Regeneron Pharmaceuticals — Jan 12, 2026 release

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 Non-GAAP R&D* spend expected in 2026 $7B+ Capital returned to shareholders in 2025 $3.8B § ~$3.4B ~$0.4B share repurchases dividends Quarterly dividend initiated in 2025 ($0.88/share) 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* 43% 27% 65% 3% 70% 68% Internal R&D Spend External BD Spend R&D/BD Investment as a Percentage of Commercial Cash Flow† (2010-2025 for Industry vs. 2024-2025 for REGN) 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 ~8% Overall 18%Licensing deals 4% (n=165) M&A deals (n=125) Internal Rate of Return (IRR) on 290 deals 458 Deals 48 Winners (10%) 22 Too Early (5%) 22 Commercial Failures (5%) 92 Approved (20%) 168 In-Flight (37%) 198 Failed (43%) *