Regeneron Pharmaceuticals Inc. (REGN): 2Q earnings preview: Attention on the SNY collaboration and Eylea outlook

Research evidence excerpt

Regeneron Pharmaceuticals Inc. (REGN): 2Q earnings preview: Attention on the SNY collaboration and Eylea outlook

5 siRNA cemdisiran in myasthenia gravis in

November; (iii) FDA approval for garetosmab in fibrodysplasia ossificans progressiva

(FOP) in August; (iv) interim Ph3 results from the C5 combination (cemdisiran (siRNA) +/-

pozelimab (monoclonal antibody)) in geographic atrophy (GA) in 4Q; (v) Ph3 data for

cemdisiran+pozelimab in paroxysmal nocturnal hemoglobinuria in 4Q; (vi) data from the

second and/or final analysis of the Ph3 study of fianlimab (anti-LAG3)+Libtayo in

adjuvant melanoma; (vii) early data from siRNA programs in the metabolic

dysfunction-associated steatohepatitis (MASH) portfolio; and (viii) updates on Dupixent

lifecycle strategies (2H26+), where we also look to commentary from REGN/SNY on the

possible extension of their partnership for joint business development opportunities,

and separately, the long-acting IL-4Ra “supi-Dupi” where study initiation in

late-2026/early-2027 is contingent on SNY’s participation. On the earlier stage efforts,

we note a Ph1/2 study underway for REGN’s anti-CD3 antibody in non-infectious uveitis,

and a novel target in glaucoma set to enter the clinic this year. We also monitor the

approach in obesity, where REGN has highlighted its differentiated approach per the

olatorepatide+Praluent (PSCK9) program (initiation in 2026), emphasizing focus on a

patient’s overall health-span instead of singularly on weight loss - the combination could

potentially offer competitive weight loss alongside meaningful reduction in LDL-C,

significantly addressing CV risk in obese and diabetic populations, where approved

GLP1s lower LDL-C by <10%.

We also note several key data catalysts for REGN in 2027, including: (i) Ph3 data for