Regeneron Pharmaceuticals Bernstein Insights: Healthcare Leaders and Disruptors – 3rd Annual Healthcare Forum

I sure do, Jeffrey. Thank you so much for having us. I will just briefly read a forward-looking statement, a reminder, 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, Jeffrey, why don't we hop into your questions?

Thanks, Jeffrey, again. Thanks for having us. I think if you look, as you referenced, overall, we had very strong financial performance. Putting EYLEA aside for a second, if you look at both the top line and the bottom line, we had double-digit year-over-year growth. If you look at the performance of our three major growth drivers, whether it is EYLEA HD, DUPIXENT, or LIBTAYO, we basically had the achievement of all-time quarterly net sales for each of those three products. In addition to that, we paid off the Sanofi development balance in the second quarter, which historically had impacted our share of collaboration profits with Sanofi. Going forward in the third quarter and beyond, that will obviously be an uplift on our earnings, particularly related to the Sanofi collaboration profits. Turning to EYLEA HD, you are right. Very, very strong performance from EYLEA HD.

Great commercial execution on the part of our team. If you recall, we had basically label enhancements that were approved in the fourth quarter of 2025, where it was every four-week dosing. That was something as well as an additional indication in RVO. If you look at every four-week dosing, that was something that the physician community was looking for, because it provided them with reimbursement confidence. It was very important for them to know that if they needed the flexibility of going down to potentially every four weeks, that they would get reimbursed. The fact that we had both every four-week dosing as well as the addition of the RVO indication has resulted in what we've seen in terms of very good performance in the first half of 2026.

If you look at proportion of sales, EYLEA HD in the second quarter was roughly 60% of net sales of the EYLEA franchise, which is obviously very encouraging. In terms of market share, we were the only innovative brand to actually grow share in the second quarter, and we're obviously very proud of that. The other thing that we're seeing in terms of EYLEA HD is just real-world experience.

Yeah. The docs have obviously had the ability to use their product now for quite a while with patients, and they're actually seeing durability gains out there.

I think it's roughly on average that when patients switch from another product to EYLEA HD, they're seeing an extension of treatment, roughly an increase of, let's say, close to four weeks.

Which is great in terms of what's happening out there in the marketplace. Again, very encouraged about the performance of EYLEA HD.

We did say on our second quarter call that we expect sequential demand growth in both the third and the fourth quarter in the low to mid-teens. This is reflective of obviously some of the things that I just spoke about in terms of what's happening out there in the marketplace. Very encouraged and constructive on the brand to continue to grow. Our team has a lot of work out there to obviously continue to execute. There are additional biosimilars that are entering the 2-milligram space, and there are challenges to go out there and continue to convince both providers as well as other constituents out there that EYLEA HD should be their innovative brand of choice.

Jeffrey, that's an overlooked product in my view, so thank you for asking about LIBTAYO. Last quarter, we had growth over 30% year-over-year. In the U.S., revenues coming from the cutaneous squamous cell carcinoma and basal cell carcinoma indication comprise about 60% of sales, where non-small cell lung cancer comprised about 40%. We're seeing a pretty significant contribution in the lung cancer segment. We're now second in new-to-brand share as well as total share for lung cancer in the U.S. In terms of new-to-brand share, now outpacing OPDIVO and IMFINZI and TECENTRIQ combined. We continue to see and make inroads in the lung cancer segment, which is very exciting. Of course, we added, about a year ago, adjuvant CSCC to the label.

We are now the only approved immunotherapy for that particular setting, and we believe there is around 10,000 patients in the U.S. that can benefit from LIBTAYO with that particular disease. We are very excited about the future of LIBTAYO in the non-melanoma skin, as well as the lung cancer segments, and certainly anticipate growth to continue there.