In its Q4 and full-year 2025 financial presentation, Regeneron Pharmaceuticals disclosed that the downward trend in U.S. sales for its Eylea franchise is expected to persist into the first quarter of 2026. While the high-dose version, Eylea HD, shows growth, it has yet to fully offset the double-digit decline of the original formula.
Financial Performance and Market Headwinds:
-
Significant Revenue Contraction: Total U.S. sales for the Eylea franchise dropped from $1.5 billion in Q4 2024 to $1.08 billion in Q4 2025. Annual sales for 2025 reached $4.4 billion, a 27% year-over-year decrease and a sharp fall from its $6.3 billion peak in 2022.
-
Competitive Landscape: The rise of Roche’s Vabysmo and the increasing utilization of lower-cost biosimilars have contributed to a contraction in the branded anti-VEGF market.
-
Short-term Factors: Q1 2026 results are anticipated to be hampered by seasonal patient reauthorizations and the absorption of approximately $30 million in elevated wholesaler inventory from the previous quarter.
Strategic Recovery Roadmap: Regeneron remains optimistic about a future turnaround spearheaded by Eylea HD, citing several key catalysts:
-
Label Expansions: Recent FDA approvals for monthly dosing and retinal vein occlusion treatment give Eylea HD the broadest and most flexible label in its class.
-
Product Innovation: The company expects an FDA decision in Q2 2026 regarding a pre-filled syringe option, which is highly anticipated by healthcare providers for its convenience.
-
Supply Chain Stability: The FDA has approved a new manufacturer for fill-finish operations, helping to resolve previous supply bottlenecks associated with third-party manufacturers.
Despite the challenges in the ophthalmology sector, Regeneron’s overall corporate revenue grew 1% to $14.3 billion in 2025, bolstered by the robust performance of Dupixent (partnered with Sanofi) and the continued surge of the cancer drug Libtayo.