5 Insightful Analyst Questions From Regeneron's Q2 Earnings Call

Regeneron’s second quarter was marked by robust growth in key products, which the company attributed to the strong commercial performance of Dupixent, Libtayo, and the launch of EYLEA HD. CEO Leonard Schleifer highlighted that worldwide net product sales for Dupixent increased by 21% and Libtayo by 25% at constant exchange rates, while EYLEA HD saw a 29% rise in the U.S. compared to the prior year. Management pointed to broad-based demand across new indications and geographies, as well as positive physician uptake for EYLEA HD, as primary drivers of the quarter’s outperformance. However, Schleifer also acknowledged ongoing pressures in the standard EYLEA franchise due to competitive dynamics and affordability issues.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Regeneron’s Q2 Earnings Call

• Timothy Minton Anderson (Bank of America): Asked about potential policy impacts on EYLEA and CEO Leonard Schleifer’s relationship with policymakers. Schleifer clarified he has no unique insight into policy direction and emphasized Regeneron’s stance on global pricing fairness.
• Tyler Martin Van Buren (TD Cowen): Requested drivers behind EYLEA HD’s rebound and details on the Catalent inspection. Schleifer said the demand was due to EYLEA HD’s clinical profile, and the manufacturing issue is procedural, not structural, with resolution expected but not guaranteed soon.
• Geoffrey Christopher Meacham (Citi): Questioned the ROI of Regeneron’s broad R&D pipeline and the possibility of out-licensing non-core assets. Schleifer responded that out-licensing is considered selectively and that internal R&D remains the priority due to historical productivity.
• Cory William Kasimov (Evercore ISI): Inquired about competition from OX40 ligand data versus Dupixent. CSO George Yancopoulos argued that Dupixent’s safety and multi-indication efficacy remain unmatched, with other agents years away from similar profiles.
• David Reed Risinger (Leerink Partners): Asked about the disconnect between Regeneron’s R&D spend and Wall Street’s pipeline valuation. Schleifer and Yancopoulos pointed to historical drug successes and highlighted myeloma and lymphoma as areas with significant forthcoming data.

Catalysts in Upcoming Quarters

In the quarters ahead, the StockStory team will be watching (1) the resolution of FDA review timelines for EYLEA HD and odronextamab, (2) the pace of patient uptake for newly launched indications of Dupixent and Lynozyfic, and (3) progress on pivotal Phase III data for key pipeline programs like myasthenia gravis and advanced melanoma. Continued updates on manufacturing expansion and regulatory developments will also be important factors for monitoring Regeneron’s execution against its growth strategy.

Regeneron currently trades at $555.10, up from $545.34 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free).

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