Regeneron Pharmaceuticals Investor Presentation — December 2022

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ASH 2022 Investor Event

D e c e m b e r 1 4 , 2 0 2 2

This non -promotional presentation contains investigational data as well as forward -looking statements; actual results may vary m aterially.This presentation includes forward -looking statements thatinvolve risks anduncertainties relating tofuture events andthefuture performance ofRegeneron Pharmaceuticals, Inc.("Regeneron" orthe"Company"),

andactual events orresults may differ materially from these forward -looking statements .Words such as"anticipate," "expect," "intend," "plan," "believe," "seek," "estimate," variations ofsuch words, andsimilar

expressions areintended toidentify such forward -looking statements, although notallforward -looking statements contain these identifying words .These statements concern, andthese risks anduncertainties

include, among others, theimpact ofSARS -CoV-2(thevirus thathascaused theCOVID -19pandemic) onRegeneron's business anditsemployees, collaborators, andsuppliers andother third parties onwhich

Regeneron relies, Regeneron's and itscollaborators' ability tocontinue toconduct research and clinical programs, Regeneron's ability tomanage itssupply chain, netproduct sales ofproducts marketed or

otherwise commercialized byRegeneron and/or itscollaborators orlicensees (collectively, "Regeneron's Products"), andtheglobal economy ;thenature, timing, andpossible success andtherapeutic applications of

Regeneron's Products and product candidates being developed byRegeneron and/or itscollaborators orlicensees (collectively, "Regeneron's Product Candidates") and research and clinical programs now

underway orplanned, including without limitation odronextamab (aCD20xCD3bispecific antibody), linvoseltamab (aBCMAxCD 3bispecific antibody), andother ofRegeneron’s Product Candidates discussed or

referenced inthispresentation (such asREGN 5837 (aCD22xCD28bispecific antibody)) ;uncertainty oftheutilization, market acceptance, andcommercial success ofRegeneron's Products andRegeneron's

Product Candidates andtheimpact ofstudies (whether conducted byRegeneron orothers andwhether mandated orvoluntary), including thestudies discussed orreferenced inthispresentation, onanyofthe

foregoing oranypotential regulatory approval ofRegeneron's Products andRegeneron's Product Candidates (such asodronextamab orlinvoseltamab );thelikelihood, timing, andscope ofpossible regulatory

approval andcommercial launch ofRegeneron's Product Candidates andnew indications forRegeneron's Products, such asodronextamab forthetreatment ofpatients with relapsed/refractory (“R/R”) follicular

lymphoma orR/R diffuse large B-celllymphoma andlinvoseltamab forthetreatment ofR/Rmultiple myeloma ;thepossible success ofRegeneron’s strategy with respect tooncology and/or hematology andthe