The meeting proceedings will now begin.
Good morning, ladies and gentlemen, and welcome. It is 10:30 A.M. and time to call the annual meeting of shareholders of Regeneron Pharmaceuticals Inc. to order. I'm Leonard Schleifer, Co-Chair of the Board and President and Chief Executive Officer of the company. As you have seen in our proxy materials, we are utilizing a virtual-only meeting format.
This format has been designed to ensure that our shareholders are afforded similar rights and opportunities to participate as they would at an in-person meeting. Participating in today's meeting are Dr. George Yancopoulos, Co-Chair of the Board and President and Chief Scientific Officer of Regeneron, and Joe LaRosa, Executive Vice President, General Counsel and Corporate Secretary, and secretary of this meeting. Also present or connected by audio this morning are other senior officers of Regeneron.
On behalf of the Board of Directors and the management of Regeneron, I want to thank you for your attendance at our annual meeting of shareholders and for the solid return of proxies. Before we proceed, I will ask Mr. LaRosa to review a few housekeeping items and to submit the required proof of mailing and advise us as to whether the necessary quorum is present.
Thank you, Mr. Chairman. The meeting is being recorded and will be made available on the investor relations portion of our company website. Returning now to the business of the meeting, the agenda for today's meeting indicating the order in which we plan to deal with the business before us and the rules of conduct are posted on the virtual meeting website.
As in prior years, the company used the notice-and-access method of providing proxy materials to shareholders via the Internet. Accordingly, the first order of business is the proof of the mailing of the Notice of Internet Availability of Proxy Materials for the annual meeting. I have an affidavit signed by Ms. Joanne Vogel, an employee of Broadridge Financial Solutions, with respect to the mailing for the annual meeting, which commenced on April 24, 2026.
Copies of the proxy statement and our 2025 Form 10-K are posted on the virtual meeting website. An Inspector of Election has been appointed. The inspector is Ms. Tracy Oats, a representative of Broadridge Financial Solutions. The Inspector of Elections has delivered a certificate to the effect that we have present, by person or in proxy, holders of record of Regeneron common stock and Class A stock representing a majority of the votes of shares entitled to vote at this meeting. Therefore, we have a quorum present.
Thank you, Mr. LaRosa. As noted, a short list of rules of conduct for the meeting have been made available. The business of the meeting is to allow shareholders of the company to vote on three matters set out in the agenda. After those matters have been voted upon, I will present a brief business overview of the company, and we will respond to questions from shareholders.
In a moment, I will officially open the polls, which allow you to vote electronically if you have logged into this meeting as a shareholder. Please note that if you have already submitted your proxy, there is no need to vote during the meeting unless you would like to change your vote. Voting during the meeting will revoke your prior proxy. I declare the polls now open. The polls will close today following the presentation of the items of business.
We are now ready to proceed to the items that you will vote upon. At this time, I would like to introduce the directors, all of whom are present or connected by audio this morning. In addition to Dr. Yancopoulos and me, we have Chris Poon, the Board's Lead Independent Director, Bonnie Bassler, Mike Brown, Tony Coles, Joe Goldstein, Kathryn Guarini, Art Ryan, David Schenkein, George Sing, Craig Thompson, and Huda Zoghbi. Mr. LaRosa, will you please outline the three items of business set out in the agenda?
Mr. Chairman, the first item of business is the election of five Class II directors for a one-year term and until a successor is duly elected. The nominees for Class II directors are Dr. Joe Goldstein, Chris Poon, Dr. David Schenkein, Dr. Craig Thompson, and Dr. Huda Zoghbi. Each of the nominees is currently a member of the Board of Directors and has been duly nominated. The Board of Directors has recommended a vote for each of the nominees.
The second item of business is the ratification of the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2026. PricewaterhouseCoopers LLP now serves as the company's independent registered public accounting firm and has served in that role since 1988. The representative of that firm, who is with us by audio, is Sonia Luaces. Thank you for joining, Ms. Luaces.
PricewaterhouseCoopers has been recommended and appointed by the audit committee of the board of directors to serve as the company's independent registered public accounting firm for the fiscal year ending December 31, 2026. The Board of Directors has directed that this appointment be submitted for ratification by the shareholders at this annual meeting and has recommended a vote for such ratification.
The third and final item of business is an advisory vote on the compensation of the company's named executive officers as disclosed in the proxy statement. The Board of Directors has recommended a vote on an advisory basis for approval of the compensation of our named executive officers.
Thank you, Mr. LaRosa. If any shareholder has a question relating to any of the proposals, please submit it using the virtual meeting website and identify yourself. As a reminder, there will be ample opportunity for general questions about the company later in the proceedings. If there are no questions, I will be closing the polls momentarily.
Most of you have already voted by proxy and do not need to vote again at this time unless you wish to change your vote. If anyone would like to vote, please do so now. I declare the polls now closed. I would like to call on the Inspector of Election to provide a preliminary report on the results of the voting.
Mr. Chairman, the preliminary results of the voting are as follows. With respect to the first item of business, the election of five Class II directors for a one-year term, all nominees have been elected by the affirmative vote of a majority of the votes cast in person or by proxy at this meeting.
With respect to the second item of business, ratification of the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2026, such appointment has been ratified by the affirmative vote of a majority of the votes cast in person or by proxy at this meeting.
With respect to the third and last item of business, approval on an advisory basis of compensation of the company's named executive officers as disclosed in the proxy statement, such compensation has been approved by the affirmative vote of a majority of the votes cast in person or by proxy at this meeting. My certificate as Inspector of Election will be executed and delivered to the Secretary of the meeting.
Thank you. I will now provide an update on the company, after which my colleagues and I will be glad to answer your questions. My presentation today will walk you through how we at Regeneron are executing on our longstanding strategy, advancing our science, and creating long-term value for our patients and shareholders.
As a reminder, today's remarks may include forward-looking statements about Regeneron. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those projected in such statements. Additional information about these factors can be found under Risk Factors in Regeneron's publicly available SEC filings. We undertake no obligation to update or revise any of these statements. Let's begin.
With 15 approved or authorized treatments developed in-house and approximately 50 pipeline candidates, Regeneron has built an unmatched track record of translating science into medicines for patients in need. 2025 strengthened that momentum. Sustained investment in our science and capabilities is driving our progress. We are advancing our industry-leading pipeline, integrating technologies that accelerate drug discovery, and continue to expand our manufacturing capacity and capabilities.
Through these efforts, we are delivering medicines that help millions of people around the globe. Fueled by the dedication of thousands of colleagues worldwide, we are making a significant impact on millions of patients' lives today and remain well-positioned for enduring growth and scientific leadership. Before I talk more about that, I would like to take a step back and reflect on the current biotechnology ecosystem. The environment in which we operate is evolving rapidly.
There has perhaps never been a more dynamic time for our industry and indeed, for the world. The policy environment is at an inflection point as society debates how to properly value innovation while maintaining the innovative industry that delivers new medicines. Global competition is also intensifying. China is pairing capital with streamlined regulatory pathways to build a competitive biotech sector.
America's biopharma leadership, built over decades of public and private investment, can erode if we don't strengthen the ecosystem that supports long-horizon research and development. Others will fill the gap, and as a result, American patients could fall behind. We believe that America can sustain its leadership with deliberate action. First, we need to fix the global cost imbalance. The United States has long led the world in drug discovery, even as other wealthy nations benefit from American innovation while contributing far less to its cost. Let's be clear.
Patients need affordable access to treatments, without innovation incentives, reduced drug prices could be a short-term fix with long-term costs that will ultimately fall on those who never get the future treatments needed to improve quality of life and extend lives. A smarter approach pairs domestic affordability with more balanced cost-sharing across developed nations so American patients and taxpayers aren't underwriting the world's biomedical R&D alone.
This is what we have argued for more than a decade, and why we supported the Trump administration's most favored nation effort to equilibrate drug prices with other wealthy nations. MFN is a step in the right direction, it needs to be accompanied by sustained domestic investment in R&D and policies that incentivize other nations to pay their fair share for innovation. Second, regulatory pathways must remain both rigorous and efficient. Clear, predictable review processes are essential to support long-term investment.
Uncertainty and backlog push investments elsewhere. A modernized, well-resourced FDA can be both scientifically demanding and operationally efficient. It can deliver effective medicines to the patients who need them without delay, without lowering the safety standards a strong regulatory system provides. Third, we must invest seriously in the talent pipeline. We need stronger STEM education with support and incentives to fuel the next generation of scientific talent.
That is why Regeneron has heavily invested in programs like the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair. Fourth, we should treat domestic pharmaceutical manufacturing as strategic infrastructure. Regeneron has invested for decades in its own large-scale U.S. manufacturing and advocated in front of Congress in 2014 for increased focus on and investment in large-scale domestic biopharmaceutical manufacturing capacity.
Recent years, COVID, supply chain disruptions, geopolitical tension, have borne out our warning and proven that industrial readiness is not optional. Resilient supply chains and strong domestic capabilities are essential if we want to sustain leadership and ensure consistent access for patients. That's the bigger picture and the steps we are advocating for. There are also evergreen truths that impact our business. While science has never been more powerful, biotechnology success remains incredibly rare.
Nearly 90% of drugs entering clinical trials never reach patients, which is why Regeneron's track record of success is particularly remarkable. Drug discovery and development is fundamentally a long-term commitment. It requires massive upfront capital, sustained investment over decades, and an environment that supports the entire value chain, from discovery all the way to large-scale manufacturing. We have always known this, and what gives me confidence is that Regeneron was built exactly for this moment.
We understand the complexity, the long timelines, and the multiple shots on goal that this industry demands. This is why we invest consistently in our own R&D over time and how we have delivered numerous homegrown blockbuster medicines. While the ecosystem is under pressure, our conviction is strong. Regeneron can and will sustain our biotechnology leadership. We do this by leveraging science to repeatedly deliver transformative breakthroughs for patients.
We integrate genetics, proteomics, and big data. Regeneron has the world's largest DNA and proteomics-linked healthcare data set, which enables deeper insights, more precise target identification, and faster, more informed decision-making across the drug discovery and development. We constantly find ways to accelerate innovation and R&D productivity. Our proprietary end-to-end technology platforms gives us a durable competitive advantage, and we are constantly exploring the next wave of innovation to expand our toolkit.
This includes integrating AI to make both our operations and our discovery processes more efficient. We always follow the science, which has led to a broad and diversified clinical pipeline of approximately 50 investigational assets across dozens of disease states. Finally, we consistently deliver breakthrough medicines. We have brought 15 therapies to approval or authorization, and we are well-positioned to deliver many more in the years ahead.
Let me turn to our recent financial performance and key pipeline developments for a snapshot of where we sit today. In the first quarter of 2026, we delivered double-digit growth across both revenues and earnings. Total revenues were $3.6 billion, increasing 19% to the first quarter of 2025, with non-GAAP earnings per share increasing 15%, demonstrating our ability to deliver strong operating performance while continuing to invest in our science and long-term growth opportunities.
We are in a healthy financial position thanks to several blockbuster franchises, including DUPIXENT. DUPIXENT continues to grow and expand across Type 2 inflammatory diseases. First quarter global net sales were $4.9 billion, representing year-over-year growth of 31% on a constant currency basis. DUPIXENT is currently the number one prescribed biologic across dermatology, pulmonology, allergy, and ENT specialties, highlighting its broad adoption across multiple disciplines.
DUPIXENT's reach continues to grow. So far this year, we have made important regulatory progress with approvals for chronic spontaneous urticaria in pediatric patients in both the U.S. and Europe, as well as allergic fungal rhinosinusitis in the U.S. Overall, DUPIXENT remains a key driver of our performance and a powerful example of how we use science and genetic validation to achieve the full potential of a single innovative product and help as many people as possible across multiple indications.
We're leveraging what we've learned from DUPIXENT to build the next generation of therapies for inflammatory diseases and extend our immunology leadership. To do this, we are pursuing a multi-pronged approach that includes a next generation of IL-4 and IL-13-based drug candidates. This includes efforts to extend dosing intervals for DUPIXENT, as well as the development of novel long-acting antibodies with optimized binding properties.
Together, these innovations are intended to further improve convenience, durability, and outcomes for patients. We are also expanding to investigate novel I&I targets, including genetically validated pathways and new targets emerging from our Regeneron Genetics Center. We'll continue to share information on those as we make progress. In parallel, we're advancing a broad and differentiated allergy pipeline with a focus on allergen-specific antibody approaches. Early clinical results have been encouraging, and we are progressing towards pivotal stage development in the coming years.
We are also exploring innovative approaches to address severe IgE-mediated diseases, including food allergies, where the combination of targeted therapies has already shown promising proof of concept. Our goal here is to move towards more precise and potentially disease-modifying solutions. When you step back, what this represents is a highly integrated strategy combining deep biological insight, platform technologies, and clinical execution to address a broad range of inflammatory diseases.
This positions Regeneron not only to sustain our current leadership, but to define the future of immunology and inflammation for years to come. In ophthalmology, EYLEA HD and EYLEA together continue to lead the branded anti-VEGF category, building on over a decade of market leadership. We are establishing EYLEA HD as the new standard of care in retinal diseases. In the first quarter of 2026, EYLEA HD delivered U.S. net sales of $468 million, representing 52% year-over-year growth.
We continue to see encouraging physician adoption of EYLEA HD, reflecting confidence in its clinical profile and dosing flexibility. The recent FDA approval of EYLEA HD in retinal vein occlusion, combined with flexible extended dosing intervals, positions EYLEA HD for continued growth. EYLEA HD now gives physicians the ability to truly individualize care with dosing regimens ranging from every four weeks up to every 20 weeks.
We are still awaiting FDA action on the pre-filled syringe, which will provide physician convenience and optionality and further unlock the commercial opportunity. As we've discussed, we have applications under FDA review with Catalent as well as a second contract manufacturer. Turning to Libtayo, a consistent growth driver and foundational pillar of our oncology portfolio.
In the first quarter of 2026, Libtayo reached $438 million in global net sales, representing a 54% year-over-year growth, driven by continued uptake in advanced cutaneous squamous cell carcinoma and advanced non-small cell lung cancer, as well as early contributions from the adjuvant CSCC indication, which received FDA approval just in the fourth quarter of 2025.
This significantly expands the opportunity and reinforces our leadership in this space. Libtayo is not only delivering strong near-term growth, it is also building a broader, more durable oncology franchise across both lung cancer and skin cancer. In addition to Libtayo, we are seeing early progress with linvoseltamab in relapsed or refractory multiple myeloma. From a clinical perspective, linvoseltamab's profile is differentiated.
We are observing approximately two times higher complete response rates compared to other B-cell maturation antigen, or BCMA, bispecific antibodies at similar follow-up, combined with more convenient dosing and reduced need for hospitalization. We continue to advance pivotal studies for linvoseltamab in early line settings of multiple myeloma and for pre-malignant conditions. I wanted to note another one of our recently approved medicines where we've taken quite a different approach.
Otarmeni, Regeneron's first gene therapy, was approved by the FDA in April for OTOF-related hearing loss and marks a new chapter for the company in genetic medicine. This is the first FDA-approved example of a gene therapy that can restore neurosensory function to normal levels, delivering life-changing impact to children and families affected by this form of hereditary hearing loss.
This treatment showcases Regeneron's ability to advance new therapeutic approaches to address conditions with great unmet medical need and think differently about how we make an impact on the world. We are making this treatment for free in the United States, a decision we felt was right for this moment and that we were able to undertake because of the long-standing success and financial strength of our company.
The work that went into Otarmeni lays the groundwork for many future gene therapies and is just one of the many genetic medicine approaches we are pursuing through the work of the Regeneron Genetics Center and our entire scientific and clinical organization. It demonstrates our growing leadership in this space and reinforces our ambition to advance and diversify the therapeutic modalities we are pursuing.
We see some of that breadth and depth here as we look across some of our many, many clinical programs. This is what will continue to drive long-term growth and opportunity for Regeneron. I could talk about this pipeline for days, for weeks, but instead, I will briefly highlight just a few exciting near-term opportunities. In anticoagulation, we're advancing two Factor XI antibodies with promising profiles.
We have initiated additional registration studies in stroke prevention as well as cancer-associated venous thromboembolism, and initial registration studies from studies in venous thromboembolism prevention following total knee replacement surgery are expected next year. In obesity, we have shared positive phase III data in China for olatorepatide, our in-licensed GLP-1/GIP receptor agonist.
Building on this momentum, our olatorepatide phase II study in obesity is enrolling rapidly, and later this year, we expect to initiate two global phase III programs, one in patients with obesity and another in patients with obesity and Type 2 diabetes. In parallel, our work on the olatorepatide Praluent combination continues, with our first study of weekly Praluent initiating shortly.
In complement-mediated disease, our core strategy is to deploy customized approaches using an siRNA, an antibody, or a combination approach, depending on the level and durability of complement inhibition required for each disease. We recently presented positive phase III data for cemdisiran, our investigational siRNA that targets C5 in generalized myasthenia gravis, which demonstrated a differentiated efficacy, safety, and convenience profile relative to approved myasthenia gravis therapies. We anticipate an FDA decision in the fourth quarter of this year.
Finally, in rare diseases, we anticipate an FDA decision in August on garetosmab for fibrodysplasia ossificans progressiva, a devastating and progressively fatal condition. I also want to acknowledge the recent disappointing fianlimab Libtayo combination data in first-line unresectable or metastatic melanoma. The trial did not reach statistical significance for the primary endpoint of improvement in progression-free survival compared to pembrolizumab monotherapy. We are continuing to explore these data and evaluate next steps.
Meanwhile, a phase III head-to-head trial, also in first-line unresectable or metastatic melanoma, evaluating the high-dose fianlimab combination versus Opdualag is ongoing. Unfortunately, failure happens in drug development. What cushions us is the vast pipeline you see here. We are exploring many avenues, many modalities, many diseases, and we believe that many will come to fruition over time. When it comes to capital allocation, our approach is highly disciplined and consistent.
First, we continue to prioritize investment in our internal R&D capabilities and infrastructure, as we believe this offers the greatest opportunity for shareholder return. In 2026, we expect approximately $6 billion in non-GAAP R&D investments alongside a broader commitment of over $9 billion to U.S. manufacturing and R&D infrastructure expansion over the coming years. This reflects a clear priority, fueling our innovation engine to support sustained long-term growth.
At the same time, we opportunistically leverage external innovation through collaborations that complement our internal capabilities. We are always open to opportunities that we believe will add value to our current portfolio. Finally, we remain committed to returning capital to shareholders. In the first quarter, we repurchased approximately $800 million of shares, and our Board authorized a new $3 billion share repurchase program in April, bringing total available capacity to roughly $3.4 billion.
In addition, we continue to deliver dividends to our shareholders. How we deliver this value to shareholders is also important to us. We have a long-standing and overarching philosophy to do well by doing good, which inspires our approach to corporate responsibility. We're focused on using the unique knowledge and expertise within our company to address the issues that matter most to our business and our stakeholders. In 2020, we established our 2025 responsibility goals and delivered.
We're embarking on new ambitious 2030 goals that help to advance our mission as we work to create a healthier world. We are proud to see our work recognized year after year through prestigious rankings and awards such as the Science Top Employer and Dow Jones Sustainability Index. One example of doing well by doing good is our work in Ebola.
In September 2025, we donated 500 doses of Inmazeb, our FDA-approved antibody cocktail for Zaire ebolavirus, to the World Health Organization for use in low and middle-income countries. Now, just as we did in 2014 and 2017 outbreaks, we are working with the U.S. government and international health organizations to deliver potential new treatments for the devastating Bundibugyo ebola virus driving the current outbreak.
Our antibody, maftivimab, a component of Inmazeb, has been recently prioritized by the World Health Organization for clinical investigation in the current outbreak. We're scaling up this antibody and should there be further need. Regeneron has a strong track record of rapidly mobilizing in terms of global health crisis such as COVID-19 and the multiple Ebola outbreaks. We hope with our team of incredible scientists and rapid response technology platforms, we are able to help the world once again.
Let me close with this. Since our founding, Regeneron has worked to improve the lives of those with serious disease using the power of science and technology. We continue to pursue that mission every day, year over year, with a long-term view. We are operating in a complex environment, complexity creates opportunity for those prepared to lead. Our science is strong, our pipeline is deep, our strategy is clear. We look ahead, we remain confident that the best is yet to come.
This concludes my presentation and the meeting is now open for questions. If you would like to ask a question, please follow the rules stated in the rules of conduct, submit your question using the virtual meeting website and identify yourself. We intend to answer questions as time permits and in accordance with the rules of conduct. In the event that we are unable to address all pertinent questions in the time remaining, we will post such questions and our responses to the investor relations page of our website.
Mr. Chairman, no questions meeting the requirements of our meeting rules of conduct have been submitted.
Okay. If there are no further questions, the meeting stands adjourned. Thank you for attending today's meeting.
This now concludes today's conference. Thank you for attending. You may now disconnect.