REGN HOLD Conviction: 2/5 $78B

Regeneron Pharmaceuticals

Current: $720 · PT: $800

Investment Thesis

Antibody factory with the industry's most productive discovery platform (VelociSuite). Dupixent ($17.8B global, 50/50 with SNY) is the cash engine, EYLEA franchise faces biosimilar headwinds but EYLEA HD is the defense. Pipeline anchored by fianlimab (LAG-3 + cemiplimab) which could be transformative in melanoma. Key tension: EYLEA erosion pace vs Dupixent expansion + fianlimab upside.

Bull Case

Fianlimab wins adjuvant melanoma (RELATIVITY-106) and metastatic melanoma — $3-5B peak. Dupixent expansions (CSU, CPUO, pediatric asthma) push toward $25B+ peak. EYLEA HD successfully biosimilar-proofs the franchise. Odronextamab (CD20xCD3) becomes best-in-class in FL/DLBCL. VelociSuite platform generates continued pipeline value.

Bear Case

EYLEA 2mg biosimilar erosion faster than expected — $4.8B US revenue at risk. Dupixent economics are 50/50 with SNY (REGN keeps only collaboration revenue). Fianlimab fails in melanoma — high bar vs nivo+rela. Itepekimab misses in COPD. Market already prices in Dupixent growth ($78B market cap).

Drug Portfolio (20)

Dupixent APPROVED CO_DEVELOPER

50% ownership

Immunology Monoclonal antibody SC

EYLEA APPROVED

100% ownership

Ophthalmology Fusion protein Intravitreal

EYLEA HD APPROVED

100% ownership

Ophthalmology Fusion protein Intravitreal

Libtayo APPROVED

100% ownership

Oncology Monoclonal antibody IV

Lynozyfic APPROVED

100% ownership

Oncology Bispecific antibody IV then SC

Fianlimab PHASE3

100% ownership

Oncology Monoclonal antibody IV

Odronextamab PHASE3

100% ownership

Oncology Bispecific antibody IV

Itepekimab PHASE3

100% ownership

R&I Monoclonal antibody SC

Nexiguran ziclumeran PHASE3 CO_DEVELOPER

50% ownership

Rare Disease In vivo CRISPR gene editing IV

REGN7508 PHASE3

100% ownership

CVRM Monoclonal antibody SC

Drug	Stage	Role	Ownership	Area	Modality
Veopoz	APPROVED	ORIGINATOR	100%	Rare Disease	Monoclonal antibody
Praluent	APPROVED	ORIGINATOR	100%	CVRM	Monoclonal antibody
Kevzara	APPROVED	CO_DEVELOPER	50%	Immunology	Monoclonal antibody
EVKEEZA	APPROVED	ORIGINATOR	100%	CVRM	Monoclonal antibody
Inmazeb	APPROVED	ORIGINATOR	100%	Infectious Disease	Monoclonal antibody cocktail
Cemdisiran	PHASE3	ORIGINATOR	100%	Rare Disease	siRNA
Garetosmab	PHASE3	ORIGINATOR	100%	Rare Disease	Monoclonal antibody
Mibavademab	PHASE3	ORIGINATOR	100%	Rare Disease	Monoclonal antibody
REGN1908-1909	PHASE3	ORIGINATOR	100%	Immunology	Monoclonal antibody cocktail
REGN5713-5715	PHASE3	ORIGINATOR	100%	Immunology	Monoclonal antibody cocktail

Financials (USD)

Period	Revenue ($M)	Gross Margin	R&D	SG&A	Op Income	Op Margin	Net Income	EPS
2024	$14,202	92.3%	$5,132	$2,954	$3,991	28.1%	$4,413	$38.34
2025	$14,343	92.0%	$5,850	$2,700	$3,578	24.9%	$4,505	$41.48

Recent Quarters

Quarter	Revenue ($M)	Gross Margin	Op Margin	EPS
Q4 2025	$3,884	—	—	—
Q4 2024	$3,789	—	—	—

Catalysts (9)

Dupixent - CSU - Ph3 Topline (LIBERTY-CSU CUPID)

CLINICAL SM

REGN Q4 2025 earnings, ClinicalTrials.gov 2026

EYLEA 2mg Biosimilar Competition Impact

COMMERCIAL SM

FDA biosimilar approvals, REGN Q4 2025 earnings 2026 (ongoing)

REGN - Q1 2026 Earnings

GUIDANCE

Typical REGN earnings cadence Late April 2026

Fianlimab - Metastatic Melanoma 1L - Ph3 Topline (RELATIVITY-104)

CLINICAL SM

REGN Q4 2025 earnings, regeneron.com/pipeline 2026

Odronextamab - R/R FL - Ph3 Topline

CLINICAL SM

REGN Q4 2025 earnings, regeneron.com/pipeline 2026-2027

Itepekimab - COPD - Ph3 Topline (AERIFY)

CLINICAL SM

REGN Q4 2025 earnings, ClinicalTrials.gov 2026-2027

Pozelimab+Cemdisiran - gMG - Ph3 Topline (NIMBLE)

CLINICAL SM

REGN Q4 2025 earnings, ClinicalTrials.gov 2026-2027

Lynozyfic - Earlier-line MM (2L-3L) - Ph3 Enrollment

CLINICAL

REGN Q4 2025 earnings 2026

Fianlimab - Adjuvant Melanoma - Ph3 Topline (RELATIVITY-106)

CLINICAL SM

REGN Q4 2025 earnings, ClinicalTrials.gov H2 2026

Data from Supabase · Updated 2026-03-24