Regeneron at Bernstein healthcare forum: growth engines stay in focus
Regeneron Pharmaceuticals highlighted its solid second quarter performance and a robust pipeline during the Bernstein Insights: Healthcare Leaders and Disruptors – 3rd Annual Healthcare Forum. The company reported record sales at its top three products – EYLEA HD, DUPIXENT, and LIBTAYO, underscoring growth in key markets despite challenges from biosimilar competition.
EYLEA HD, DUPIXENT, and LIBTAYO all hit all-time quarterly net sales records, with DUPIXENT expanding into new therapeutic areas beyond atopic dermatitis and LIBTAYO achieving over 30% year-over-year growth. The company's pipeline includes promising programs in areas like C5 inhibition, geographic atrophy, Factor XI, melanoma, and several siRNA initiatives.
Regeneron paid off its Sanofi development balance in the second quarter, which is expected to boost earnings in the third quarter through increased collaboration profit sharing. Management emphasized a balanced approach to capital allocation, focusing on research, business development, dividends, and share buybacks. The stock, currently trading at $799.68, has seen a 42% return over the past year and is considered undervalued relative to its fair value.
Dividends and share repurchases totaled approximately $2 billion in the first half of 2026. EYLEA HD, which accounts for around 60% of EYLEA franchise net sales in the second quarter, is expected to continue growing its market share, aided by label changes and real-world data indicating a four-week extension in patient treatment intervals.
DUPIXENT remains Regeneron's primary growth engine, with annualized global sales reaching $24 billion, including $18 billion in the U.S. The company is in talks with Sanofi to expand their collaboration beyond DUPIXENT. LIBTAYO also showed strong momentum, growing more than 30% year-over-year, with a significant portion of its revenue coming from cutaneous squamous cell carcinoma and basal cell carcinoma.
Management prepared for potential biosimilar competition for LIBTAYO, particularly in segments where Keytruda's exclusivity is set to expire.
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