Regeneron Pharmaceuticals, Inc. · NASDAQ:REGN
Regeneron Pharmaceuticals — Q4 2025 Earnings Presentation
35 slides from Regeneron Pharmaceuticals's earnings presentation, Jan 30, 2026
Slide 1: Regeneron Corporate Presentation
Regeneron Corporate Presentation J A N U A R Y 2 0 2 6 This non-promotional presentation contains investigational data as well as forward-looking statements; actual results may vary materially.
Slide 2: Note regarding forward-looking statements and non-GAAP financial measures
Note regarding forward-looking statements and non-GAAP financial measures 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 even
Slide 3: Leveraging the power of science to bring transformative medicines to patients
Integrating Genetics, Accelerating Following Delivering Proteomics, and Innovation and Breakthrough Big Data R&D Productivity the Science Medicines World’s largest DNA and Powerful toolkit of ~45 clinical programs across 14 internally-discovered proteomics-linked healthcare proprietary, turnkey tech
Slide 4: Q4 2025 Financial Performance and Pipeline Developments
Q4 2025 Financial Notable R&D Pipeline Advancements Performance and Pipeline Developments • Approved in Europe for CSU in patients who remain symptomatic despite antihistamine treatment • Announced positive results from Phase 3 trial in AFRS; sBLA accepted for Priority Review (PDUFA February 2026) •
Slide 5: >1.4 million patients on therapy globally
Continued growth and expansion in multiple Type 2 indications 4Q 2025 Dupixent global net sales of $4.9B (+32% YoY*) >1.4 million patients on therapy globally Dupixent global net product sales, in $ Millions Approved in EIGHT indications globally +32%* Chronic Spontaneous Urticaria (CSU) approved by
Slide 6: Strong launches in new indications while unlocking revenue growth through development balance repayment
Strong launches in new indications while unlocking revenue growth through development balance repayment New launches and repayment of development balance expected to drive Sanofi Collaboration Revenue growth in 2026 Dupixent Cumulative NBRx by Indication Reimbursement Obligation to Sanofi Weekly lau
Slide 7: Delivering on Dupixent's "pipeline in a product" potential
Delivering on Dupixent’s “pipeline in a product” potential Dupixent clinical trials have repeatedly demonstrated that IL-4 and IL-13 are key drivers of multiple Type 2 inflammatory diseases Atopic Dermatitis Asthma Atopic Dermatitis CRSwNP Atopic Dermatitis Adults 18+ Adults/Adolescents 12+ Adolesce
Slide 8: EYLEA HD + EYLEA in the U.S.
EYLEA HD + EYLEA in the U.S. EYLEA HD + EYLEA remain the U.S. branded anti-VEGF category leader Goal to establish EYLEA HD as new U.S. Net Product Sales, standard of care for retinal diseases in $ Millions • Q4 2025 U.S. net product sales of $506M • Comprised nearly 50% of Q4 2025 aggregate EYLEA +
Slide 9: Strengthening EYLEA HD's best-in-class profile
Strengthening EYLEA HD’s best-in-class profile Recent label enhancements expected to broaden adoption to patients with RVO and to patients requiring more frequent dosing Macula Edema following Monthly Dosing Option Pre-Filled Syringe Retinal Vein Occlusion • Offers physicians greater flexibility • F
Slide 10: Driving global Oncology growth through differentiated launches
Driving global Oncology growth through differentiated launches Positive early launch progress with Libtayo in adjuvant CSCC and Lynozyfic in r/r multiple myeloma Engaging with a broader range Libtayo is the only NCCN 10,000+ eligible patients Adjuvant CSCC of treating specialties Category 1 Preferre
Slide 11: Key growth driver and foundational to oncology portfolio
Key growth driver and foundational to oncology portfolio Libtayo is the leading immunotherapy for advanced non-melanoma skin cancers; building share in advanced non small cell lung cancer Strong and consistent growth • Q4 2025 global net sales of $425M (+13% YoY*) Libtayo global net product sales, i
Slide 12: R/R Multiple Myeloma: Lynozyfic provides a differentiated clinical profile in the 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 13: Regeneron pipeline targets large opportunities across therapeutic categories
Regeneron pipeline targets large opportunities across therapeutic categories Immunology & Inflammation IL-13 Type 2 Indications IL-4 Type 2 Indications Ophthalmology IL-4xIL-13 bispecific§ Type 2 Indications Oncology & Heme-Onc Cemdisiran (C5 siRNA) ± REGN1908-1909 (FelD1) Cat Allergy Lynozyfic (BCM
Slide 14: Sustaining I&I leadership and unlocking new growth opportunities
Sustaining I&I leadership and unlocking new growth opportunities Leveraging learnings from Dupixent and disease biology to advance next-gen approaches to treat inflammatory diseases Pursuing multi-pronged approach to sustain Advancing broader allergy pipeline I&I leadership into the next decade into
Slide 15: Advancing allergy pipeline: positive Phase 3 results for two allergen-blocking antibodies
Advancing allergy pipeline: positive Phase 3 results for two first-in-class allergen-blocking antibodies Positive Phase 3 results for antibody-blockers of cat and birch allergies; additional Phase 3 studies initiating in 2026 Vision for Cat and Birch Allergy Programs Opportunity to Address Populatio
Slide 16: Key late-stage programs positioned to deliver over the next few years
Key late-stage programs positioned to deliver over the next few years Late-stage opportunities spanning multiple therapeutic areas OLATOREPATIDE FIANLIMAB + CEMDISIRAN ± REGN7508 & (OLA) ± VARIOUS LIBTAYO POZELIMAB REGN9933 AGENTS Two Factor XI antibodies allow LAG-3 + PD-1 BCMAxCD3 C5 siRNA ± C5 an
Slide 17: Combining two checkpoint inhibitors: Fianlimab (anti-LAG-3) & LIBTAYO (anti-PD-1)
Combining two potentially best-in-class checkpoint inhibitors: Fianlimab (anti-LAG-3) & LIBTAYO (anti-PD-1) Potentially differentiated 1L metastatic melanoma treatment option; additional data readouts across other settings expected in 1H 2026 1H 2026 Phase 3 1L metastatic melanoma data Phase 3 adjuv
Slide 18: Advancing Fianlimab & LIBTAYO combination in melanoma and across several solid tumor cancers
Advancing Fianlimab & LIBTAYO combination in melanoma and across several solid tumor cancers Data anticipated from multiple studies in 1H 2026 Phase 1 Phase 2 Phase 3 1L Metastatic Melanoma Pivotal data in 1H26 (vs. pembrolizumab) Dual LAG-3 and PD-1 blockade may 1L Metastatic Melanoma Enrolling pro
Slide 19: 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 • Differentiated strategy to myeloma through positive treatment with differentiated, addres
Slide 20: Aiming to transform the multiple myeloma treatment landscape
Aiming to transform the multiple myeloma treatment landscape 4 registrational studies underway to potentially transform the treatment paradigm with convenient, simplified and less intense treatment regimens At Lynozyfic 200 mg monotherapy, 100% of evaluable patients (n=21) achieved MRD-negativity in
Slide 21: 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 Dose MRD-negativity Setting Study Name
Slide 22: Tailored C5 therapeutic approach: siRNA ± antibody
Tailored C5 therapeutic approach: siRNA ± antibody provides flexibility to address multiple complement-mediated diseases siRNA (cemdisiran) lowers C5 target burden while antibody (pozelimab) blocks circulating C5, enabling near-complete C5 inhibition • Cemdisiran + pozelimab combination demonstrated
Slide 23: Cemdisiran (C5 siRNA): positive Phase 3 results in gMG
Cemdisiran (C5 siRNA): positive Phase 3 results demonstrate a competitive profile with differentiated dosing in the growing gMG category *There are no randomized, head-to-head clinical trials between these products. Study data being provided for descriptive purposes only. Caution is advised when dra
Slide 24: Tailored approach to anticoagulation treatment with differentiated Factor XI program
Tailored approach to anticoagulation treatment with differentiated Factor XI program Regeneron’s two antibodies allow customized approach: REGN7508Cat optimizes anticoagulation activity with potential for reduced bleeding risk vs. SOC, REGN9933A2 further reduces bleeding risk with comparable anticoa
Slide 25: Addressing the bleeding risk in anticoagulation treatment: broad Factor XI clinical program
Addressing the bleeding risk in anticoagulation treatment: Regeneron’s broad Factor XI clinical program $20B anticoagulation market remains underpenetrated due to bleeding risk; <50% of eligible patients receive therapy because of safety concerns Stroke Post-TKR Cancer PICC-associated Peripheral Pre
Slide 26: Broad Factor XI development program advancing rapidly
Broad Factor XI development program advancing rapidly Genetics, preclinical, and clinical data support broad Factor XI development Target Treatment Est. Est. Primary Patient Segment Study Enrollment Period Study Start Completion ROXI-APEX Post-Total Knee Replacement (Cat vs. apixaban vs. ~2,000 Sing
Slide 27: Transforming patient care for obesity and related conditions
Transforming patient care for obesity and related conditions Three major opportunities for Regeneron in the rapidly growing obesity therapeutic area 1 2 3 Address obesity GIP/GLP-1 Receptor Enhancing the quality of comorbidities with novel Agonist monotherapy GLP-1-based weight loss combinations Imp
Slide 28: World-class Regeneron Genetic Medicines (RGM) Program
World-class Regeneron Genetic Medicines (RGM) Program Alnylam: Exclusive siRNA collaboration in eye and CNS, with liver programs in MASH RGM builds and utilizes ‘turnkey’ therapeutic platforms — customizing and additional RGC targets the choice of genetics technology (siRNA, CRISPR/Cas9, etc.) based
Slide 29: Regeneron Genetic Medicines pipeline
Regeneron Genetic Medicines pipeline Phase 1 Phase 2 Phase 3 ALN-5288* SNCA* ALN-SOD* ALN-PNP* Rapirosiran* Cemdisiran ± Pozelimab* MAPT (Tau) siRNA SNCA (synuclein) SOD1 siRNA PNPLA3 siRNA HSD17B13 C5 siRNA + C5 antibody Neuro-degenerative siRNA SOD1 ALS MASLD siRNA Myasthenia Gravis; Paroxysmal di
Slide 30: Regeneron-discovered, approved and investigational medicines across a diverse set of diseases
Regeneron-discovered, approved and investigational medicines across a diverse set of diseases Phase 1 Phase 2 Phase 3 FDA-Approved † REGN5837 (CD22xCD28) REGN9933 (Factor XI) cemdisiran ± pozelimab‡ ° REGN7945 (CD38xCD28) REGN7999 (TMPRSS6) (C5 siRNA ± anti-C5) REGN9533 (Factor XII) odronextamab (CD
Slide 31: 2026 key milestones
2026 key milestones Ophthalmology Hematology • EYLEA HD: pre-filled syringe (PFS) FDA decision (2Q26) • R7508/R9933: Initiate additional Phase 3 studies in • Cemdisiran ± pozelimab: interim results from lead in cohort anticoagulation (1H26) of Phase 3 trial in GA (2H26) • Cemdisiran + Pozelimab: rep
Slide 32: Deploying capital to maximize long-term value creation
Deploying capital to maximize long-term value creation Disciplined capital allocation approach laying the foundation for Regeneron’s next wave of innovation Return Capital to Shareholders Business Development Investing in world-class Leveraging external Rewarding shareholders Internal Investment R&D
Slide 33: Our philosophy: Do well by doing good
Our philosophy: Do well by doing good We’re focused on using the unique knowledge and expertise within our company to address the issues that matter most to our business and to our stakeholders. IMPROVING THE LIVES OF PEOPLE FOSTERING A CULTURE OF BUILDING SUSTAINABLE WITH SERIOUS DISEASES INTEGRITY
Slide 34: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 34
Slide 35: Abbreviations and Definitions
Abbreviations and Definitions Abbreviation Definition Abbreviation Definition Abbreviation Definition Abbreviation Definition 1L First line DOAC Direct oral anticoagulants Low-Density Lipoprotein / PFS Pre-filled syringe LDL/LDL-C 2L Second line EC European Commission Low-Density Lipoprotein-Cholest
Regeneron Pharmaceuticals — Q4 2025 Earnings Presentation on 6ix