Q2 2024 Regeneron Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Regeneron Pharmaceuticals Inc (REGN) reported a 12% increase in total revenues for Q2 2024, reaching $3.55 billion, driven by strong sales of EYLEA HD and Dupixent.
- Dupixent global revenues grew 29% on a constant currency basis to $3.56 billion, with significant growth across all approved indications and geographies.
- Libtayo global net product sales increased by 43% on a constant currency basis, maintaining leadership in non-melanoma skin cancers and making inroads in non-small cell lung cancer.
- The company is on track to launch EYLEA HD pre-filled syringe by early 2025, which is expected to further strengthen its market position.
- Regeneron Pharmaceuticals Inc (REGN) has over 35 programs in clinical development, indicating a robust and diverse pipeline for future growth opportunities.
- The FDA approval for linvoseltamab is likely to be delayed beyond the August 22 PDUFA date due to unresolved findings from a third-party fill-finish manufacturer.
- Despite the strong performance, EYLEA HD and EYLEA combined net product sales only grew by 2.3% compared to the prior year, indicating potential market saturation.
- The company faces intense competition in the anti-VEGF space, which could impact future sales and market share.
- Regeneron Pharmaceuticals Inc (REGN) is experiencing increased operating expenses, with R&D expenses growing 10% year-over-year to $1.1 billion and SG&A expenses growing 19% to $666 million.
- The ongoing DOJ investigation into the marketing practices of EYLEA could pose legal and reputational risks for the company.
Welcome to the Regeneron Pharmaceuticals second-quarter 2024 earnings conference call. My name is Shannon, 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.
Thank you, Shannon. Good morning, good afternoon and good evening to everyone listening around the world. Thank you for your interest in Regeneron and welcome to our second quarter 2024 earnings conference call. An archive 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
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