Regeneron Pharmaceuticals (REGN, Financial), a U.S.-based biopharmaceutical company, was the top contributor for the fiscal year as management advanced both marketed drugs and their pipeline of new treatments. With regards to marketed drugs, Eylea and Dupixent both continued to increase the number of patients treated for blindness and immune disorders, respectively. In addition, one of Eylea's competitors encountered safety issues, which removed a significant risk to Regeneron. Separately, management advanced potential new treatments for immuno-oncology and rare diseases. They also reacted quickly to the Covid-19 pandemic by developing an antibody treatment for infected patients, which demonstrated initial efficacy. Lastly, management repurchased more than $5 billion of shares at a discount to our estimate of intrinsic value.
From David Herro (Trades, Portfolio) and Bill Nygren (Trades, Portfolio)'s Oakmark Global Select Fund third-quarter 2020 commentary.
