Overview

• One of two Phase 3 trials of itepekimab showed a 27% reduction in moderate or severe COPD exacerbations versus placebo at 52 weeks
• The companion study failed to meet its primary endpoint despite earlier indications of benefit
• Regeneron’s share price fell nearly 13% in premarket trading, marking a four-year low
• Itepekimab works by binding to and inhibiting interleukin-33 to reduce lung inflammation in former smokers with COPD, a population of about 16 million U.S. adults
• Regeneron and Sanofi are reviewing the mixed data and will discuss the trial results with regulatory authorities before determining next steps