Regeneron Pharmaceuticals · Earnings release

J.P. Morgan

Healthcare Conference

This non-promotional presentation contains investigational data as well as forward-looking statements; actual results may vary materially.

2

J.P. Morgan Healthcare Conference

Dr. Leonard Schleifer, MD, PhD

Board Co-Chair, Co-Founder,

President, & Chief Executive Officer

Dr. George Yancopoulos, MD, PhD

Board Co-Chair, Co-Founder,

President, & Chief Scientific Officer

3

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 drugs and product candidates 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") (including biosimilar versions of Regeneron's Products); 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), 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; 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 other parties and pending or future litigation

relating thereto (including without limitation the patent litigation and other related proceedings relating to EYLEA), 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 projected 2026 non-GAAP R&D expense, which is a financial measure that is not calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). This 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 measure used in this presentation is provided herein.

4 Note: Definitions for all acronyms and abbreviations in this presentation can be found on slide 19.

Leveraging the power of science to bring transformative medicines to patients...

over and over again

14 internally-discovered

therapies have been approved,

poised to deliver many more…

Delivering

Breakthrough

Medicines

~45 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

Genetics Medicines

prescribed biologic for Type 2 #1 inflammatory diseases

5

Portfolio of leading brands across diverse therapeutic areas

Delivering growth through leadership in key therapeutic categories

* Based on preliminary, unaudited results. Fourth quarter 2025 EYLEA HD and EYLEA U.S. net product sales were each favorably impacted

by ~$30 million due to higher wholesaler inventory levels at the end of the fourth quarter of 2025 compared to the end of the third quarter of 2025.

U.S. Int’l

Sanofi records Dupixent global net sales

EYLEA HD physician demand grew 10%*

FDA resubmission to include new EYLEA HD PFS

filler completed; Q2 2026 decision anticipated

FDA approved addition of new EYLEA HD vial filler

Leading PD-1 antibody in advanced CSCC & BCC

Only PD-1 antibody approved in adjuvant CSCC

#2 most prescribed I/O treatment

for metastatic NSCLC patients in U.S.

U.S. Int’l EYLEA HD EYLEA Q3 2025 global

net sales

in U.S. branded anti-VEGF

category share

prescribed PD-1 antibody for #1 #1 non-melanoma skin cancers >1.3 million patients on therapy globally

#1 position in both NBRx and TRx in all

established indications

Strong momentum from recent respiratory

(COPD) and dermatology (CSU, BP) launches

patients on

therapy

U.S. YoY

growth

WW YoY

growth

net sales

WW YoY

growth

net sales

6

Deploying capital to maximize long-term value creation

Disciplined capital allocation approach laying the foundation for Regeneron’s next wave of innovation

* Reflects estimated Non-GAAP R&D expense, which excludes SBC. G1GAAP R&D expense for 2026 is estimated to be ~$6.5 billion. Formal financial guidance will be provided at Q4 2025 earnings. † License agreement with Hansoh Pharma. ‡ Global collaboration with Tessera Therapeutics, Inc. is subject to customary closing conditions, including applicable regulatory agency clearances under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the U.S. § Based on preliminary, unaudited results. As of December 31, 2025, ~$1.5B was remaining under current share repurchase program. 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 • Collaboration 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 ‡

Rewarding shareholders

through opportunistic share

repurchases and dividends

~$6B

committed to U.S.

manufacturing and

R&D infrastructure

expansion over the

coming years

G2Non-GAAP R&D* spend

$7B+

Capital returned to

share repurchases

dividends

Quarterly dividend initiated in 2025

Business Development

Return Capital to Shareholders

7

Driving shareholder value with internal innovation while continuing our

disciplined and opportunistic approach to business development

Over-reliance on business development (BD) to build pipelines poses challenges to delivering long-term shareholder value

Cash flow allocation: Level of investment in our pipeline

in-line with biopharma industry average*

3%

Internal R&D Spend External BD Spend

R&D/BD Investment as a Percentage of Commercial Cash Flow†

BioPharma

median

Regeneron internal analysis suggests that a large majority of the

450+ Big Biopharma deals‡ since 2010 could end up being failures§

Looking at the return on the ~$350B+ that was spent

on the 290 deals where the outcome is now known

M&A deals

Internal Rate of Return (IRR) on 290 deals

Failures (5%)

* Biopharma group includes Abbvie, Amgen, AstraZeneca, Biogen, Bristol Myers Squibb, Celgene, GSK, Eli Lilly, Gilead, Merck, Pfizer, Sanofi, Novartis, Roche, J&J, and Novo Nordisk. † Commercial cash flow is calculated as cash from operations before R&D spend; figures for Biopharma companies are based on 2010-2025 reported actuals; Internal R&D spend reflects reported GAAP figures; External BD

spend includes upfront payments and all contingent milestone payments that we estimate will be incurred. ‡

Includes all M&A and licensing deals from 2010-2025 with >$50M upfront for assets at IND stage or later; excludes discovery deals, deals for platform technologies, and deals for commercial stage assets. § Criteria for classifying the approved deals – Winner: >$500M estimated peak WW sales, Commercial Failure: <$500M estimated peak WW sales, Too Early: Launch 2023 or later (unless already at >$500M WW sales, in

which case deal is classified as a winner).

Source: Regeneron internal analysis

Regeneron pipeline targets large market opportunities

across key therapeutic categories

Ophthalmology Oncology

Hematology Cardiovascular & Metabolic Diseases Neurology & Rare Diseases

T H E R A P E U T I C A R E A S

Global market opportunity ~$200B annually by 2030

Immunology & Inflammation

8

9

Cemdisiran (C5 siRNA) ± Pozelimab (C5 Ab)*

Paroxysmal nocturnal

hemoglobinuria

Post-TKR VTE, Cancer VTE,

PICC-associated thrombosis,

SPAF, PAD

REGN9933A2 (FXI) PICC-associated thrombosis,

SPAF, PAD

This slide contains investigational drug candidates that have not been approved by any regulatory authority.

Ophthalmology Immunology & Inflammation Oncology

Hematology Cardiovascular & Metabolic Diseases 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*

DB-OTO (AAV-based gene therapy) Hearing loss

Garetosmab (Activin A) FOP

SNCA siRNA* Parkinson’s Disease

SOD1 siRNA* ALS

MAPT (Tau) siRNA* Alzheimer’s Disease

HTT siRNA* Huntington’s Disease

Cemdisiran (C5 siRNA)* gMG

IL-13 Type 2 Indications

IL-4 Type 2 Indications

IL-4xIL-13 bispecific§ Type 2 Indications

Multiple Agents§ Food Allergy

Itepekimab (IL-33)‡ COPD, CRSwNP

Undisclosed Target 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

Undisclosed Target Thyroid Eye Disease, Graves

Regeneron pipeline targets large market opportunities

across key therapeutic categories

Agreement with: *Alnylam; †

Intellia, ‡Sanofi § Clinical development to commence in 2027

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 ‘Lifecycle’ 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

Pursuing multi-pronged approach to sustain

I&I leadership into the next decade

Advancing broader allergy pipeline

into large commercial opportunities

Allergen-specific antibody approaches • Cat (FelD1) and birch (BetV1) allergy

programs each demonstrated positive

Phase 3 results in 2025 • Registration-enabling studies initiating

in 2026 for both programs; data

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 by 2027

This slide contains investigational drug candidates that have not been approved by any regulatory authority.

* In collaboration with Sanofi † Covered by the Sanofi collaboration

Immunology &

Inflammation

Type 2

Diseases

Novel I&I

Targets

IgE-Mediated

Allergy

Allergen-Specific Allergy

Investigating novel I&I targets • Itepekimab* (IL-33): Advancing in respiratory

indications with strong genetic associations – Phase 3 CRSwNP data anticipated in 2027 • Additional genetic-defined targets discovered

by RGC, each with pipeline-in-a-product

Late-stage opportunities spanning multiple therapeutic areas

Key programs positioned to deliver over the next few years

*Hansoh Pharmaceuticals retains development and commercialization rights to olatorepatide in China. 11

This slide contains investigational drug candidates that have not been approved by any regulatory authority.

Combining two potentially

best-in-class checkpoint

inhibitors • Potential for differentiated

efficacy vs. current

standards-of-care in

melanoma without

exacerbating safety

FIANLIMAB +

LIBTAYO

CEMDISIRAN ±

POZELIMAB

Program Status

Pivotal data from 1L

metastatic melanoma trial

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

anticoagulation activity with

reduced bleeding risk vs. SOC

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: monotherapy and combin-ation approaches being explored

Phase 3 results for Ola in

obesity in China* expected in

Comprehensive global

clinical development plan

2 registrational studies

underway, 6 more expected

Pivotal data anticipated

LAG-3 + PD-1 BCMAxCD3 GIP/GLP-1, combinations Two Factor XI antibodies allow

for customized approach C5 siRNA ± C5 antibody

gMG: on track for FDA

PNH: pivotal data expected

GA: initial results from lead-in

OLATOREPATIDE

(OLA) ± VARIOUS

AGENTS

Program Status Program Status Program Status Program Status

4 registrational studies

underway, 4 more expected to

Pivotal data anticipated

Pembrolizumab

(anti-PD-1)

Nivolumab

(anti-PD-1)

Ipilimumab

(anti-CTLA4) +

nivolumab

Relatlimab

(anti-LAG-3) +

nivolumab

Fianlimab +

cemiplimab

Pooled POC Cohorts n=98

mOS

(months) Not Reached 34.1 Not Reached Not Reached Not Reached

All

TRAE

TRAE

All

TRAE

TRAE

All

TRAE

TRAE

All

TRAE

TRAE

All

TRAE

TRAE

Follow up OS: final analysis with an

additional FU of 9 mo

At the time of the

final OS analysis

Minimum FU: 9 mo for ORR, 28

mo for PFS, 48 mo for OS

At the time of the

final OS analysis Median FU: 23 mo

Source KEYTRUDA U.S. FDA PI; Robert

OPDUALAG U.S. FDA PI;

YERVOY & OPDIVO U.S. FDA

PI; Wolchok et al., 2017 NEJM

OPDUALAG U.S. FDA PI;

Combining two potentially best-in-class checkpoint inhibitors:

Fianlimab (anti-LAG-3) & LIBTAYO (anti-PD-1)

Potentially differentiated 1L metastatic melanoma treatment option; additional data readouts across other settings expected in 1H 2026

Table depicts randomized Phase 3 data for four FDA-approved treatments in 1L metastatic melanoma as well as pooled, post-hoc data from three independent cohorts from initial trial of fianlimab +

cemiplimab; 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.

*This slide contains investigational data for the combination of fianlimab + cemiplimab; this combination has not been approved by any regulatory authority. All other products listed are FDA-approved therapies.

Safety

Efficacy

6%

ORR

CR

PR

ORR

CR

PR

9%

ORR

CR

PR

ORR

CR

PR

ORR

CR

PR

CR

mPFS

(months)

Anticipated Milestones: Phase 3 adjuvant melanoma data (1st Phase 3 1L metastatic melanoma data interim)

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)

1L

Maintenance

U.S. Drug

Treated Patients

2L

3L

4L+

~5k patients

DKd, DPd, DRd, Isad

PI combos

Kd, KRd, Vd

Others

CAR-T, Pd, BCMA bispecifics,

others

DPd, D +/- d, DV, etc.

PI combos

Kd, KRd, Vd

Others

CAR-T, Epd, Pd, SVd, Sd

DPd, D +/- d, DV, etc.

PI combos

Kd, KRd, VRd

Others

CAR-T, Rd, etc.

High dose chemotherapy

followed by autologous SCT

MGUS

Observation

HR-SMM

Rd, D

ALA

Dara-CyBorD Precursor and related conditions: Highly efficacious monotherapy

treatment to prevent progression to malignant disease

Aiming to transform the multiple myeloma treatment landscape

4 registrational studies 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

Precursor &

Related Conditions

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); NDMM: newly-diagnosed multiple myeloma; SCT: stem cell transplant; PI: proteasome inhibitor.

Tailored C5 therapeutic approach: siRNA ± antibody provides

flexibility to address multiple complement-mediated diseases

siRNA (cemdisiran) lowers C5 target burden while antibody (pozelimab) blocks circulating C5, enabling near-complete C5 inhibition

* Evaluate Pharma † 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.

This slide contains investigational drug candidates that have not been approved by any regulatory authority. • Both cemdisiran monotherapy and cemdisiran +

pozelimab combination being evaluated in ongoing

Phase 3 pivotal program (initiated in 2H 2024) • Interim data from Phase 3 lead-in cohort anticipated

in 2H 2026 • Cemdisiran monotherapy reported best MG-ADL

improvement among C5 inhibitors†

(Phase 3 data) • Convenient Q3M subcutaneous administration • FDA submission for cemdisiran planned for Q1 2026 with

decision expected by Q4 2026/Q1 2027 • Cemdisiran + pozelimab combination demonstrated potential best-in-class profile (Phase 3 lead-in cohort presented at ASH 2024) • Combination maximizes C5 inhibition and minimizes hemolysis • Convenient monthly subcutaneous administration • Ongoing Phase 3 study, data expected by Q4 2026/Q1 2027

Geographic Atrophy

Worldwide market sales*

Estimated market sales CAGR*

Paroxysmal Nocturnal Hemoglobinuria

2025 U.S. Prevalence (patients): ~6k

Estimated market sales CAGR*

Myasthenia Gravis

Worldwide market sales*

Estimated market sales CAGR*

Differentiated siRNA ± antibody approach has pipeline-in-a-product potential to deliver tailored,

effective, and convenient treatments across multiple complement-mediated diseases

Program Status

Aspirin

Aspirin

Aspirin Rivaroxaban

(Xarelto®) +

Aspirin

initial data expected in 2029+

Phase 2 enrolling, data expected in 2027

Phase 3 trials to initiate in 2026

Two trials enrolling,

Peripheral

Artery Disease

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

*Fuji T, et al. J Thromb Haemost. 2010

0%

47% Relative Risk

Reduction

66% Relative Risk

Reduction

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

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)

$20B anticoagulation market remains underpenetrated due to bleeding risk; <50% of eligible patients receive therapy because of safety concerns

Regeneron’s two antibodies allow customized approach: REGN7508Cat optimizes anticoagulation activity with reduced bleeding risk vs. SOC,

REGN9933A2 further reduces bleeding risk with comparable anticoagulation vs. SOC

Cross-study pooled analyses of VTE incidence

in Ph2s ROXI-VTE-I and ROXI-VTE-II

7%

0%

5%

(Eliquis®)

Patients with VTE, %

(Lovenox®)

Placebo

(historical*)

To date, no major bleeding events observed in Phase 1 or Phase 2 studies due to REGN7508 or REGN9933

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

2 3 • 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 combo

with Praluent (PCSK9) in 2026: • 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 • Phase 3 program in obesity

with and without T2D to

Monotherapy

Novel combinations

Improving quality of weight loss

Q&A

This non-promotional presentation contains investigational data as well as forward-looking statements; actual results may vary materially.

Dr. George

Yancopoulos, MD, PhD

Board Co-Chair,

Co-Founder, President,

and Chief Scientific Officer

Dr. Leonard

Schleifer, MD, PhD

Board Co-Chair,

Co-Founder, President,

and Chief Executive Officer

Key

Milestones Hematology • R7508/R9933: Initiate additional Phase 3 trials in

anticoagulation (1H26) • Cemdisiran ± Pozelimab: report results from Phase 3 trial

Oncology

Solid Oncology • Fianlimab + cemiplimab: Report results in 1L metastatic

melanoma from Ph3 trial (1H26) • Fianlimab + cemiplimab: Report initial Phase 2 data in 1L

advanced NSCLC (1H26)

Heme-onc • Lynozyfic: Initiate additional Ph3 studies in multiple

myeloma and precursor conditions (2026)

Neurology & Rare Diseases • DB-OTO: FDA decision for genetic hearing loss (1H26) • Garetosmab: FDA and EC decisions in FOP (2H26)

This slide contains investigational drug candidates that have not been approved by any regulatory authority.

Ophthalmology • EYLEA HD: pre-filled syringe (PFS) FDA decision (2Q26) • Cemdisiran ± pozelimab: interim results from lead in cohort

of Phase 3 trial in GA (2H26)

Immunology & Inflammation • Cemdisiran: NDA submission for gMG (1Q26); FDA

decision (4Q26 / 1Q27) • Dupixent: EC decision for BP (1H 2026), FDA decision for AFRS

(Q1 2026) • IL-13: Initiate clinical program in atopic dermatitis • R5713-5715: Initiate second Phase 3 trial for birch allergy (1H26) • R1908-1909: Initiate second Phase 3 trial for cat allergy (1H26)

Cardiovascular & Metabolic Diseases • Muscle preservation: Report additional data from proof-of-concept data of combination of semaglutide and trevogrumab

with and without garetosmab in obesity (2026) • Olatorepatide (monotherapy): Initiate Phase 3 program in obesity

with and without T2D (2026) • Olatorepatide + Praluent: Initiate clinical program (2026)

Abbreviations and definitions

Abbreviation Definition

1L First line

AAV Adeno-associated virus

ALA Amyloid light-chain amyloidosis

ALS Amyotrophic lateral sclerosis

AI Artificial Intelligence

AD Atopic Dermatitis

AATR Transthyretin amyloidosis

BCC Basal cell carcinoma

BCMA B-cell maturation antigen

BP Bullous pemphigoid

CAR-T Chimeric antigen receptor T-cell

CAGR Compounded annual growth rate

CI Confidence Interval

COPD Chronic obstructive pulmonary disease

CR Complete response

CRSwNP Chronic sinusitis with nasal polyposis

CSCC Cutaneous squamous cell carcinoma

CSU Chronic spontaneous urticaria

DOAC Direct oral anticoagulants

ESMO European Society for Medical Oncology

EC European Commission

FDA U.S. Food And Drug Administration

FIH First in human

FU Follow-up

FOP Fibrodysplasia Ossificans Progressiva

Abbreviation Definition

GA Geographic atrophy

GIP Gastric inhibitory polypeptide

GLP-1 Glucagon-like peptide 1

gMG Generalized myasthenia gravis

HR-SMM High-Risk Smoldering Multiple Myeloma

HR Hazard Ratio

HTT Huntington

I/O Immuno-Oncology

I&I Immunology and Inflammation

IgE Immunoglobulin-E

IND Initial new drug application

KM Kaplan-Meier curve

LAG-3 Lymphocyte-activation gene 3

LOF/GOF Loss of function/ Gain of function

MAPT Microtubule-associated protein tau

MASH Metabolic Dysfunction-Associated Steatohepatitis

MGUS Monoclonal gammopathy of unknown significance

M&A Merger and Acquisitions

MM Multiple myeloma

mOS Median overall survival

mPFS Median progression-free survival

NBRx New to Brand Prescriptions

NDA New Drug Application

NR Not Reached

NSCLC Non-small cell lung cancer

Abbreviation Definition

ORR Overall Response Rate

OS Overall Survival

PAD Peripheral Arterial Disease

PBC Primary Biliary Cholangitis

PBO Placebo

PD-1/PD-(L)1 Programmed cell death protein/(ligand) 1

PFS Pre-filled Syringe

PFS Progression Free Survival

PI Prescribing Information

PICC Peripherally Inserted Central Catheter

PNH Paroxysmal nocturnal hemoglobinuria

POC Proof-of-concept

PR Partial response

R/R Relapsed/Refractory

RGC Regeneron Genetics Center

SBC Stock-based compensation

SC Subcutaneous

siRNA Small interfering RNA

SOC Standard of care

SPAF Stroke Prevention in Atrial Fibrillation

T2D Type 2 diabetes mellitus

TI Transplant eligible

TIE Transplant Ineligible

TKR Total Knee Replacement

TRAE Treatment-related adverse events

VEGF Vascular endothelial growth factor

VTE Venous thromboembolism © 2026 Regeneron Pharmaceuticals, Inc. All rights reserved.