Regeneron faced investor disappointment following its third-quarter earnings report, which showed strong global revenues but failed to meet expectations for its Eylea franchise. While total Eylea sales grew 3% to $1.54 billion, the high-dose formulation fell short with revenues of $392 million compared to analysts’ expectations of $414 million. Jefferies analyst Akash Tewari pointed out key issues affecting the uptake of high-dose Eylea, including less frequent dosing and the need for a pre-filled syringe product expected in 2025.
Investor concerns were further heightened by the approval of Amgen’s Eylea biosimilar, Pavblu, and a failed legal attempt by Regeneron to block its entry into the U.S. market. Despite these challenges, Regeneron’s CEO Leonard Schleifer remains optimistic, citing a “strong quarter” with $3.72 billion in revenue—a 11% increase from the previous year.
Regeneron’s Dupixent, partnered with Sanofi, performed well in Q3, exceeding analyst expectations. The recent approval for chronic obstructive pulmonary disease is expected to further boost sales for the biologic. Analysts like Evan Seigerman from BMO Capital Markets and Srikripa Devarakonda from Truist Securities expressed confidence in Regeneron’s pipeline, citing upcoming readouts and a broad range of products across various therapeutic areas.
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