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O C T O B E R 2 0 2 6 Regeneron Corporate Presentation This non-promotional presentation contains investigational data as well as forward-looking statements; actual results may vary materially.
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2 Note regarding forward-looking statements and non-GAAP financial measures This presentation includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. ("Regeneron" or the "Company"), and actual events or results may differ materially from these forward-looking statements. Words such as "anticipate," "expect," "intend," "plan," "believe," "seek," "estimate," variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, competing products and product candidates (including biosimilar products) that may be superior to, or more cost effective than, products marketed or otherwise commercialized by Regeneron and/or its collaborators or licensees (collectively, "Regeneron's Products") and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, "Regeneron's Product Candidates"); uncertainty of the utilization, market acceptance, and commercial success of Regeneron's Products and Regeneron's Product Candidates and the impact of studies (whether conducted by Regeneron or others and whether mandated or voluntary) or recommendations and guidelines from governmental authorities and other third parties or other factors beyond Regeneron's control on the commercial success of Regeneron's Products and Regeneron's Product Candidates; the nature, timing, and possible success and therapeutic applications of Regeneron's Products and Regeneron's Product Candidates and research and clinical programs now underway or planned, including without limitation EYLEA HD® (aflibercept) Injection 8 mg, EYLEA® (aflibercept) Injection, Dupixent® (dupilumab), Libtayo® (cemiplimab), Praluent® (alirocumab), Kevzara® (sarilumab), Evkeeza® (evinacumab), Veopoz® (pozelimab), Ordspono (odronextamab), Lynozyfic® (linvoseltamab), Otarmeni® (lunsotogene parvec), Pasatru (garetosmab), other clinical programs discussed in this presentation, Regeneron's and its collaborators' earlier-stage programs, and the use of human genetics in Regeneron's research programs; the likelihood and timing of achieving any of the anticipated milestones discussed or referenced in this presentation; safety issues resulting from the administration of Regeneron's Products and Regeneron's Product Candidates in patients, including serious complications or side effects in connection with the use of Regeneron's Products and Regeneron's Product Candidates in clinical trials; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Regeneron's Product Candidates and new indications for Regeneron's Products, such as those listed above; the extent to which the results from the research and development programs conducted by Regeneron and/or its collaborators may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic applications, or regulatory approval; ongoing regulatory obligations and oversight impacting Regeneron's Products, research and clinical programs, and business, including those relating to patient privacy; determinations by regulatory and administrative governmental authorities which may delay or restrict Regeneron's ability to continue to develop or commercialize Regeneron's Products and Regeneron's Product Candidates; Regeneron's ability to manufacture and manage supply chains for multiple products and product candidates and risks associated with tariffs and other trade restrictions; the ability of Regeneron's collaborators, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labeling, distribution, and other steps related to Regeneron's Products and Regeneron's Product Candidates; the availability and extent of reimbursement or copay assistance for Regeneron's Products from third-party payors and other third parties, including private payor healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; coverage and reimbursement determinations by such payors and other third parties and new policies and procedures adopted by such payors and other third parties; changes to drug pricing regulations and requirements and Regeneron's drug pricing strategy, including in connection with Regeneron's April 2026 agreements with the U.S. government; other changes in laws, regulations, and policies affecting the healthcare industry; unanticipated expenses; the costs of developing, producing, and selling products; Regeneron's ability to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; Regeneron's estimates of market opportunities for Regeneron's Products and Regeneron's Product Candidates; the potential for any license or collaboration agreement, including Regeneron's agreements with Sanofi and Bayer (or their respective affiliated companies, as applicable), to be cancelled or terminated; the impact of public health outbreaks, epidemics, or pandemics on Regeneron's business; and risks associated with litigation and other proceedings and government investigations relating to the Company and/or its operations (including the pending civil proceedings initiated or joined by the U.S. Department of Justice and the U.S. Attorney's Office for the District of Massachusetts), risks associated with intellectual property of the Company or other parties and pending or future litigation or patent office proceedings relating thereto (including without limitation patent litigation and other related proceedings relating to Regeneron's Products), the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on Regeneron’s business, prospects, operating results, and financial condition. A more complete description of these and other material risks can be found in Regeneron's filings with the U.S. Securities and Exchange Commission. Any forward-looking statements are made based on management's current beliefs and judgment, and the reader is cautioned not to rely on any forward-looking statements made by Regeneron. Regeneron does not undertake any obligation to update (publicly or otherwise) any forward-looking statement, including without limitation any financial projection or guidance, whether as a result of new information, future events, or otherwise. This presentation includes or references non-GAAP EPS, net product sales growth on a constant currency basis for certain of Regeneron’s Products, and projected 2026 non-GAAP R&D expense, which are financial measures that are not calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). These and other non-GAAP financial measures are computed by excluding certain non-cash and/or other items from the related GAAP financial measure. The Company also includes a non-GAAP adjustment for the estimated income tax effect of reconciling items. The Company makes such adjustments for items the Company does not view as useful in evaluating its operating performance. Management uses this and other non-GAAP measures for planning, budgeting, forecasting, assessing historical performance, and making financial and operational decisions, and also provides forecasts to investors on this basis. Additionally, such non-GAAP measures provide investors with an enhanced understanding of the financial performance of the Company's core business operations. However, there are limitations in the use of such non-GAAP financial measures as they exclude certain expenses that are recurring in nature. Furthermore, the Company's non-GAAP financial measures may not be comparable with non-GAAP information provided by other companies. Any non-GAAP financial measure presented by Regeneron should be considered supplemental to, and not a substitute for, measures of financial performance prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures used in this presentation is provided on slide 33.
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3 Note: Definitions for all acronyms and abbreviations in this presentation can be found on slide 34. Leveraging the power of science to bring transformative medicines to patients... over and over again 16 internally-developed therapies have been approved, poised to deliver many more… Delivering Breakthrough Medicines ~50 clinical programs across six core therapeutic areas provides a strong foundation for future growth Following the Science World’s largest DNA and proteomics-linked healthcare database, enabling advanced drug discovery, development, and healthcare analytics Integrating Genetics, Proteomics, and Big Data Powerful toolkit of proprietary, turnkey technology platforms provides enduring competitive advantages Accelerating Innovation and R&D Productivity Leaders in human antibodies Pioneers in bispecifics siRNA | gene editing | AAV gene therapy Genetic Medicines
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4 Q3 2026 Financial Performance and Pipeline Developments *Non-GAAP diluted EPS; see reconciliation of non-GAAP measures on slide 33. Notable R&D Pipeline Advancements • Positive CHMP opinion received for every-six-week dosing after the first 12 weeks of treatment; EC decision expected in Q4 2026; sBLA under review with FDA • Approved in Japan for adjuvant CSCC and metastatic CSCC 3Q26 Total Revenues $5.1B 3Q26 Non-GAAP EPS* $20.07 This slide contains investigational drug candidates and indications that have not been approved by any regulatory authority. • Initial proof-of-concept data for CIDEB siRNA to be presented at the American Association for the Study of Liver Diseases ‘The Liver Meeting’ in November 2026 • Positive data for ubamatamab in low-grade serous ovarian cancer presented at the International Gynecologic Cancer Society 2026 Annual Global Meeting • Results from Phase 2 study of baloncibart in POTS to be presented at the American Autonomic Society Meeting in November 2026 • FDA accepted resubmitted BLA for Ordspono in r/r DLBCL; PDUFA February 2027 • Results from Phase 2 COURAGE study of trevogrumab in combination with semaglutide presented at the European Association for the Study of Diabetes Annual Meeting Other Products and Programs • FDA approved Pasatru (garetosmab) in FOP; EU submission under review • Positive 84-week Phase 3 data were presented at the American Society for Bone and Mineral Research Annual Meeting
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5 Continued growth and expansion in multiple Type 2 indications Q3 2026 Dupixent global net sales of $6.5B (+35% YoY*) *Constant currency growth Q3 2026 net product sales increased 35% YoY* Approved in NINE indications in the U.S., most recently: • Chronic Spontaneous Urticaria (CSU) pediatrics approved by FDA and EC (April 2026) • Allergic Fungal Rhinosinusitis (AFRS) approved by FDA (February 2026) >1.5 million patients on therapy globally Q3 2026 Sanofi Collaboration Revenue of $2.7 billion (+68% y/y) reflecting full share of profits for the first time Dupixent global net product sales, in $ Millions U.S. Int’l Sanofi records global net product sales of Dupixent +35%* $3,619 $3,734 $3,558 $4,561 $5,064 $1,238 $1,206 $1,322 $1,437 $1,476 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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6 Opening a new chapter for the Regeneron-Sanofi Alliance *Antibodies are currently in early-stage clinical or preclinical development and have not been approved by any regulatory authority. Additional details on the expanded alliance can be found here Strategic Rationale, Transaction Framework, and Key Financial Terms Expand Alliance leadership in Type 2 inflammatory diseases beyond Dupixent • Combine Regeneron and Sanofi development capabilities to launch new innovative medicines • Leverage global commercial platform serving more than 1.5 million Dupixent patients worldwide • 50:50 global profit split, development and commercialization costs shared equally, with $1 billion upfront and up to $7 billion of additional potential milestone payments to Regeneron Regeneron contributing 4 fully-human, next-generation, long-acting antibodies* targeting: New contributions to the Alliance IL13 (REGN20423) IL4 IL4xIL13 bispecific IL4Rα Regeneron gains an exclusive option to add lunsekimig to the Alliance, pending results from Sanofi-funded Phase 3 study in COPD Other indications to be assessed over timeLunsekimig (IL13xTSLP Nanobody®) This slide contains investigational drug candidates that have not been approved by any regulatory authority contributing an option for:
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7 Key financial terms for expanded Alliance NOTE: Regeneron to record all milestone payments as Sanofi Collaboration Revenue in the period in which the milestone is achieved. Additional details on the expanded alliance can be found here Upfront payment $1.0B Development milestone $1.0B Regulatory milestones Up to $2.5B Commercialization milestones Up to $3.5B Total Up to $8.0B Shared 50:50 • Profit split on a global basis for all new alliance products • Commercialization costs, consistent with the current Dupixent model • Development costs, recorded as expenses are incurred Financial reporting • Consistent with current financial reporting for Dupixent • Sanofi to record net sales • No R&D development balance • Upfront and milestone payments to be recorded within Sanofi Collaboration Revenue in the period achieved • $1 billion upfront to be recorded in Q4 2026 Financial terms for Dupixent & Kevzara are unchanged Alliance milestones Up to $8.0 billion Total potential consideration payable to Regeneron
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$431 $506 $468 $596 $699 $681 $577 $473 $412 $400 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 8 EYLEA HD + EYLEA in the U.S. EYLEA HD + EYLEA remain the U.S. branded anti-VEGF category leader U.S. Net Product Sales, in $ MillionsGoal to establish EYLEA HD as new standard of care for retinal diseases • Q3 2026 U.S. net product sales of $699M • Comprised ~64% of Q3 2026 aggregate EYLEA + EYLEA HD U.S. net product sales • Net sales grew 17% sequentially, primarily driven by higher physician unit demand (+20% q/q) • Approval of RVO and flexible dosing intervals expected to continue to support ongoing demand growth Over 100 million doses of EYLEA and EYLEA HD have been administered globally since EYLEA was launched in 2011* EYLEA HD EYLEA 50%50% 59%41%39% 61% % of U.S. net sales 47%53% *Regeneron & Bayer demand data 62% U.S. YoY growth 64% 36%
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9 Strengthening EYLEA HD’s best-in-class profile Recent label enhancements broadening adoption to patients with RVO and to patients requiring more frequent dosing Maximized Dosing Flexibility • Offers physicians greater flexibility to tailor treatment for individual patient needs with approved regimens with Q4W → Q20W dosing intervals • Best-in-class durability profile complemented with ability to treat patients who may require more frequent injections Macula Edema following Retinal Vein Occlusion (RVO) • EYLEA HD every 8 weeks delivered non-inferior visual gains vs. EYLEA every 4 weeks • RVO represented ~20% of EYLEA net sales in 2025 Label enhancements and potential approval of pre-filled syringe expected to support continued demand growth
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Driving global Oncology growth through differentiated launches Positive early launch progress with Libtayo in adjuvant CSCC and Lynozyfic in r/r multiple myeloma *There are no randomized, head-to-head clinical trials between these products. Study data being provided for descriptive purposes only. Caution is advised when drawing conclusions based on cross-trial comparisons. 500+ institutions have enrolled in the Lynozyfic REMS program Added to 90+ formularies and is the preferred BCMA bispecific at a major institution Differentiated profile: ~2x CR rates of other BCMA bispecifics at similar follow-up*, simplified dosing, and less step-up dosing hospitalization Adjuvant CSCC Only FDA- and EC-approved treatment r/r Multiple Myeloma FDA accelerated approval EC conditional approval Engaging with a broader range of treating specialties (Med-Oncs, Rad-Oncs, Mohs Surgeons, H&N Surgeons) Libtayo is the only NCCN Category 1 Preferred adjuvant CSCC immunotherapy option for eligible patients, formulary wins accelerating uptake 10,000+ eligible patients in the U.S. and EU 10
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Strong and consistent growth • Q3 2026 global net sales of $550M (+51% YoY*) 11 Key growth driver and foundational to oncology portfolio Building on leadership in non-melanoma skin cancers with adjuvant CSCC launch; growing share in advanced non small cell lung cancer U.S. Int’l • One of two PD-1 antibodies FDA-approved for use in combination with chemotherapy irrespective of histology or PD-L1 expression levels • #2 most prescribed I/O treatment for advanced NSCLC in the U.S.; now capturing ~20% of new patient share • Leading anti-PD-1/L1 therapy in advanced CSCC and BCC Advanced NSCLC Advanced BCC Advanced CSCC First and only immunotherapy approved for high-risk adjuvant CSCC Encouraging early uptake since launch Libtayo global net product sales, in $ Millions *Constant currency growth $219M $285M $286M $343M $396M $146M $140M $152M $147M $154M Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 +51%*
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12 Cemdisiran (C5 siRNA) + Pozelimab (C5 Ab)* Paroxysmal nocturnal hemoglobinuria Cenvacibart (FXI Catalytic Domain) Post-TKR VTE, Cancer VTE, PICC-associated thrombosis, SPAF, PAD Amrecibart (FXI A2 Domain) PICC-associated thrombosis, SPAF, PAD This slide contains investigational drug candidates that have not been approved by any regulatory authority. Ophthalmology Immunology & Inflammation Oncology & Heme-Onc Cardiovascular & Metabolic DiseasesHematology Neurology & Rare Diseases T H E R A P E U T I C A R E A S Olatorepatide (GIP/GLP-1) Obesity, T2D Olatorepatide (GIP/GLP-1) + Praluent (PCSK9) Obesity, T2D with dyslipidemia GLP-1 + Trevogrumab (GDF8) Muscle Sparing Nex-z (TTR)† ATTR MASH siRNA* (CIDEB, PNPLA3, HSD17B13) MASH Cemdisiran (C5 siRNA)* gMG Garetosmab (Activin A) FOP SNCA siRNA* Parkinson’s Disease SOD1 siRNA* ALS MAPT (Tau) siRNA* Alzheimer’s Disease HTT siRNA* Huntington’s Disease IL-13‡ Type 2 Indications IL-4§‡ Type 2 Indications IL-4xIL-13 bispecific§‡ Type 2 Indications freneslerbart-mevonlerbart (FelD1) Cat Allergy Multiple Agents§ Food Allergy REGN22044 Lupus, Sjogren’s, PBC, others Lynozyfic (BCMAxCD3) Multiple myeloma Fianlimab (LAG3) + Libtayo (PD-1) 1L metastatic melanoma, adjuvant melanoma Ordspono (CD20xCD3) Lymphoma Ubamatamab (MUC16xCD3) Ovarian Cancer Cemdisiran (C5 siRNA) ± Pozelimab (C5 Ab)* Geographic atrophy Undisclosed Target Glaucoma TSHR Thyroid Eye Disease, Graves Regeneron pipeline targets large opportunities across therapeutic categories Agreement with: *Alnylam; †Intellia, ‡Sanofi, §Clinical development to commence in 2027 $15B+ $50B+ $60B+ $15B+ $50B+ $15B+
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13 Sustaining I&I leadership and unlocking new growth opportunities Leveraging learnings from Dupixent and disease biology to advance next-gen approaches to treat inflammatory diseases *In collaboration with Sanofi; Sanofi leading development for longer Dupixent dosing intervals ‘Next-gen’ IL-4/IL-13 opportunities • Longer Dupixent* dosing intervals • Novel long-acting IL-4Rα* antibody • Long-acting, fully-human IL-13* & IL-4* antibodies with optimized binding properties – Expedited AD development plan for IL-13; FIH study underway • Long-acting IL-4xIL-13 bispecific* Pursuing multi-pronged approach to sustain I&I leadership into the next decade Advancing broader allergy pipeline into large commercial opportunities Allergen-specific antibody approach • Cat (FelD1) allergy program demonstrated positive Phase 3 results in 2025 • Second Phase 3 study for FelD1 initiated in Q3 2026 Severe IgE-mediated food allergy • Lynozyfic (BCMAxCD3) + Dupixent* achieved proof-of-principle; demonstrated sustained >90% reductions in IgE in 4 of 4 evaluable patients • Advancing novel therapeutic candidates to develop more-targeted and/or specific approaches to potentially eliminate IgE- mediated allergies; FIH expected in 2027 This slide contains investigational drug candidates that have not been approved by any regulatory authority. Immunology & Inflammation Type 2 Diseases Novel I&I Targets IgE-Mediated Allergy Allergen- Specific Allergy Investigating novel I&I targets • Advancing antibodies to genetically-defined targets discovered by Regeneron Genetics Center, each with pipeline-in-a-product potential, expected to enter clinic in 2026-2027
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Late-stage opportunities spanning multiple therapeutic areas Key late-stage programs positioned to deliver over the next few years *Hansoh Pharmaceuticals retains development and commercialization rights to olatorepatide in China. REGN7508 is now known as cenvacibart. REGN9933 is now known as amrecibart. 14 This slide contains investigational drug candidates that have not been approved by any regulatory authority. CENVACIBART & AMRECIBART CEMDISIRAN ± POZELIMAB Program Status Transform the multiple myeloma treatment paradigm • Monotherapy & simplified combinations in early-line myeloma settings • Goal to prevent myeloma by treating precursor conditions Multi-faceted approach including GIP/GLP-1 Prioritizing combo with Praluent (PCSK9): potential to achieve >50% LDL lowering along with weight loss, dosed via similarly-convenient weekly injection as leading GLP-1s Cenvacibart (Catalytic domain): optimizes anticoagulation activity with reduced bleeding risk vs. SOC Amrecibart (A2 domain): effective anticoagulation with further reduced bleeding risk PNH: combination approach for complete C5 blockade and potentially best-in-class efficacy gMG: siRNA monotherapy delivers potentially best-in-class efficacy and convenience GA: exploring siRNA monotherapy and combination approaches Phase 3 results for Ola in obesity in China* reported in March 2026 Global Phase 3 program initiating 4Q26 Comprehensive registrational program in multiple settings underway Initial pivotal data anticipated starting in 2027 BCMAxCD3 GIP/GLP-1, combinationsTwo Factor XI antibodies allow for customized approach C5 siRNA ± C5 antibody OLATOREPATIDE (OLA) ± VARIOUS AGENTS Program Status Program StatusProgram Status Comprehensive registrational program in earlier lines and precursor conditions underway Initial pivotal data in earlier lines of therapy anticipated starting in 2027 gMG: FDA decision in November 2026, EC decision expected 2H27 PNH: pivotal data expected in Q4 2026 GA: initial results from lead-in cohort anticipated in Q1 2027
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15 Lynozyfic strategy and long-term vision Unlocking long-term value by redefining multiple myeloma treatment and prevention Lynozyfic Vision Transform the multiple myeloma treatment paradigm with convenient, simplified and less intense treatment regimens that increase physician optionality and provide deep and durable responses to early-line patients and ultimately prevent progression to malignant disease by treating precursor conditions Establish • Build market share in late-line myeloma through positive treatment experiences for patients and physicians • Supported by best-in-class late-line data among BCMA bispecifics Advance • Move to earlier lines of treatment with differentiated, simplified, patient-centric regimens • Emerging clinical data supports earlier-line opportunities Prevention • Differentiated strategy to address precursor conditions and prevent progression to myeloma • Initial clinical data suggest paradigm-changing potential for Lynozyfic in precursor settings (HRSMM, ALA)
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LYNOZYFIC Vision 1L: Improve patient options with simpler and less intense regimens while maintaining efficacy and increasing physician flexibility TE: Enhanced efficacy with ASCT or as ASCT alternative TIE: Simpler, less intense and more convenient option Maintenance: Simpler, less intense and more patient-friendly regimen 2L: Differentiated combination with proteasome inhibitor provides highly efficacious treatment option for CD38 exposed or refractory patients 3L+: Highly efficacious monotherapy regimen for multi-refractory patients VRd, Rd, DRd, other Velcade/Darzalex/Revlimid combinations VRd, DVRd, other Velcade or Revlimid-containing regimens Current U.S. Treatment Landscape Transplant Eligible (45%) Transplant Ineligible (55%) R +/-d, VR +/-d, V +/- d 1L (NDMM) ~30k patients 1L Maintenance ~23k patients U.S. Drug Treated Patients 2L ~17k patients 3L ~11k patients 4L+ ~5k patients CD38 combos DKd, DPd, DRd, Isad PI combos Kd, KRd, Vd Others BCMA bispecifics, CAR-T, Pd, etc. CD38 combos DPd, D +/- d, DV, etc. PI combos Kd, KRd, Vd Others CAR-T, Epd, Pd, SVd, Sd CD38 combos DPd, D +/- d, DV, etc. PI combos Kd, KRd, VRd Others BCMA bispecifics, CAR-T, Rd, etc. High dose chemotherapy followed by ASCT MGUS Observation HR-SMM Rd, D ALA Dara-CyBorD Precursor and related conditions: Highly efficacious monotherapy treatment to prevent progression to malignant disease 16 Aiming to transform the multiple myeloma treatment landscape Registrational program underway to potentially transform the treatment paradigm with convenient, simplified and less intense treatment regimens At Lynozyfic 200 mg monotherapy, 100% of evaluable patients (n=21) achieved MRD -negativity in HRSMM and 1L multiple myeloma D: daratumumab (Darzalex); K: carfilzomib (Kyprolis); V: bortezomib (Velcade); R: lenalidomide (Revlimid); P: pomalidomide (Pomalyst/Imnovid); d: dexamethasone; E: elotuzumab (Empliciti); Isa: isatuximab (Sarclisa); S: Selinexor (Xpovio); PI: proteasome inhibitor. Precursor & Related Conditions
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17 Comprehensive development plan across disease spectrum Numerous pivotal studies ongoing, with multiple readouts expected through 2027–2030 to support paradigm-shifting potential and a significant commercial opportunity Indication/ Setting Study Name Phase Target Enrollment Status Registrational Monotherapy or combination Comparator Dose duration MRD-negativity results PFS results Late Line MM 4-5L RRMM LINKER-MM1 Phase 1/2 387 Approved in EU & US Monotherapy N/A TTP Complete Complete 3L+ RRMM LINKER-MM2 Phase 1 317 Ongoing umbrella study Combinations with multiple SoC & novel agents N/A TTP Ongoing Ongoing 3L+ RRMM LINKER-MM3 Phase 3 410 Fully enrolled Monotherapy EPd TTP Ongoing 2027 3L+ RRMM SYNERGISM Phase 1/2 150 Enrolling Combination with GPRC5DxCD28 Linvo monotherapy TTP Ongoing Ongoing 3L+ RRMM COSTIMM Phase 1/2 186 Enrolling Combination with CD38xCD28 Linvo monotherapy TTP Ongoing Ongoing Early Line MM 2L+ RRMM LINKER-MM5* Phase 2/3 915 Enrolling Monotherapy & combination with carfilzomib Physicians choice SoC TTP 2028* 2030 1L NDMM LINKER-MM4 Phase 1/2 132 Enrolling Monotherapy N/A Fixed Ongoing Ongoing 1L TIE LINKER-MM6* Phase 3 1,000 Enrolling Monotherapy (after SoC debulking) DRd TTP 2028* 2030 Myeloma Precursor / ALA HR-MGUS / NHR-SMM LINKER-MGUS1 Phase 2 116 Enrolling Monotherapy N/A Fixed Ongoing Ongoing HRSMM LINKER-SMM1 Phase 2 40 Fully Enrolled Monotherapy N/A Fixed Ongoing Ongoing HRSMM LINKER-SMM2 Phase 3 270 Enrolling Monotherapy D Fixed N/A 2030‡ 1L ALA LINKER-AL1 Phase 3 382 Initiating Monotherapy Dara-VCd Fixed Ongoing 2029† 2L+ ALA LINKER-AL2 Phase 1/2 160 – 220 Enrolling; data presented at ASCO & EHA 2026 Monotherapy N/A Fixed N/A 2029† *MRD-negativity expected to be registrational endpoint. †Hematologic Complete Response is primary endpoint; ‡Biochemical PFS is primary endpoint. TTP: treat to progression. Underline – linked to ClinicalTrials.gov; Timing of results are estimated ✓ ✓ ✓ ✓ ✓ ✓ ✓
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18 Differentiated therapeutic approaches to complement-mediated diseases driven by the underlying disease biology * Please see full Prescribing Information including boxed warning for Veopoz; † Per ACCESS-1 Phase 3 trial ClinicalTrials.gov ID:NCT05133531; ‡ NIMBLE Phase 3 trial ClinicalTrials.gov ID: NCT05070858 This slide contains investigational drug candidates that have not been approved by any regulatory authority. Neurology Generalized Myasthenia Gravis (gMG) U.S. Prevalence ~85,000 Positive Phase 3 data presented at AAN and published in The Lancet in April 2026 NDA accepted, Priority Review Voucher (PRV) utilized, PDUFA November 2026, EC decision expected 2H27 Rare, autoimmune disease of the neuromuscular junction Cemdisiran Monotherapy (600mg, quarterly‡) Gastroenterology CHAPLE Disease U.S. Prevalence <100 Pozelimab Monotherapy (10-30mg/kg, weekly) FDA Approved 2023* Ultra-rare, life-threatening pediatric disease Patients >1 year with CHAPLE disease Ophthalmology Geographic Atrophy (GA) U.S. Prevalence ~1 million Cemdisiran ± Pozelimab (Exploring mono & combo dosing) Enrollment in Phase 3 lead-in cohort completed in Q1 2026 Interim data from Phase 3 lead-in cohort expected in Q1 2027 A leading cause of blindness in elderly population Hematology Paroxysmal Nocturnal Hemoglobinuria (PNH) U.S. Prevalence ~6,000 Cemdisiran + Pozelimab (200mg + 400mg, monthly†) Positive Phase 3 data from lead-in cohort reported in Q4 2024 Confirmatory Phase 3 cohort fully enrolled, data expected in Q4 2026 Ultra-rare, life-threatening chronic hemolytic disease
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19 Significant commercial opportunity across multiple complement-mediated diseases *Visible Alpha estimates This slide contains investigational drug candidates that have not been approved by any regulatory authority. • Indication-specific commercialization allows pricing & access strategies to be tailored to disease severity, market size, and competitive dynamics • Cemdisiran monotherapy in gMG • Cemdisiran + pozelimab in PNH • Regeneron leads development, manufacturing, and commercialization for cemdisiran monotherapy and for the combination • Regeneron to record net product sales, with potential milestones and royalties on net sales payable to Alnylam We believe late-stage, differentiated C5 program with near-term launches across multiple indications creates meaningful long-term growth opportunity Myasthenia Gravis U.S. Launch expected Q4 2026 2025 U.S. Prevalence (patients): ~85k Estimated worldwide market sales* (2025): ~$5.0B Cemdisiran Monotherapy Geographic Atrophy U.S. Launch expected 2029+ 2025 U.S. Prevalence (patients): ~1M Estimated worldwide market sales* (2025): ~$1.1B Cemdisiran ± Pozelimab Paroxysmal Nocturnal Hemoglobinuria U.S. Launch expected 2028 2025 U.S. Prevalence (patients): ~6k Estimated worldwide market sales* (2025): ~$2.5B Cemdisiran + Pozelimab
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Cemdisiran’s differentiated clinical profile offers potential advantages to currently approved advanced therapies for gMG *There are no randomized, head-to-head clinical trials between these products. Study data being provided for descriptive purposes only. Caution is advised when drawing conclusions based on cross-trial comparisons. Cemdisiran vs. placebo, n (%): AEs 54 (69.2) vs. 54 (77.1); serious AEs 2 (2.6) vs. 10 (14.3); severe AEs 2 (2.6) vs. 7 (10.0); infections and infestations 21 (26.9) vs. 28 (40.0). N=78 (cemdisiran), N=70 (placebo) This slide contains investigational drug candidates that have not been approved by any regulatory authority. Cemdisiran has potential to offer a differentiated alternative to currently approved advanced therapies, with strong efficacy, generally manageable safety, and subcutaneous dosing only 4 times per year MG-ADL Total Score Study weeks LS mean change from baseline (SE) Cemdisiran’s potential clinical differentiation Novel • Potential first-in-class siRNA treatment for gMG, offering a novel mechanism of action for this disease • Partial C5 activity inhibition can improve gMG symptoms and may allow for a more favorable infection risk profile Rapid • Demonstrates clinically meaningful MG-ADL improvements by week 2 Deep • Achieves greatest absolute and placebo-adjusted improvement in MG-ADL score as well as the highest responder rate among C5 inhibitors* Consistent • Maintains robust efficacy through 24 weeks with sustained disease control between doses Reduced • Minimizes treatment burden with four-times-a-year dosing Convenient • Delivered subcutaneously, avoiding infusion time and post-infusion monitoring requirements • Plans for self-administration after launch in HCP-administered vials Safety For cemdisiran, through 24 weeks there were: • No deaths • No serious infections (including no meningococcal infections) • No treatment discontinuations • Lower rates of AEs, serious AEs, severe AEs, & infections vs. placebo 4.5 improvement from baselinepoint 2.3 point improvement 20
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21 Tailored approach to anticoagulation treatment with differentiated Factor XI program Regeneron’s two antibodies allow customized approach: Cenvacibart optimizes anticoagulation activity with potential for reduced bleeding risk vs. SOC, Amrecibart further reduces bleeding risk with comparable anticoagulation vs. SOC This slide contains investigational drug candidates that have not been approved by any regulatory authority XI XIa A2 domain Catalytic domain Cenvacibart Blocked downstream activity Thrombin XI XIa A2 domain Catalytic domain Amrecibart Decreased availability of activated Factor XI Anticipated therapeutic profile Anticoagulation potency Bleeding risk Most suitable for: Amrecibart Patients with highest bleeding risk Indications: AF DOAC Non-Candidates, patients on background dual antiplatelet therapy (PAD) Cenvacibart Patients requiring maximal anticoagulation Indications: VTE, AF DOAC Candidates DOACs Approved for several anticoagulation indications For illustrative purposes only
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25% 28% 32% 48% Cenvacibart + Aspirin Amrecibart + Aspirin Aspirin Rivaroxaban (Xarelto®) + Aspirin Phase 3 trial enrolling, initial data expected in 2029+ Phase 2 enrolling, data expected in 2027 First Phase 3 trial now enrolling Trial enrolling, data expected in 2028+ Two trials enrolling, data expected in 2027 Peripheral Artery Disease 22 Addressing the bleeding risk in anticoagulation treatment: Regeneron’s broad Factor XI clinical program This slide contains investigational drug candidates that have not been approved by any regulatory authority Stroke Prevention in AF Cancer VTE Post-TKR VTE PICC-associated Thrombosis Cenvacibart Amrecibart *Fuji T, et al. J Thromb Haemost. 2010 Caution is advised when drawing conclusions based on cross-trial comparisons 14% 23% 44% 0% 10% 20% 30% 40% 50% Cenvacibart Amrecibart Placebo n=35 n=35 n=32 Amrecibart vs PBO 47% Relative Risk Reduction (p=0.0761) Cenvacibart vs PBO 66% Relative Risk Reduction (p=0.0089) Cenvacibart Amrecibart Cenvacibart Amrecibart Cenvacibart Phase 2 results in VTE prevention post-knee replacement surgery support broad Phase 3 development Interim Phase 2 results in catheter-associated thrombosis support development in contact-mediated settings n=54 n=55 n=57 n=56LOWER BLEEDING RISK HIGHER BLEEDING RISK Increase in subclinical GI bleeding over baseline (week 2) Phase 1 GI Bleed Study results support favorable bleeding profile in a healthy volunteer provoked bleeding model Incidence of VTE in Ph2 ROXI-CATH (50% enrollment) Two trials enrolling, data expected in 2029+ Cenvacibart $20B anticoagulation market remains underpenetrated due to bleeding risk; <50% of eligible patients receive therapy because of safety concerns Cross-study pooled analyses of VTE incidence in Ph2s ROXI-VTE-I and ROXI-VTE-II 7% 12% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Cenvacibart Apixaban (Eliquis®) Patients with VTE, % n=113 n=113 17% 21% Amrecibart Enoxaparin (Lovenox®) n=116 n=175 48% Placebo (historical*) n=89* To date, no major bleeding events observed in Phase 1 or Phase 2 studies due to cenvacibart or amrecibart
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Patient Segment Study Target Enrollment Treatment Period Est. Study Start Est. Primary Completion Post-Total Knee Replacement (TKR) VTE U.S. ~2M ROXI-APEX (Cat vs. apixaban vs. enoxaparin) ~2,000 Single dose enrolling 1Q 2027 ROXI-ASPEN (Cat vs. aspirin) ~2,000 Single dose enrolling 2027 Cancer-Associated VTE Prevention U.S. ~950k Primary prevention 100k ROXI-CAT I (Cat vs. placebo) ~1,120 6 mos enrolling 2029 + Secondary prevention 850k ROXI-CAT II (Cat vs. apixaban) ~1,600 6 mos + enrolling 2029 + Stroke Prevention in Atrial Fibrillation (SPAF) U.S. ~8M DOAC candidates ~6.4M (80%) ROXI-ATLAS Ph2* (Cat vs. A2 vs. apixaban) ~1,200 3 mos enrolling 2Q 2027 ROXI-EVEREST (Cat vs. apixaban) ~15,000 16-36 mos enrolling 2029 + DOAC non-candidates ~1.6M (20%) ROXI-INCLINE (Cat vs. A2 vs. placebo) ~2,650 12-36 mos enrolling 2028 + Peripherally Inserted Central Catheter (PICC)-Associated Thrombosis ROXI-PEAK (Cat and A2 vs. placebo) ~1,900 Duration of PICC line enrolling 2028 + Peripheral Artery Disease (PAD) Post-Revascularization U.S. ~310k ROXI-PALISADE (Cat vs. A2 vs. rivaroxaban or placebo) ~7,050 ~19 mos enrolling 2029 + 23 Broad Factor XI development program advancing rapidly Genetics, preclinical, and clinical data support broad Factor XI development *Primary endpoint: safety; underline – linked to clinicaltrials.gov. This slide contains investigational drug candidates that have not been approved by any regulatory authority
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24 Transforming patient care for obesity and related conditions Three major opportunities for Regeneron in the rapidly growing obesity therapeutic area This slide contains investigational drug candidates that have not been approved by any regulatory authority. 1 GIP/GLP-1 Receptor Agonist monotherapy Enhancing the quality of GLP-1-based weight loss Address obesity comorbidities with novel combinations 32 • Harness beneficial effects of muscle preservation in obesity • POC data on anti-myostatin ± anti-activin A warrant potential future development • Unimolecular solutions in preclinical development Initiating olatorepatide-Praluent (PCSK9) program in 1H27: • Approved GLP-1s lower LDL-C by less than 10% • Combination to potentially achieve >50% LDL lowering along with weight loss • To be administered via similarly-convenient weekly injection as leading GLP-1s In-licensing of olatorepatide (dual GIP/GLP-1 receptor agonist) enables initial monotherapy development • Initial Phase 2 study in obesity now enrolling • Phase 3 program in obesity without T2D to initiate in 4Q26; obesity with T2D to initiate in 1H27 Monotherapy Novel combinations Improving quality of weight loss
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25 World-class Regeneron Genetic Medicines (RGM) Program RGM builds and utilizes ‘turnkey’ therapeutic platforms — customizing the choice of genetics technology (siRNA, CRISPR/Cas9, etc.) based on therapeutic application Continuing to build in-house expertise and leverage groundbreaking industry collaborations In-House: Developing next- generation gene therapies combining novel payloads, viral vectors and antibodies to address difficult-to-treat diseases Alnylam: Exclusive siRNA agreement in eye and CNS, with liver programs in MASH and additional RGC targets Intellia: Exclusive CRISPR/Cas9 gene knockdown and gene insertion for certain liver targets and non- exclusive for ex vivo targets Mammoth Biosciences: Ultracompact CRISPR gene editing systems to advance in vivo programs in multiple tissue and cell types All trademarks included are the property of their respective owners Tessera Therapeutics: Global collaboration to develop and commercialize TSRA-196, Tessera’s lead investigational in vivo Gene Writing program for the treatment of alpha-1 antitrypsin deficiency Viral vector (e.g. AAV) Antibody directed delivery siRNA CRISPR/ Cas9 Gene Therapy
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Phase 3Phase 2Phase 1 26 Regeneron Genetic Medicines Pipeline Agreement with: *Alnylam; †Intellia, ‡Tessera . ALN-CIDEB* CIDEB siRNA MASH Brezosiran* HTT siRNA Hu t gt ’ Disease REGV131-LNP1265† Factor 9 CRISPR + AAV Hemophilia B Otarmeni / Lunsotogene parvec-cwha / DB-OTO OTOF AAV Dual Vector Gene Therapy OTOF-related Hearing Loss (Registrational Phase 1/2) Pivicasiran* PNPLA3 siRNA MASH Rapirosiran* HSD17B13 siRNA MASH Cemdisiran ± Pozelimab* C5 siRNA ± C5 antibody Myasthenia Gravis; Paroxysmal Nocturnal Hemoglobinuria; Geographic Atrophy Nexiguran ziclumeran (Nex-z) † CRISPR/Cas9 Transthyretin Amyloidosis with cardiomyopathy (ATTR-CM); Hereditary transthyretin amyloidosis with polyneuropathy (ATTRv-PN) This slide contains investigational drug candidates that have not been approved by any regulatory authority. ALN-SOD* SOD1 siRNA SOD1 ALS ALN-ANG3* ANGPTL3 siRNA Diabetic Kidney Disease ALN-5288* MAPT (Tau) siRNA Neuro-degenerative diseases ALN-SNCA* SNCA (synuclein) siRNA k ’ ALN-APOC3* APOC3 siRNA People with dyslipidemia ALN-CFB* CFB siRNA Paroxysmal Nocturnal Hemoglobinuria Gene Therapy Gene Editing Gene Silencing (siRNA) TSRA-196‡ SERPINA1 Alpha-1 Antitrypsin Deficiency ALN-6457* PRNP siRNA Prion Disease
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FDA-Approved HEMATOLOGY -ONCOLOGY REGN5837 (CD22xCD28) REGN7945 (CD38xCD28) REGN17372 (GPRC5DxCD28) REGN17235 (SLC3A2xCD3) HEMATOLOGY -ONCOLOGY odronextamab (CD20xCD3) linvoseltamab (BCMAxCD3) SOLID TUMOR ONCOLOGY cemiplimab (PD-1) fianlimab (LAG-3) CARDIOMETABOLIC / INTERNAL MEDICINE cenvacibart (Factor XI) amrecibart (Factor XI) IMMUNOLOGY & INFLAMMATION dupilumab* (IL-4R) freneslerbart-mevonlerbart (Fel d 1) NEUROLOGY / RARE DISEASE cemdisiran ± pozelimab‡ (C5 siRNA ± anti-C5) mibavademab (LEPR) nexiguran ziclumeran# (TTR) NEUROLOGY / RARE DISEASE Lunsotogene parvec (Otoferlin Gene Therapy) ALN-SOD‡ (SOD1) IMMUNOLOGY & INFLAMMATION sarilumab* (IL-6R) SOLID TUMOR ONCOLOGY ubamatamab (MUC16xCD3) nezastomig (PSMAxCD28) marlotamig (EGFRxCD28) davutamig (METxMET) REGN5668 (MUC16xCD28) REGN10597 (PD-1-IL2Ra-IL2) CARDIOMETABOLIC / INTERNAL MEDICINE ALN-APOC3‡ (APOC3) REGV131-LNP1265# (Factor 9) ALN-CFB‡ (CFB) REGN9533 (Factor XII) ALN-F1202‡ (Factor XII) REGN20934 (ActRIIA/B) Phase 1 Phase 2 Phase 3 14 U.S. medicines SOLID TUMOR ONCOLOGY REGN4336 (PSMAxCD3) 27T51 (MUC16 CAR-T) REGN15505 (PSCAx4-1BB) BPX-601 (PSMA CAR-T) IMMUNOLOGY & INFLAMMATION vonsetamig (BCMAxCD3) REGN20423 (IL-13) REGN22044 NEUROLOGY / RARE DISEASE brezosiran‡ (HTT) ALN-SNCA‡ (Synuclein) ALN-5288‡ (MAPT) ALN-6457‡ (PRNP) TSRA-196‡‡ (SERPINA1) CARDIOMETABOLIC / INTERNAL MEDICINE rapirosiran‡ (HSD17B13) trevogrumab (GDF8) baloncibart (NPR1 antagonist) ALN-ANG3‡ (ANGPTL3) olatorepatide†† (GLP-1/GIP) REGN13335 (PDGFβ) pivicasiran‡ (PNPLA3) ALN-CIDEB‡ (CIDEB) mibavademab (LEPR) Heme-Onc Solid Tumor Oncology Cardiometabolic / Internal Medicine I&I Ophthalmology Neurology / Rare Disease ~50 PRODUCT CANDIDATES 12 PHASE 3 PROGRAMSApproved & investigational medicines across a diverse set of diseases Agreement with: *Sanofi; ‡Alnylam; #Intellia; °Bayer; **Ultragenyx; ††Hansoh; ‡‡Tessera; †Kiniksa is solely responsible for development and commercialization of ARCALYST; §Sanofi is solely responsible for development and commercialization of ZALTRAP. All trademarks mentioned are the property of their respective owners. This slide contains investigational drug candidates that have not been approved by any regulatory authority. As of October 2026 As of October 2026 27 OPTHALMOLOGY REGN22530 OPTHALMOLOGY cemdisiran ± pozelimab‡ (C5 siRNA ± anti-C5) † § ° * * ** ° Please see full Prescribing Information including Boxed WARNING for KEVZARA Please see full Prescribing Information including Boxed WARNING for LYNOZYFIC Please see full Prescribing Information including Boxed WARNING for VEOPOZ
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28 2026 anticipated key milestones Hematology • R7508/R9933: Initiate additional Phase 3 studies in anticoagulation Cemdisiran + Pozelimab: report results from Phase 3 trial in PNH (4Q26) Oncology & Heme-Onc Solid Oncology • Fianlimab + cemiplimab: Report Phase 3 results in adjuvant melanoma – now expected 1H 2027 • Fianlimab + cemiplimab: Report Phase 3 results in 1L metastatic melanoma vs. pembrolizumab – study did not meet primary endpoint • Fianlimab + cemiplimab: Report initial Phase 2 data in 1L advanced NSCLC – Phase 2 data do not support advancing to Phase 3 Heme-onc • Lynozyfic: Initiate additional Phase 3 studies in multiple myeloma and precursor conditions Neurology & Rare Diseases • Cemdisiran: NDA submission for gMG ; FDA decision (Nov 2026 PDUFA) • DB-OTO: FDA decision for genetic hearing loss • Garetosmab: FDA decision in FOP This slide contains investigational drug candidates that have not been approved by any regulatory authority. Ophthalmology • EYLEA HD: pre-filled syringe FDA decision • Cemdisiran ± pozelimab: report interim results from lead in cohort of Phase 3 trial in GA – now expected Q1 2027 Immunology & Inflammation • Dupixent: EC decision for BP – application withdrawn, FDA decision for AFRS • IL-13: Initiate clinical program in atopic dermatitis • R5713-5715: Initiate second Phase 3 trial for birch allergy (program since discontinued) • R1908-1909: Initiate second Phase 3 trial for cat allergy Cardiovascular & Metabolic Diseases • Olatorepatide (monotherapy): Initiate Phase 3 program in: • Obesity without T2D (2H26) • Obesity with T2D (now 1H27) • Olatorepatide + Praluent: Initiate clinical program • Muscle preservation: Report additional data from proof-of-concept data of combination of semaglutide and trevogrumab with and without garetosmab in obesity ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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29 Deploying capital to maximize long-term value creation Disciplined capital allocation approach laying the foundation for Regeneron’s next wave of innovation *Based on most recent 2026 non-GAAP R&D guidance. See reconciliation of non-GAAP measure on slide 33. † License agreement with Hansoh Pharma. ‡ As of September 30, 2026 Internal Investment Investing in world-class R&D capabilities and infrastructure to support sustainable growth Leveraging external innovation to complement internal R&D Expand through complementary opportunities across early and late development stages • Agreement with Alnylam, including in-licensing of cemdisiran (C5 siRNA) • GLP-1/GIP in-licensed for obesity franchise expansion† • Global collaborations for investigative gene editing therapies with Intellia, Mammoth and Tessera • Collaborations with CytomX, Telix, Parabilis and TriNetX Rewarding shareholders through opportunistic share repurchases and dividends >$6B committed to U.S. manufacturing and R&D infrastructure expansion over the coming years Non-GAAP R&D* spend expected in 2026 $9B+ Business Development Return Capital to Shareholders Repurchased ~$2.3 billion of shares through first nine months of 2026 Board of Directors authorized $3B share repurchase program in April; ~$2.2B available for repurchases‡ Next quarterly dividend to be paid on December 3, 2026 ($0.94 / share)
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SCIENCE Innovating to deliver groundbreaking medicines ACCESS Advancing access to medicine for patients PEOPLE Caring for those we work and live with – our colleagues and communities PLANET Protecting ecosystems essential to health CULTURE OF ETHICS & INTEGRITY Applying our unique knowledge and expertise to address the issues that matter most to our business and stakeholders Our responsibility strategic framework sets a clear path to a healthier world 30
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Apply REGN innovation to deliver groundbreaking medicines by: • Advancing new medicines and modalities that address serious diseases, including cancer, genetic diseases, and autoimmune and allergic diseases Continue building RGC’s world-class proteogenomics data resource with maximal representation to deliver insights that transform healthcare and improve lives by: • Completing sequencing of 10M samples and integrating AI and big data tools to improve drug discovery and digital health solutions Advance access to medicine for patients by: • Helping to improve cancer care in underserved communities, with initial focus on skin cancers • Supporting patient groups and professional societies to address unmet health needs • Partnering to ensure low- and lower- middle-income countries have rapid, free access to our Ebola treatment Fuel the pipeline of future scientific innovators by: : • Increasing student participation across STEM competitions we support Develop and retain top talent by: • Advancing initiatives that help colleagues build meaningful careers, contributing to 20% increase in leadership roles filled through internal promotion Continue to harness emerging technology to advance our mission to improve lives by: • Responsibly using AI and automation to accelerate innovation and foster operational excellence Enhance our community impact by: • Expanding opportunities for colleagues to engage in skills-based volunteer programs, increasing the cumulative valuation of our collective volunteerism to $15M Protect ecosystems essential to human health by: Greenhouse Gas (GHG) Emissions • Reducing combined Scope 1 and 2 GHG emissions by 15% • Ensuring 75% of our suppliers have GHG emissions targets for Scopes 1, 2 and 3 Renewable electricity • Sourcing 100% of purchased electricity from certified renewable sources Waste • Achieving zero waste-to-landfill for owned sites • Diverting 50% of non-hazardous waste to recycling, beneficial reuse and composting for owned sites Water • Developing water mass balance to advance water resource management Product environmental footprint (PEF) • Conducting PEFs on ≥2 products SCIENCE ACCESS PEOPLE PLANET 16 SCIENCE-LED 2030 GOALS WILL HOLD US ACCOUNTABLE TO PROGRESS AND REAL-WORLD IMPACT 31
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Industry Ratings and Rankings5 AWARDS Approximately 50 product candidates in clinical development 50% of colleagues volunteered globally – twice the average participation rate3 46% reduction in combined Scope 1 and 2 (market-based) greenhouse gas GHG emissions per square meter 4 500 52% of electricity consumption from certified renewable energy sources >83K eligible1 patients provided ~$2.8B2 worth of medicine at no cost through ut p u t ’ p t t t p g 99% waste diverted from landfill by recycling, beneficial reuse or composting Dow Jones Best-in-Class World Index Best-in-Class North America Index TIME World’s Most Sustainable Companies The Civic 50 Most community-minded companies in the U.S. 2025 Prix Galien USA Best Biotechnology Product Award for Dupixent (dupilumab) Sustainability Magazine Top 250 World’s Most Sustainable Companies #28 Newsweek America’s Most Responsible Companies World’s Greenest Companies S&PGlobal Corporate Sustainability Assessment Top 4% ISS ESG Corporate Rating Top 10% “Prime” Company in the biotechnology section MSCI ESG Rating A rating Sustainalytics ESG Risk Rating Top 2% “Top Rated” in the biotechnology sector Announced that we will donate up to doses of our Ebola treatment to the World Health Organization (WHO) for use exclusively in low- and lower-middle-income countries 1. Regeneron patient assistance programs are limited to patients living in the U.S. states and territories. 2. Based on 2025 year-end wholesale acquisition cost. 3. The average percentage of employee volunteering is based on CECP Giving in Numbers : 2025 Edition. 4. Relative to 2016 peak baseline. 5. As of December 31, 2025. Delivering on Our Commitments: Corporate Responsibility Report Highlights 32
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33 GAAP to Non-GAAP Reconciliations
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34 Abbreviations and Definitions Abbreviation Definition 1L First line 2L Second line 3L+ Third line and beyond AAN American Academy of Neurology AAV Adeno-associated virus AD Atopic dermatitis AE Adverse event AFRS Allergic fungal rhinosinusitis ALA Light chain amyloidosis ALS Amyotrophic lateral sclerosis ASCT Autologous stem cell transplant ATTR Transthyretin amyloidosis BCC Basal cell carcinoma BCMA B-cell maturation antigen BP Bullous pemphigoid CAR-T Chimeric antigen receptor T-cell CFB Complement Factor B CHAPLE CD55-deficient protein-losing enteropathy COPD Chronic obstructive pulmonary disease CR Complete response CSCC Cutaneous squamous cell carcinoma CSU Chronic spontaneous urticaria Abbreviation Definition DLBCL Diffuse large B-Cell lymphoma DOAC Direct oral anticoagulants EC European Commission EGFR Epidermal growth factor receptor FIH First in human FOP Fibrodysplasia Ossificans Progressiva GA Geographic atrophy GI Gastrointestinal GIP Gastric inhibitory polypeptide GLP-1 Glucagon-like peptide 1 gMG Generalized myasthenia gravis HCP Healthcare Provider HRSMM High-risk smoldering multiple myeloma HTT Huntington IgE Immunoglobulin-E I/O Immuno-oncology LAG-3 Lymphocyte-activation gene 3 LEPR Leptin receptor Abbreviation Definition LDL/LDL-C Low-Density Lipoprotein / Low-Density Lipoprotein-Cholesterol MAPT Microtubule-associated protein tau MASH Metabolic Dysfunction-Associated Steatohepatitis MGUS Monoclonal gammopathy of unknown significance MG-ADL Myasthenia gravis activities of daily living score MM Multiple myeloma MRD Minimal residual disease (m)PFS (Median) progression-free survival MUC16 Mucin 16 NCCN National Comprehensive Cancer Network NDA New Drug Application NDMM Newly-diagnosed multiple myeloma NHR-SMM Non-high-risk smoldering multiple myeloma NSCLC Non-small cell lung cancer PAD Peripheral artery disease PBC Primary Biliary Cholangitis PD-1/PD-(L)1 Programmed cell death protein/(ligand) 1 PDUFA Prescription Drug User Fee Act Abbreviation Definition PI Prescribing information PNH Paroxysmal nocturnal hemoglobinuria POC Proof-of-concept POTS Postural orthostatic tachycardia syndrome PSMA Prostate-specific REMS Risk Evaluation and Mitigation Strategy RGC Regeneron Genetics Center R/R Relapsed/Refractory RRMM Relapsed/Refractory multiple myeloma RVO Retinal vein occlusion siRNA Small interfering RNA SOC Standard of care SPAF Stroke Prevention in Atrial Fibrillation T2D Type 2 diabetes TE Transplant Eligible TIE Transplant Ineligible TKR Total knee replacement VEGF Vascular endothelial growth factor VTE Venous thromboembolism © 2026 Regeneron Pharmaceuticals, Inc. All rights reserved.