In March, the Senior Vice President of Investor Relations, Ryan Crowe, told investors management was “hopeful” for the LAG-3 study to show positive differentiators for Fianlimab in combination with Libtayo, such as a low to mid-teens median PFS” and an “opportunity to have … a statistically significant, clinically meaningful benefit on OS.”
A little more than two months later, on May 16, 2026, Regeneron disclosed that fianlimab + Libtayo did not meet the trial's primary endpoint against Keytruda. The upbeat language on potential outcomes offered on March 10, 2026 failed to stress the risk of the trial failure. The stock fell sharply on the revelation.
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