Regeneron Corporate Presentation November 2021

N o v e m b e r 2 0 2 1

R E G E N E R O N C O R P O R AT E P R E S E N TAT I O N

Note Regarding Forward-Looking Statements & 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, the impact of SARS-CoV-2 (the virus that has caused the COVID-19 pandemic) on Regeneron's business and its employees, collaborators, and suppliers and other third parties on which Regeneron relies, Regeneron's and its collaborators' ability to continue to conduct research and clinical programs, Regeneron's ability to manage its supply chain, net product sales of products marketed or otherwise commercialized by Regeneron and/or its collaborators or licensees (collectively, "Regeneron's Products"), and the global economy; the nature, timing, and possible success and therapeutic applications of Regeneron's Products and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, "Regeneron's Product Candidates") and research and clinical programs now underway or planned, including without limitation EYLEA® (aflibercept) Injection, Dupixent® (dupilumab), Libtayo® (cemiplimab), Praluent® (alirocumab), Kevzara® (sarilumab), EvkeezaTM (evinacumab), Inmazeb® (atoltivimab, maftivimab, and odesivimab-ebgn),REGEN-COV® (casirivimab and imdevimab), fasinumab, garetosmab, pozelimab, odronextamab, itepekimab, REGN5458, REGN5713-5714-5715,REGN1908-1909, Regeneron's other oncology programs (including its costimulatory bispecific portfolio), Regeneron's and its collaborators' earlier-stage programs, and the use of human genetics in Regeneron's research programs; 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, including without limitation those listed above; the likelihood and timing of achieving any of the anticipated milestones described in this presentation; the extent to which the results from the research and development programs conducted by Regeneron and/or its collaborators or licensees 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; competing drugs and product candidates that may be superior to, or more cost effective than, Regeneron's Products and Regeneron's Product Candidates; 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 on the commercial success of Regeneron's Products and Regeneron's Product Candidates; the availability and extent of reimbursement of Regeneron's Products from third-party payors, 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 new policies and procedures adopted by such payors; the ability of Regeneron to manufacture and manage supply chains for multiple products and product candidates; the ability of Regeneron's collaborators, licensees, 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; unanticipated expenses; the costs of developing, producing, and selling products; the ability of Regeneron to meet any of its sales or other financial projections or guidance and changes to the assumptions underlying those projections or guidance; 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, Dupixent, Praluent, and REGEN-COV), other litigation and other proceedings and government investigations relating to the Company and/or its operations, 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; and the potential for any license or collaboration agreement, including Regeneron's agreements with Sanofi, Bayer, and Teva Pharmaceutical Industries Ltd. (or their respective affiliated companies, as applicable), as well as Regeneron's agreement with Roche relating to the casirivimab and imdevimab antibody cocktail (known as REGEN-COV in the United States and Ronapreve™ in other countries) and its REGEN-COV supply agreement with the U.S. government, to be cancelled or terminated. 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 uses non-GAAP net income per share, or non-GAAP EPS, and net cash, which are financial measures that are not calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). These and other non-GAAP financial measures are computed by excluding certain non-cash and other items from the related GAAP financial measure. Non-GAAP adjustments also include the 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. For example, adjustments may be made for items that fluctuate from period to period based on factors that are not within the Company's control, such as the Company's stock price on the dates share-based grants are issued. Management uses 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, 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 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 measures used in this presentation is provided on slide 27.

Strong and Growing		Period of
Core Brands		New Launches

1L Non-Small Cell Lung Cancer and

Basal Cell Carcinoma

Pediatric Asthma

COVID-19

Homozygous Familial

Hypercholesterolemia (HoFH)

3

A Broad and

Diverse Pipeline

Dupixent in pivotal trials for 8 additional Type 2 diseases

Advancing immuno-oncology

pipeline and combinations

30+ therapeutic candidates in clinical development

Strong Execution in 3Q 2021

R&D PipelineAdvancements

3Q21 Total Revenues	+51% growth
YoY*	+18% growth excl.
	COVID-19*
3Q21 Non-GAAP EPS	+84%
YoY*	growth

	BLA - Biologics License Application; PN - Prurigo Nodularis;	YoY - Year-over-year; *3Q21 vs. 3Q20; See reconciliation of non-GAAP net
4	EoE - Eosinophilic Esophagitis AD - Atopic Dermatitis; CSU	income to GAAP net income and non-GAAP EPS to GAAP EPS on slide 27
	- Chronic Spontaneous Urticaria; NSCLC - Non-Small Cell	*3Q21 GAAP Revenue: $3.45B
	Lung Cancer; wAMD - Wet Aged Macular Degeneration	Revenue attributable to REGEN-COV® and Ronapreve™: $803.8M

Ph2 results for High Dose

Aflibercept in wAMD

Positive Ph3 results in four potential new indications (CSU, PN, EoE, Pediatric AD)

Received approval in asthma for children ages 6 - 11

Positive results when combined with chemotherapy in 1L NSCLC

Positive Ph3 data in

Hospitalized patients

BLA accepted for Priority

Review

This slide contains investigational products not yet approved by regulatory authorities

REGEN-COV is not approved by the FDA but is authorized for use under an EUA

EYLEA, Dupixent, and Oncology are Core to Diversified Growth Strategy

S p e c i a l i z e d p r o g r a m s o f f e r a d d i t i o n a l g r o w t h p o t e n t i a l

EYLEA		Dupixent*
• Execute and grow in	• Transform treatment
wet AMD and	of Type 2
diabetic eye diseases	inflammatory diseases
• Explore high-dose	• Realize full potential
formulation for less	in AD, asthma and
frequent dosing	CRSwNP
• Pursue gene therapy	• Execute broad Ph3 &
and other novel	Ph4 development
approaches	program

Oncology

• Realize potential for best-in-class immunotherapy treatments
• Compete, Enhance, and Extendbenefits of immunotherapy to broader patient populations

Specialized growth

opportunities:

Infectious Disease

COVID-19^ & Ebola Antibody Cocktails

Rare Disease

HoFH, C5-mediated

diseases†

Allergic Disease

Cat, Birch

Genetic Medicine

CRISPR/CAS9**, siRNA†

AMD - Age-Related Macular Degeneration; AD - Atopic

5 Dermatitis; CRSwNP - Chronic Rhinosinusitis with Nasal Polyposis; HoFH - Homozygous familial hypercholesterolemia

* In collaboration with Sanofi
^ In collaboration with Roche	This slide contains investigational products not yet approved by regulatory authorities
† In collaboration with Alnylam
** In collaboration with Intellia