Q1 2024 Regeneron Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Regeneron Pharmaceuticals Inc (REGN) reported a solid start to 2024 with a 7% revenue growth year-over-year, excluding last year's revenue from COVID antibodies.
- Dupixent global net product sales increased by 24% to $3.1 billion, reflecting strong growth across all approved indications.
- EYLEA HD generated $200 million in its second full quarter on the U.S. market, outperforming recent launches in the anti-VEGF category.
- Regeneron Pharmaceuticals Inc (REGN) and Sanofi's sBLA for Dupixent for COPD treatment was accepted by the FDA for priority review, highlighting progress in expanding treatment indications.
- The company's pipeline is robust with over 35 programs in clinical development, showcasing a broad and diversified portfolio aimed at sustainable long-term growth.
- The FDA has requested additional efficacy analyses for Dupixent in treating COPD, which could potentially delay approval by up to 3 months if additional review time is needed.
- First quarter R&D expenses grew by 17% year-over-year to $1.1 billion, reflecting significant ongoing investment which could impact short-term profitability.
- Regeneron Pharmaceuticals Inc (REGN) received complete response letters from the FDA concerning odronextamab for certain lymphomas, indicating challenges in gaining approval.
- The company noted an adverse change in payer coverage for Praluent, leading to a gross to net adjustment and impacting financial expectations for this product.
- Despite strong growth, there is increased competition in key therapeutic areas, including from upcoming biologics in COPD, which could impact market share and growth trajectory.
Welcome to the Regeneron Pharmaceuticals First Quarter 2024 Earnings Conference Call. My name is Josh, and I will be your operator for today's call. (Operator Instructions). Please note that this conference call is being recorded. I will now turn the call over to Ryan Crowe, Senior Vice President, Investor Relations. You may begin.
Thanks, Josh. Good morning, good afternoon and good evening to everyone listening around the world. Thank you for your interest in Regeneron and welcome to our first quarter 2024 earnings conference call. An archived and transcript of this call will be available on the Regeneron Investor Relations website shortly after the call ends. Joining me on today's call are Dr. Leonard Schleifer, Board Co-Chair, Co-Founder, President and Chief Executive Officer; Dr. George Yancopoulos, Board Co-Chair, Co-Founder, President and Chief Scientific Officer; Marion McCourt, Executive Vice President of Commercial; and Chris Fenimore, Senior Vice President and Chief
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