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 per share and significant upside if historical multiples are applied.

• Top-line growth driven by rapid conversion to EYLEA HD, recent label expansions, and prefilled syringe launch.

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

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

• Sanofi development balance payoff expected by mid-year, providing a boost to earnings in the second half and beyond.

Expense management and capital allocation

• R&D investment guided to approximately $6 billion (non-GAAP) in 2026, supporting large late-stage programs.

• Focus on operational efficiency, leveraging technology and AI, and maintaining cost-consciousness.

• Tax rate expected in the mid-teens long-term, with cost of goods sold impacted by ongoing manufacturing investments.

• Capital allocation priorities: internal R&D, business development, and shareholder returns through buybacks and modest dividends.

• $19 billion in cash provides flexibility for acquisitions, but discipline maintained due to high asset valuations.

Product and pipeline updates

• EYLEA HD uptake accelerating with label expansions and prefilled syringe launch; charitable funding program expanded to $200 million for 2026.

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

• Itepekimab's regulatory path depends on FDA feedback regarding sufficiency of single pivotal trial data.

• Libtayo adjuvant CSCC launch targets 20,000 patients globally; frontline melanoma combo data expected by mid-year.

• Cemdisiran for myasthenia gravis filing imminent; PNH and geographic atrophy data readouts expected in late 2026 and 2027.

• Obesity strategy includes ALN-APP/Praluent co-formulation, aiming for LDL lowering and competitive pricing.

• Factor XI program advancing with two differentiated antibodies and up to eight pivotal studies by year-end.