Regeneron Pharmaceuticals, Inc. · NASDAQ:REGN
Regeneron Pharmaceuticals — Investor Day (December 2025)
31 slides from Regeneron Pharmaceuticals's investor day presentation, Dec 10, 2025
Slide 1: Roundtable
ROUNDTABLE DECEMBER 10, 2025
Slide 2: Speakers
Speakers Regeneron Roundtable – Lynozyfic George Yancopoulos Andres Sirulnik Karen Rodriguez-Lorenc Justin Holko Board co-Chair Senior Vice President Vice President Senior Vice President President Clinical Development Malignant Hematology Oncology & Hematology Chief Scientific Officer Unit Head Hema
Slide 3: Note regarding forward-looking statements
Note regarding forward-looking statements This presentation includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. ("Regeneron" or the "Company"), and actual events or results may differ materia
Slide 4: Regeneron Roundtable – Lynozyfic
REGENERON ROUNDTABLE – Lynozyfic Regeneron’s Hematology and Heme-Onc Pipeline Current Multiple Myeloma Treatment Landscape & Lynozyfic Strategy Late Line: Lynozyfic Approved in R/R Multiple Myeloma Early Line: Advancing to 1L & 2L Therapy in Myeloma Precursor Conditions: Lynozyfic as Prevention Comm
Slide 5: Hematology development pipeline
Hematology development pipeline Phase 1 Phase 2 Phase 3 Approved BCMAxCD3 (REGN5459) Factor XI (REGN9933A2) Factor XI (REGN7508Cat) anti-HLA desensitization in CKD, SPAF Post-Op VTE Lupus TMPRSS6 (REGN7999) Nex-z (TTR, NTLA-2001)† Factor IX† Beta Thalassemia Gene Editing Gene Insertion Viral + CRISP
Slide 6: Heme-Onc development pipeline
Heme-Onc development pipeline Phase 1 Phase 2 Phase 3 Approved CD38xCD28 (REGN7945) linvoseltamab Costimulatory Bispecific Ab (BCMAxCD3, REGN5458) Multiple myeloma Multiple Myeloma, AL Amyloidosis CD22xCD28 (REGN5837) odronextamab (CD20xCD3) Costimulatory Bispecific Ab Lymphoma Lymphoma (EU only) He
Slide 7: Regeneron Roundtable – Lynozyfic
REGENERON ROUNDTABLE – Lynozyfic Regeneron’s Hematology and Heme-Onc Pipeline Current Multiple Myeloma Treatment Landscape & Lynozyfic Strategy Late Line: Lynozyfic Approved in R/R Multiple Myeloma Early Line: Advancing to 1L & 2L Therapy in Myeloma Precursor Conditions: Lynozyfic as Prevention Comm
Slide 8: Current Multiple Myeloma treatment landscape
Current Multiple Myeloma treatment landscape Complex and crowded treatment landscape provides opportunity to simplify treatment algorithm Current U.S. Landscape U.S. Drug Treated Patients Transplant Eligible (45%) Transplant Ineligible (55%) 1L (NDMM) VRd, DVRd, other VRd, Rd, DRd, other • Existing
Slide 9: Lynozyfic strategy and long-term vision
Lynozyfic strategy and long-term vision Unlocking long-term value by redefining multiple myeloma treatment and prevention Establish Advance Prevent • Build market share in late-line • Move to earlier lines of treatment • Differentiated strategy to address myeloma through positive with differentiated
Slide 10: Regeneron Roundtable – Lynozyfic
REGENERON ROUNDTABLE – Lynozyfic Regeneron’s Hematology and Heme-Onc Pipeline Current Multiple Myeloma Treatment Landscape & Lynozyfic Strategy Late Line: Lynozyfic Approved in R/R Multiple Myeloma Early Line: Advancing to 1L & 2L Therapy in Myeloma Precursor Conditions: Lynozyfic as Prevention Comm
Slide 11: R/R Multiple Myeloma: Lynozyfic differentiated clinical profile in BCMA bispecific class
R/R Multiple Myeloma: Lynozyfic provides a differentiated and compelling clinical profile in the BCMA bispecific class There are no randomized, head-to-head clinical trials between these products. Study data being provided for descriptive purposes only. Caution is advised when drawing conclusions ba
Slide 12: R/R MM: Responses deepen with additional follow up
R/R MM: Responses deepen with additional follow up Improving ORR and ≥CR observed in LINKER-MM1 and across the BCMA bispecific class LATE LINE MM LINKER-MM1 Overall Response Results presented at IMS 2025 Across the BCMA bispecific class, responses deepen as follow up increases PR VGPR CR sCR 100 Lin
Slide 13: R/R MM: Confirmatory phase study fully enrolled
R/R MM: Confirmatory phase 3 study fully enrolled LINKER-MM3 evaluating Lynozyfic monotherapy compared to EPd, with data anticipated in 2027 Line of therapy LATE LINE MM U.S. treated population Study Phase 1 Phase 2 Phase 3 LINKER-MM1 Registrational study supported accelerated (Linvo mono) Pivotal P
Slide 14: Regeneron Roundtable – Lynozyfic
REGENERON ROUNDTABLE – Lynozyfic Regeneron’s Hematology and Heme-Onc Pipeline Current Multiple Myeloma Treatment Landscape & Lynozyfic Strategy Late Line: Lynozyfic Approved in R/R Multiple Myeloma Early Line: Advancing to 1L & 2L Therapy in Myeloma Precursor Conditions: Lynozyfic as Prevention Comm
Slide 15: Early Line MM: Advancing with monotherapy and combinations
Early Line MM: Advancing with monotherapy and differentiated Lynozyfic combinations Best-in-class late-line results and encouraging early-line data highlight significant potential for linvoseltamab in earlier treatment settings LATE LINE MM Line of therapy Emerging early data suggest potential for U
Slide 16: 2L+ MM: linvoseltamab + carfilzomib rapid and deep responses
2L+ MM: linvoseltamab + carfilzomib demonstrated rapid and deep responses Emerging Phase 2 data support advancement into pivotal Phase 3 LINKER-MM5 study evaluating linvoseltamab ± carfilzomib LATE LINE MM Phase 2 LINKER-MM2 Results: Overall Response Presented at IMS 2025 sCR CR VGPR PR Phase 3: LIN
Slide 17: 1L: Proof-of-concept data in NDMM
NEW DATA 1L: Proof-of-concept data in NDMM support ambitions to advance into earlier line settings Rapid and deep responses observed across dose levels in LINKER-MM4 study in newly-diagnosed patients LATE LINE MM LINKER-MM4 Overall response per LINVO dose level*† Presented at IMS 2025 & ASH 2025 • L
Slide 18: 1L MM TIE: Differentiated monotherapy approach in LINKER-MM6
1L MM TIE: Differentiated monotherapy approach for transplant- ineligible patients in LINKER-MM6 study Opportunity to dramatically simplify front-line TIE treatment with less intense Lynozyfic therapy treatment after SoC debulking regimen LATE LINE MM Standard of Care Treatment until Progression D-R
Slide 19: 1L MM TE: Revolutionizing treatment through simplification
1L MM TE: Revolutionizing treatment through simplification, less intense treatment and as an alternative to ASCT Strength of data supports potential to drastically simplify front-line treatment with less intense combinations LATE LINE MM Standard of Care Induction D-VRd 4-6 mos ORR/CR Phase 3 LINKER
Slide 20: Regeneron Roundtable – Lynozyfic
REGENERON ROUNDTABLE – Lynozyfic Regeneron’s Hematology and Heme-Onc Pipeline Current Multiple Myeloma Treatment Landscape & Lynozyfic Strategy Late Line: Lynozyfic Approved in R/R Multiple Myeloma Early Line: Advancing to 1L & 2L Therapy in Myeloma Precursor Conditions: Lynozyfic as Prevention Comm
Slide 21: Precursor conditions and amyloidosis: pioneering the next frontier
Precursor conditions and amyloidosis: pioneering the next frontier Potential to prevent progression and unlock new treatment opportunities for linvoseltamab beyond malignant multiple myeloma LATE LINE MM Line of therapy U.S. population Study Phase 1 Phase 2 Phase 3 LINKER-SMM1 Emerging data suggest
Slide 22: Precursor conditions: rapid and deep responses in HRSMM
Precursor conditions: rapid and deep responses in High-Risk Smoldering Multiple Myeloma (HRSMM) Daratumumab monotherapy demonstrated 9% CR at 65.2 months median follow-up in patients with HRSMM LATE LINE MM LINKER-SMM1 Overall response (LINVO 200mg) Presented at IMS 2025 • Initial data from LINKER-S
Slide 23: Expanding development to AL Amyloidosis
Expanding development to AL Amyloidosis Encouraging early data highlight potential for linvoseltamab monotherapy to treat AL Amyloidosis LATE LINE MM • Linvoseltamab has the potential to be a best-in-class treatment for ALA based on encouraging data emerging from ongoing study • Pivotal LINKER-AL2 s
Slide 24: Regeneron Roundtable – Lynozyfic
REGENERON ROUNDTABLE – Lynozyfic Regeneron’s Hematology and Heme-Onc Pipeline Current Multiple Myeloma Treatment Landscape & Lynozyfic Strategy Late Line: Lynozyfic Approved in R/R Multiple Myeloma Early Line: Advancing to 1L & 2L Therapy in Myeloma Precursor Conditions: Lynozyfic as Prevention Comm
Slide 25: Positive leading indicators for Lynozyfic launch
Positive leading indicators for Lynozyfic launch Strong physician reception in late-line setting supported by differentiated clinical and convenience profile Robust enrollment in Strong early formulary Favorable hospitalization Lynozyfic REMS program adoption with several and dosing requirements win
Slide 26: Significant market opportunity in multiple myeloma
Significant market opportunity in multiple myeloma Lynozyfic has the potential to become a significant portion of the $30B+ multiple myeloma market by advancing through lines of therapy Active Multiple Myeloma US EU5 Japan • Current estimated MM market Incidence in 2025 ~36k ~28k ~8k size: $30B+ and
Slide 27: Unlocking new markets: precursor disease & amyloidosis
Unlocking new markets: precursor disease & amyloidosis First BCMA bispecific to target precursor conditions with the goal to potentially prevent multiple myeloma entirely Hish-Risk Smoldering AL Multiple Myeloma Amyloidosis U.S. Opportunity U.S. Opportunity ALA patients Newly diagnosed ~4.4K diagnos
Slide 28: Regeneron Roundtable – Lynozyfic
REGENERON ROUNDTABLE – Lynozyfic Regeneron’s Hematology and Heme-Onc Pipeline Current Multiple Myeloma Treatment Landscape & Lynozyfic Strategy Late Line: Lynozyfic Approved in R/R Multiple Myeloma Early Line: Advancing to 1L & 2L Therapy in Myeloma Precursor Conditions: Lynozyfic as Prevention Comm
Slide 29: Current Multiple Myeloma treatment landscape
Current Multiple Myeloma treatment landscape Complex and crowded treatment landscape provides opportunity to simplify treatment algorithm Current U.S. Landscape Linvoseltamab value proposition U.S. Drug Treated Patients Transplant Eligible (45%) Transplant Ineligible (55%) 1L: Improve patient option
Slide 30: Comprehensive development plan across disease spectrum
Comprehensive development plan across disease spectrum Numerous pivotal studies planned or ongoing, with multiple readouts expected through 2027–2030 to support paradigm-shifting potential and a significant commercial opportunity Indication/ Target Monotherapy MRD-negativity Setting Study Name Phase
Slide 31: Question & Answer Session
Question & Answer Session Regeneron Roundtable – Lynozyfic George Yancopoulos Andres Sirulnik Karen Rodriguez-Lorenc Justin Holko Board co-Chair Senior Vice President Vice President Senior Vice President President Clinical Development Malignant Hematology Oncology & Hematology Chief Scientific Offic
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