Regeneron Pharmaceuticals Inc Morgan Stanley 24th Annual Global Healthcare Conference

Terrence, thanks for having us. Always a pleasure to be here at the Morgan Stanley Global Healthcare Conference. I have a quick disclaimer to read as well, and then we will get started. I would like to remind you that remarks made today may include forward-looking statements about Regeneron, and each forward-looking statement is subject to risks and uncertainties that could cause actual results and events to differ materially from those projected in such statements. A description of material risks and uncertainties can be found in Regeneron's SEC filings. Regeneron does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. With that, Terrence, let us get started.

Happy to, Terrence, and I will share. We share a great ambition for DUPIXENT. The EUR 25 billion was obviously independent guidance given via Sanofi. But to the opportunity to bring DUPIXENT to so many more patients worldwide, that growth opportunity is driven by the amazing results that patients are seeing across now nine indications in the U.S. marketplace. Certainly, all the indications are growing. Our very first launch was in atopic dermatitis, as all of you know. Continues to grow across the range of indications that we have in market today, which include various age groups, various geographies. Certainly, the trajectory of performance going forward is very strong, and we share that view.

Sure. On atopic dermatitis, certainly tremendous advances for patients with DUPIXENT, but still the market has only penetrated to about, in the U.S. as an example, high teens, maybe 20%. So there's so much unmet need still in the marketplace. So we see an opportunity to help many more patients with DUPIXENT. Adherence to product is also very strong. If patients who are being treated for atopic dermatitis or the host of DUPIXENT indications, they will feel the disease coming back. Often atopic dermatitis patients talk about itch returning, lesions returning. Adherence to therapy is very high. I would also point to the fact that with DUPIXENT, there are situations where people have comorbidities because of type 2 disease. So they might benefit in atopic dermatitis, but they notice, for example, their asthma is better, or the asthma patient that also has nasal polyps or chronic rhinosinusitis.

It's the combination of indications to treat the individual condition, but then the host of other problems the patient might be experiencing as well. So adherence tends to be very high.

Sure. So often our key opinion leaders share with me, unlike other categories where you see advances come along with DUPIXENT and atopic dermatitis, they often refer to it being first and best. I would share the competition coming into the marketplace is always something we as Regeneron highly respect and recall when the JAK inhibitors came into atopic dermatitis as an example. There have been other companies more recently. But I do think it is helping a lot with educating and bringing more patients into the care continuum, where DUPIXENT can be selected as the option for them or for another reason, another product. But certainly, we have seen the overall trajectory of DUPIXENT performance in atopic dermatitis is very strong. It is about half of overall DUPIXENT net sales now in atopic dermatitis, but also pleased to say we have many other blockbuster indications across the nine approved indications.

Yeah, I am very happy to. DUPIXENT has done very well in crowded markets like biologic asthma. More recently, we also launched in COPD, which has been actually our most successful respiratory launch for DUPIXENT. The various teams, Len's words were correct when he talked about a portfolio and a product, and the teams really pride themselves in helping patients correctly and quickly with market education and customer-facing activities. CSU is a newer indication. It is probably our second-best trajectory with dermatologists, but certainly across all the indications. I do not want to neglect any because they are all important, but you see people who are not able to, or children, eat correctly with eosinophilic esophagitis or patients who have struggled with problems with skin lesions from bullous pemphigoid, prurigo nodularis. Each of the indications is really helpful and important in helping patients that often previously did not have an opportunity for care.

It brings more patients into the fold and certainly creates a bigger opportunity for DUPIXENT on a worldwide basis. As I share often, even for our patients who have indications that tend to more frequently be in older age groups, they really so appreciate hearing that DUPIXENT is a self-administered biologic that can be used in children as young as 6 months in atopic dermatitis or 1-year-olds in eosinophilic esophagitis. So the combination of efficacy, safety, ease of use, reimbursement is really important.

Terrence, again, thanks for having us. As you heard from Marion, there's been a tremendous amount of value built by both companies in terms of what both teams have been able to do in terms of building DUPIXENT and all the approved indications. Just think about the relationships with providers, payers, as well as the reputation with patients and consumers, that we want to do all that we can on a combined basis to leverage that value that's been created. We continue to make progress with our colleagues at Sanofi. There's just certain aspects of a transaction where two parties need to get together and basically come to a resolution where they both feel they got something out of that transaction.