Regeneron defends M&A stance as cash hoard reaches $18 billion amid trial setbacks

Analysts on Regeneron's second‑quarter earnings call questioned the company's lack of merger and acquisition activity, pointing to an $18 billion cash reserve and recent clinical trial setbacks.

CEO Leonard Schleifer pushed back, saying Regeneron is not allergic to external opportunities but is wary of overpaying for targets.

He stressed that the firm will evaluate both small and large deals, but only if the terms create long‑term value for shareholders.

The remarks followed a note from BMO Capital Markets and highlight the tension between a growing war chest and the need for disciplined capital deployment.