Regeneron Pharmaceuticals (REGN) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Leadership priorities and capital allocation

• CFO's focus includes transparency with investors, efficient capital allocation, and prudent investment management.

• Share repurchase program expanded by $3 billion in April, reinforcing capital allocation strategy.

• Dividend initiation considered after Sanofi development balance is paid off, expected by end of 2026.

• Business development targets synergistic technologies, with flexibility for larger deals but limited interest in single-product acquisitions.

• M&A activity remains modest but could increase depending on opportunities; focus is on long-term value.

Revenue guidance and financial strategy

• No annual revenue guidance provided; relies on market data and transparency when needed.

• Will offer more guidance in areas with information asymmetry, such as collaboration revenue.

• Cash is primarily allocated to internal R&D and select early-stage business development.

Product updates and market dynamics

• EYLEA HD aims to become the new standard of care, with strong conversion from EYLEA and other brands.

• EYLEA HD and EYLEA together held 45% market share as of Q2 2024; HD continues to grow.

• Over 80% coverage for EYLEA HD achieved within a year; prefilled syringe launch expected early 2025.

• Biosimilar entry for EYLEA expected no earlier than June 2027 due to ongoing patent litigation.