Financial Performance - Regeneron reported total revenues of $3.68 billion for Q2 2025[8] - Non-GAAP EPS for Q2 2025 was $12.89[8] - Dupixent global net sales reached $4.3 billion in Q2 2025, representing a 21% year-over-year increase[9] - EYLEA HD and EYLEA together held approximately 61% of the U S branded anti-VEGF category share in Q2 2025[22] - Libtayo global net sales for Q2 2025 were $377 million, a 25% year-over-year increase[30] Dupixent Expansion - Dupixent is approved for eight indications globally and has reached approximately 12 million patients worldwide[9] - The U S FDA approved Dupixent for chronic spontaneous urticaria (CSU) in April 2025 and bullous pemphigoid (BP) in June 2025[9, 19] - Dupixent was approved by the FDA in late September 2024 for COPD[11] Pipeline Developments - Lynozyfic received approval in the U S and Europe for relapsed/refractory multiple myeloma and was added to NCCN treatment guidelines[8] - The company initiated the first Phase 3 study for Factor XI (REGN7508) in VTE prevention after total knee replacement surgery[8] - Regeneron in-licensed olatorepatide/HS-20094 (dual GLP-1/GIP receptor agonist) to evaluate as a monotherapy and study combinations to address muscle loss and other comorbidities of obesity[8] Reimbursement and Development Balance - Reimbursement of Sanofi's antibody development balance is expected to average approximately $800 million per year in 2025 and 2026[15] - As of June 30, 2025, the antibody development balance stood at approximately $1.2 billion[17]

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides unaudited financial statements and management's analysis of financial condition and operations [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents Regeneron Pharmaceuticals' unaudited condensed consolidated financial statements for Q2 and H1 2025, including balance sheets, statements of operations, stockholders' equity, and cash flows, with accompanying notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and marketable securities | $17,527.8 | $17,912.6 | | Accounts receivable, net | $5,610.0 | $6,211.9 | | Total current assets | $16,859.5 | $18,660.9 | | Total assets | $38,219.2 | $37,759.4 | | **Liabilities & Equity** | | | | Total current liabilities | $3,667.0 | $3,944.3 | | Long-term debt | $1,985.1 | $1,984.4 | | Total liabilities | $8,280.3 | $8,405.8 | | Total stockholders' equity | $29,938.9 | $29,353.6 | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) This section details the company's financial performance, including revenues, expenses, and net income for the three and six-month periods ended June 30, 2025 and 2024 Q2 2025 Statement of Operations Highlights (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $3,675.6 | $3,547.1 | +3.6% | | Net Product Sales | $1,631.0 | $1,918.6 | -15.0% | | Collaboration Revenue | $1,860.7 | $1,524.0 | +22.1% | | R&D Expenses | $1,421.7 | $1,200.0 | +18.5% | | Income from Operations | $1,079.5 | $1,069.6 | +0.9% | | Net Income | $1,391.6 | $1,432.3 | -2.8% | | Diluted EPS | $12.81 | $12.41 | +3.2% | H1 2025 Statement of Operations Highlights (in millions, except per share data) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $6,704.3 | $6,692.1 | +0.2% | | Net Product Sales | $3,046.6 | $3,679.9 | -17.2% | | Collaboration Revenue | $3,391.9 | $2,790.8 | +21.5% | | R&D Expenses | $2,749.1 | $2,448.4 | +12.3% | | Income from Operations | $1,671.2 | $1,821.0 | -8.2% | | Net Income | $2,200.3 | $2,154.3 | +2.1% | | Diluted EPS | $20.02 | $18.68 | +7.2% | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This section outlines changes in stockholders' equity, reflecting net income, share repurchases, and dividends for the period - Total stockholders' equity increased from **$29.35 billion** at year-end 2024 to **$29.94 billion** as of June 30, 2025, primarily driven by net income of **$2.20 billion**[13](index=13&type=chunk)[12](index=12&type=chunk) - During the first six months of 2025, the company repurchased **3.4 million shares** of common stock for a total cost of **$2.12 billion**[13](index=13&type=chunk)[45](index=45&type=chunk) - The company declared and paid dividends totaling **$192.0 million** in the first six months of 2025[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section summarizes cash inflows and outflows from operating, investing, and financing activities for the six-month periods ended June 30, 2025 and 2024 Cash Flow Summary for Six Months Ended June 30 (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,189.5 | $1,866.5 | | Net cash used in investing activities | ($446.5) | ($2,244.3) | | Net cash used in financing activities | ($2,217.4) | ($431.0) | | **Net decrease in cash** | **($473.4)** | **($809.6)** | - The significant decrease in cash used in investing activities in H1 2025 compared to H1 2024 was mainly due to lower net purchases of marketable securities[16](index=16&type=chunk) - The increase in cash used in financing activities in H1 2025 was driven by higher common stock repurchases (**$2.1 billion** vs. **$895.2 million** in H1 2024) and the payment of dividends (**$186.4 million**)[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and breakdowns of significant accounting policies, product sales, collaboration revenues, and legal proceedings Net Product Sales for Three Months Ended June 30 (in millions) | Product | 2025 | 2024 | | :--- | :--- | :--- | | EYLEA HD (U.S.) | $393.2 | $304.2 | | EYLEA (U.S.) | $754.3 | $1,230.5 | | **Total EYLEA & EYLEA HD (U.S.)** | **$1,147.5** | **$1,534.7** | | Libtayo (Global) | $376.5 | $297.4 | - Regeneron's share of profits from the significant collaboration with Sanofi for Dupixent, Kevzara, and itepekimab was **$1.28 billion** in Q2 2025, up from **$988.3 million** in Q2 2024[21](index=21&type=chunk)[23](index=23&type=chunk) - The collaboration with Bayer for EYLEA outside the U.S. generated **$383.4 million** in profit share for Regeneron in Q2 2025, compared to **$353.0 million** in Q2 2024[24](index=24&type=chunk)[25](index=25&type=chunk) - The company is involved in numerous legal proceedings, primarily related to patent litigation for its key product EYLEA against several companies developing biosimilars, including Mylan, Celltrion, Samsung Bioepis, and Amgen[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - The company is also involved in matters with the Department of Justice concerning allegations of violations of the federal Anti-Kickback Statute and False Claims Act related to EYLEA[75](index=75&type=chunk)[77](index=77&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q2 and H1 2025 financial performance, highlighting strong collaboration revenue growth offsetting declining U.S. EYLEA sales, alongside updates on product performance, clinical pipeline, and liquidity [Overview and Products](index=28&type=section&id=MD%26A%20-%20Overview%20and%20Products) This section provides an overview of Regeneron's business model and presents global net product sales for its key discovered products - Regeneron is a fully integrated biotechnology company focused on inventing, developing, manufacturing, and commercializing medicines for serious diseases across multiple therapeutic areas[91](index=91&type=chunk) Global Net Product Sales of Regeneron-Discovered Products (in millions) | Product | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total EYLEA HD and EYLEA | $2,125.2 | $2,442.5 | (13%) | | Dupixent | $4,344.6 | $3,556.4 | 22% | | Libtayo | $376.5 | $297.4 | 27% | | Praluent | $222.0 | $191.9 | 16% | [Clinical Development](index=32&type=section&id=MD%26A%20-%20Clinical%20Development) This section details regulatory updates, clinical trial results, and upcoming milestones for the company's pipeline products - Regulatory approvals for pending EYLEA HD applications are expected to be delayed due to FDA inspection observations at a third-party filler, Catalent[116](index=116&type=chunk) - The FDA issued a Complete Response Letter (CRL) for the BLA for Ordspono (odronextamab) in relapsed/refractory follicular lymphoma, also impacted by the Catalent site inspection[119](index=119&type=chunk) - A Phase 3 trial (AERIFY-1) for Itepekimab in COPD met its primary endpoint, but a second trial (AERIFY-2) did not, with the company discussing next steps with regulators[117](index=117&type=chunk) - Key upcoming milestones include an FDA decision on the sBLA for Libtayo in adjuvant CSCC in **October 2025** and results from a Phase 3 study of Fianlimab in first-line metastatic melanoma in **Q4 2025/Q1 2026**[108](index=108&type=chunk)[109](index=109&type=chunk) [Results of Operations](index=42&type=section&id=MD%26A%20-%20Results%20of%20Operations) This section analyzes the drivers behind changes in revenue, research and development expenses, selling, general and administrative expenses, and the effective tax rate - U.S. net product sales of EYLEA decreased significantly in Q2 and H1 2025 due to competitive pressures, loss of market share to compounded bevacizumab, and patient transition to EYLEA HD[136](index=136&type=chunk)[137](index=137&type=chunk) - Sanofi collaboration revenue increased by **$298.0 million** in Q2 2025, driven by higher profits from Dupixent sales[134](index=134&type=chunk)[139](index=139&type=chunk) - R&D expenses increased by **$221.7 million** in Q2 2025, primarily due to higher clinical manufacturing costs and increased spending on various clinical programs like Lynozyfic and Trevogrumab[142](index=142&type=chunk)[145](index=145&type=chunk) - SG&A expenses decreased by **$124.6 million** in Q2 2025, mainly due to lower charitable contributions to an independent patient assistance organization[142](index=142&type=chunk)[148](index=148&type=chunk) - The effective tax rate for Q2 2025 was **8.4%**, down from **12.0%** in Q2 2024, partly due to the release of liabilities for uncertain tax positions following an IRS audit settlement[152](index=152&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=MD%26A%20-%20Liquidity%20and%20Capital%20Resources) This section assesses the company's financial position, including cash, marketable securities, working capital, and capital allocation plans Financial Position (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,995.8 | $2,488.2 | | Marketable securities | $15,532.0 | $15,424.4 | | Working capital | $13,192.5 | $14,716.6 | - The company expects to incur capital expenditures of **$880 million to $950 million** for the full year 2025[157](index=157&type=chunk) - As of June 30, 2025, **$2.814 billion** remained available for share repurchases under the authorized programs[159](index=159&type=chunk) - The company initiated and paid quarterly cash dividends of **$0.88 per share** in Q1 and Q2 2025[160](index=160&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes to its market risks or its management of such risks as of June 30, 2025, compared to what was disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - There have been no material changes to the company's market risks or its management of such risks as of June 30, 2025[164](index=164&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[165](index=165&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[166](index=166&type=chunk) [PART II OTHER INFORMATION](index=49&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers other important disclosures, including legal proceedings, risk factors, equity security sales, and exhibits [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates detailed legal proceedings from Note 12, primarily concerning EYLEA patent litigation against biosimilar developers and Department of Justice investigations - Information regarding legal proceedings is incorporated by reference from Note 12 to the Condensed Consolidated Financial Statements[167](index=167&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) This section outlines significant risks, including dependence on key products, intense competition, pricing pressures, development uncertainties, intellectual property litigation, and reliance on third-party collaborators - The company is substantially dependent on the success of EYLEA, EYLEA HD, and Dupixent, with U.S. EYLEA sales declining due to competition and patient transition, and future sales likely impacted by biosimilar competition[179](index=179&type=chunk)[180](index=180&type=chunk) - Sales are dependent on coverage and reimbursement from third-party payors, and the Inflation Reduction Act (IRA) and other drug price control measures pose a significant risk to future profitability[187](index=187&type=chunk)[197](index=197&type=chunk)[199](index=199&type=chunk) - Drug development is costly and uncertain, with serious side effects or efficacy failures potentially leading to program delays or discontinuation, and regulatory approval is not guaranteed, as evidenced by recent CRLs due to third-party manufacturing issues[218](index=218&type=chunk)[241](index=241&type=chunk)[228](index=228&type=chunk) - The company faces significant intellectual property risks, including ongoing patent litigation for EYLEA and the potential for biosimilar competition to erode market exclusivity[252](index=252&type=chunk)[258](index=258&type=chunk)[264](index=264&type=chunk) - The company relies on limited internal and contracted manufacturing capacity, where failures at its own facilities or those of third-party suppliers could disrupt product supply[270](index=270&type=chunk)[275](index=275&type=chunk) - The company is subject to government investigations and legal challenges under healthcare laws like the Anti-Kickback Statute and False Claims Act, which could result in significant penalties[283](index=283&type=chunk)[287](index=287&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=87&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, Regeneron repurchased approximately 1.93 million shares, with $2.81 billion remaining available under authorized share repurchase programs as of June 30, 2025 Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | April 2025 | 615,505 | $577.66 | 609,388 | | May 2025 | 552,495 | $574.98 | 552,495 | | June 2025 | 767,705 | $510.97 | 763,732 | | **Total** | **1,935,705** | | **1,925,615** | - As of the end of June 2025, approximately **$2.814 billion** remained available for purchase under the company's share repurchase programs[351](index=351&type=chunk) [Item 5. Other Information](index=87&type=section&id=Item%205.%20Other%20Information) This section discloses that during the second quarter of 2025, Director Bonnie L. Bassler, Ph.D., adopted a Rule 10b5-1 trading plan for the potential sale of 5,121 securities, scheduled to end on May 1, 2026 - On May 2, 2025, Director Bonnie L. Bassler, Ph.D., adopted a Rule 10b5-1 trading plan for the sale of **5,121 securities**[352](index=352&type=chunk)[353](index=353&type=chunk) [Item 6. Exhibits](index=88&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Restated Certificate of Incorporation, an amendment to the collaboration agreement with Sanofi, officer certifications, and Interactive Data Files (Inline XBRL) - Exhibits filed include officer certifications (31.1, 31.2, 32), an amendment to the Sanofi collaboration agreement (10.1), and Inline XBRL data files (101, 104)[354](index=354&type=chunk)

Exhibit 99.1 Press Release Regeneron Reports Second Quarter 2025 Financial and Operating Results Tarrytown, New York (August 1, 2025) -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced financial results for the second quarter of 2025 and provided a business update. "Regeneron had a strong quarter, marked by significant growth in U.S. sales of EYLEA HD and global sales of Dupixent and Libtayo along with multiple regulatory approvals," said Leonard S. Schleifer, M.D., Ph.D., Board co-Chair, Pre ...

Core Insights - Regeneron Pharmaceuticals reported strong financial results for Q2 2025, with notable growth in U.S. sales of EYLEA HD and global sales of Dupixent and Libtayo, alongside multiple regulatory approvals [2][3][5] Financial Highlights - Total revenues for Q2 2025 reached $3.68 billion, a 4% increase from $3.55 billion in Q2 2024 [3][12] - GAAP net income was $1.39 billion, down 3% from $1.43 billion in the same quarter last year, while non-GAAP net income increased by 5% to $1.42 billion [3][12] - Non-GAAP net income per share rose 12% to $12.89, compared to $11.56 in Q2 2024 [3][12] Business Highlights - Dupixent global net sales increased by 22% to $4.34 billion, while EYLEA HD U.S. net sales grew by 29% to $393 million [5][12] - The FDA approved Lynozyfic for relapsed or refractory multiple myeloma and Dupixent for bullous pemphigoid and chronic spontaneous urticaria [5][10] - The company has approximately 45 product candidates in clinical development, with significant progress in its oncology portfolio [4][5] Regulatory and Pipeline Updates - The FDA accepted for priority review Libtayo's supplemental Biologics License Application for adjuvant cutaneous squamous cell carcinoma, with a target action date in October 2025 [10][11] - The company reported interim results from the Phase 2 COURAGE trial, showing promising data for obesity treatment [10][11] Capital Allocation - Regeneron returned over $2.3 billion to shareholders through share repurchases and dividends, while committing over $7 billion to U.S. manufacturing investments and business development since the start of 2025 [3][23] - A cash dividend of $0.88 per share was declared, payable on September 3, 2025 [24]

Regeneron Pharmaceuticals, Inc. REGN will release earnings results for the second quarter, before the opening bell on Friday, Aug. 1. Analysts expect the Tarrytown, New York -based company to report quarterly earnings at $8.43 per share, down from $11.56 per share in the year-ago period. Regeneron Pharmaceuticals projects to report quarterly revenue at $3.28 billion, compared to $3.55 billion a year earlier, according to data from Benzinga Pro. On July 2, the U.S. Food and Drug Administration (FDA) granted ...

Group 1 - President Trump has sent letters to 17 major pharmaceutical companies, demanding specific actions to lower drug prices in the U.S. within 60 days, or he will use "all available means" to protect American families from "price gouging" [1][2] - The companies that received the letters include Pfizer, Novo Nordisk, Johnson & Johnson, and others, with a focus on commitments such as providing "most favored nation" pricing for Medicaid patients and direct sales to consumers [1][2] - Trump highlighted that U.S. drug prices are significantly higher than those in other developed countries, with average prescription drug prices being 2 to 3 times higher, and some drugs up to 10 times more expensive [2] Group 2 - Following the announcement, stock prices of several pharmaceutical companies dropped, with Sanofi falling over 8%, and others like Bristol-Myers Squibb and Novo Nordisk declining nearly 5% [2] - The Pharmaceutical Research and Manufacturers of America criticized the introduction of "foreign price controls," arguing it would undermine U.S. innovation and harm patients and workers [3] - Companies like Pfizer and Novartis stated they are working on solutions to make medications more affordable for American patients, with AstraZeneca considering price reductions and direct sales models [3]

Core Viewpoint - Analysts forecast Regeneron (REGN) will report quarterly earnings of $8.03 per share, reflecting a year-over-year decline of 30.5%, with anticipated revenues of $3.34 billion, a decrease of 5.7% compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 6.5% over the past 30 days, indicating a collective reassessment by analysts [2]. - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3]. Revenue Forecasts - Analysts predict 'Revenues- Other Revenue' at $125.38 million, a year-over-year increase of 20% [5]. - 'Revenues- Net product sales' are expected to reach $1.46 billion, reflecting a decline of 23.9% year-over-year [5]. - 'Total Bayer collaboration revenue' is projected at $388.54 million, indicating a year-over-year increase of 3.6% [5]. - The consensus estimate for 'Revenues- Collaboration' stands at $1.73 billion, a year-over-year increase of 13.7% [6]. - 'Revenues- Eylea (Aflibercept)- US' are expected to be $1.03 billion, down 33% from the prior year [6]. - 'Revenues- Praluent (alirocumab)- US' are forecasted at $54.57 million, a decrease of 2.7% year-over-year [6]. Product-Specific Revenue Insights - 'Revenues- Libtayo- US' are estimated to reach $234.04 million, reflecting a year-over-year increase of 28.3% [7]. - 'Revenues- Evkeeza- US' are expected at $36.84 million, indicating an 18.8% year-over-year increase [7]. - 'Revenues- Dupixent (dupilumab)- ROW' are projected at $1.16 billion, a year-over-year increase of 22.7% [8]. - 'Revenues- Dupixent (dupilumab)- US' are expected to reach $3.05 billion, reflecting a year-over-year increase of 16.7% [8]. - 'Revenues- Kevzara (sarilumab)- ROW' are estimated at $47.83 million, indicating a year-over-year increase of 7.2% [9]. Market Performance - Over the past month, shares of Regeneron have returned +6.4%, outperforming the Zacks S&P 500 composite's +3.6% change [9].

Core Insights - New dividends are often indicative of a company's commitment to returning value to shareholders, suggesting potential for future increases in payouts [2][3] Group 1: New Dividends Overview - Millrose Properties (MRP) launched with an 8% yield, focusing on residential land development and selling homesites back to homebuilders like Lennar [4][5] - Bristow Group (VTOL) is a global helicopter transportation provider, primarily serving the offshore energy sector, and plans to initiate a dividend of 12.5 cents quarterly starting in February 2026 [10][11][14] - WillScot Holdings (WSC) announced a 7-cent quarterly dividend, despite potential revenue contraction in 2025, indicating room for future dividend growth [15][16][17] - Western Digital (WDC) initiated a 10-cent quarterly dividend after spinning off its NAND flash memory business, despite a history of cyclical losses [18][21][23] - Regeneron Pharmaceuticals (REGN) announced an 88-cent quarterly dividend amid concerns over declining sales of its key drug Eylea, with expectations for stabilization in revenues and profits by 2026 [24][30]

Group 1 - Multiple companies are scheduled to release their earnings reports throughout the week, indicating a busy earnings season [1] - On Monday, companies like 铿腾电子 are set to report their performance [1] - On Tuesday, Stellantis and AstraZeneca will release their earnings before the European market opens [1] Group 2 - Major U.S. companies such as Boeing, UnitedHealth, and Procter & Gamble are expected to report earnings before the U.S. market opens on Tuesday [1] - Following that, Visa, Booking, and Starbucks will report their earnings after the U.S. market closes on Tuesday [1] - On Wednesday, significant tech companies including Microsoft, Meta Platforms, Qualcomm, and Arm Holdings are scheduled to release their earnings after the U.S. market closes [1] Group 3 - Mastercard is set to report its earnings before the U.S. market opens on Thursday [1] - Apple, Amazon, MicroStrategy, Coinbase, and Coherent will report their earnings after the U.S. market closes on Thursday [1] - On Friday, ExxonMobil, Chevron, and Regeneron Pharmaceuticals are expected to release their earnings before the U.S. market opens [1]

Group 1: Novo Nordisk - Novo Nordisk has faced challenges including a clinical setback for a weight management candidate and financial results that, while strong, did not meet higher market expectations [4][5] - The company's shares are down 18% year to date, significantly underperforming the S&P 500, but the stock may currently be undervalued [5] - Novo Nordisk's pipeline, particularly in diabetes and weight management, remains robust, with a phase 3 study for amycretin underway and regulatory approval requested for an oral version of semaglutide [6][7] - Financial performance is expected to remain strong due to continued revenue growth from Ozempic and Wegovy, with a forward price-to-earnings ratio of 16.9, comparable to the healthcare industry average of 16.5 [8] - Historically, Novo Nordisk has outpaced its peers in revenue and earnings growth, making its current stock levels attractive based on growth potential [9] Group 2: Regeneron Pharmaceuticals - Regeneron is experiencing biosimilar competition for Eylea, leading to a 19% decline in shares year to date, but the stock remains appealing [10] - The newer high-dose formulation of Eylea is gaining market share and is expected to grow further with label expansions [11] - Regeneron has a strong pipeline with new brand approvals, including Lynozyfic for cancer, and promising candidates like a gene therapy for genetic deafness [12] - Dupixent, Regeneron's key product for eczema, is performing well and has received important label expansions, ensuring continued growth [13] - The company is focused on returning capital to shareholders through dividends and a share-buyback program, suggesting potential long-term returns for investors [14]