENT IP protected into 2030s–2040s, with lifecycle management including long-acting antibodies entering clinic.

• Itepekimab's regulatory path depends on FDA feedback; AERIFY-1 data supportive, AERIFY-2 less so.

• Libtayo adjuvant CSCC launch targets 20,000 patients globally; frontline melanoma combo data expected H1.