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

Key financial and commercial drivers

• Earnings growth expected over the next 2–3 years, with potential for significant EPS increase and share price appreciation, driven by core franchises and repayment of the Sanofi development balance by midyear, benefiting margins in the second half and beyond.

• EYLEA HD growth supported by label expansions (RVO, every-four-week dosing), prefilled syringe launch, and increased reimbursement confidence; charitable funding initiatives aim to improve patient access.

• DUPIXENT continues strong performance with multiple indications and robust IP protection into the 2030s and 2040s; lifecycle management includes next-generation antibodies and potential for extended collaboration with Sanofi.

• Oncology and hemonc franchises expanding with Libtayo (adjuvant CSCC) and Lynozyfic (multiple myeloma), plus pipeline filings for myasthenia gravis and other indications.

• R&D investment guided at ~$6B non-GAAP in 2026, with focus on late-stage programs, digital transformation, and AI to drive efficiency; tax rate expected in mid-teens, with COGS impacted by manufacturing investments.

Pipeline and innovation highlights

• Lifecycle management for DUPIXENT includes long-acting IL-13 and IL-4 antibodies, with expedited development plans and potential for new collaborations.

• Itepekimab's regulatory path depends on FDA feedback regarding sufficiency of AERIFY-1 data; decision on further pivotal studies pending.

• Libtayo/fianlimab combo in frontline melanoma expected to deliver pivotal data by midyear, with potential to change standard of care if phase I results are replicated.

• Cemdisiran for myasthenia gravis filing imminent, with at-home administration planned; PNH pivotal data expected by year-end or early 2027, and geographic atrophy interim analysis in 2H.

• Obesity strategy includes ALN-APP/Praluent co-formulation targeting weight loss and LDL lowering, with pricing near parity to existing therapies.

• Factor XI program advancing two differentiated antibodies, with eight pivotal studies planned across multiple indications; first data readouts expected in 2027.

Capital allocation and business development

• Capital allocation prioritizes internal R&D, active business development for early-stage assets, and share repurchases; $19B cash provides flexibility for acquisitions, though valuation discipline remains key.

• Dividend maintained at modest levels to broaden investor base, with no aggressive increase planned.