Will Eylea Sales Decline Weigh on REGN's Top Line in 2026?

Regeneron Pharmaceuticals REGN put up a decent performance for the fourth quarter of 2025 and full-year 2025 (reported last month) with overall revenues rising despite a continued decline in sales of its flagship product, Eylea.

Eylea was under pressure in 2025. Sales of Eylea plunged 42% in the United States to $2.7 billion, impacted by lower sales volumes as a result of continued competitive pressures, loss in market share to compounded bevacizumab due to patient affordability constraints, and the continued transition of patients to Eylea HD.

REGN’s Eylea Projected to Decline in 2026

Eylea, an anti-VEGF therapy approved across multiple ophthalmology indications, remains Regeneron’s largest revenue contributor. Declining franchise sales continue to pressure the company’s overall revenues, as the drug remains REGN’s largest revenue contributor.

Competitive pressure has intensified, particularly from Roche’s RHHBY Vabysmo, which targets both angiopoietin-2 (Ang-2) and VEGF-A pathways and has gained meaningful traction in the retinal disease market.

RHHBY’s Vabysmo’s sales grew 12% to CHF 4.1 billion in 2025 on strong demand across all regions.

To defend market share, Regeneron introduced Eylea HD, a higher-dose formulation designed to improve durability and extend dosing intervals.

Eylea HD sales were up 36% in 2025 to $1.6 billion in the United States.

Eylea and Eylea HD were co-developed with Bayer BAYRY.

Regeneron records net product sales in the United States, while Bayer records sales outside the country.

Regeneron expects a further decline in Eylea sales in 2026. The anticipated erosion is likely to accelerate in the second half of the year as multiple biosimilar versions enter the U.S. market.

How Will REGN Fare in 2026?

While Eylea continues to face headwinds, Eylea HD is gaining traction, supported by steady label expansions.

In November 2025, the FDA approved Eylea HD for the treatment of macular edema following retinal vein occlusion (RVO), with dosing of up to once every eight weeks after an initial monthly dosing phase. The FDA also approved a monthly dosing option for certain patients who may benefit from resuming this dosing schedule across all currently approved indications, including wet age-related macular degeneration, diabetic macular edema, diabetic retinopathy and RVO.

REGN’s top line benefits from its share of profits from global Dupixent sales, which are recorded by partner Sanofi SNY. Strong demand across approved indications — including atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyposis and eosinophilic esophagitis — continues to drive robust growth. Ongoing label expansions for Dupixent remain a key contributor to revenue visibility and profitability.

Regeneron’s oncology franchise is anchored by its PD-1 inhibitor Libtayo (cemiplimab-rwlc), which is approved for use in certain patients with advanced basal cell carcinoma (BCC), advanced cutaneous squamous cell carcinoma (CSCC) and advanced non-small cell lung cancer (NSCLC).

Libtayo delivered a solid performance in 2025, generating $1.4 billion in sales, which reflects a 19% year-over-year increase. Regeneron records global net product sales of Libtayo and pays royalties to partner Sanofi on these sales.

Collectively, Eylea HD, Dupixent and Libtayo are expected to stabilize REGN’s revenue base in 2026 despite erosion in legacy Eylea.

Regeneron’s shares have gained 15.3% in the past year compared with the industry’s growth of 17.3%.

The oncology portfolio received an additional boost with the FDA’s accelerated approval of linvoseltamab-gcpt for the treatment of relapsed or refractory multiple myeloma under the brand name Lynozyfic. The drug is also approved in the European Union for adults with relapsed or refractory multiple myeloma who have received at least three prior lines of therapy, including a proteasome inhibitor, an immunomodulatory agent and an anti-CD38 monoclonal antibody.

Further strengthening the franchise, the EC approved Ordspono (odronextamab) for the treatment of adult patients with relapsed or refractory follicular lymphoma or diffuse large B-cell lymphoma following two or more lines of systemic therapy.

Regeneron also has a deep pipeline of promising candidates, and additional drug approvals are expected to support the top line.

In December 2025, Regeneron submitted a biologics license application to the FDA for DB-OTO (an AAV-based gene therapy) for the treatment of profound genetic hearing loss in children due to variants of the otoferlin (OTOF) gene, with a regulatory decision expected in the first half of 2026.  

The company also filed for approval of garetosmab for fibrodysplasia ossificans progressiva in adults in the United States and Europe. It is taking steps to enter the highly attractive obesity market, having previously entered into an in-licensing agreement with Hansoh Pharmaceuticals Group Company Limited to expand its obesity-focused pipeline.

Regeneron currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


 

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