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Stock Watch: Regeneron’s Constellation of Ophthalmic Competition

When One Product Loses Exclusivity, Potentially All Market Shares Can Suffer

 
• By Andy Smith

The accepted commercial dynamics of a competitive indication in older patients can be disrupted by new entrants with improved profiles, lower priced biosimilar competition and (soon) Medicare price negotiations.

Stock Watch Image, Andy Smith
ANDY SMITH OFFERS A LIFE SCIENCE INVESTOR'S PERSPECTIVE ON BIOPHARMA BUSINESS

When Regeneron Pharmaceuticals, Inc. preannounced fourth-quarter 2022 sales of its largest drug – Bayer AG-partnered Eylea (aflibercept) for the treatment of age-related macular degeneration (AMD) and other related ophthalmic indications – that were below analysts’ consensus estimates in early January, its stock price dipped by about 2%. (Also see "Stock Watch: Spanners In The Works For Q4 Results" - Scrip, 20 January, 2023.). Analysts were quick to suggest temporary reasons for Eylea’s soft quarter and by the time Regeneron reported its fourth-quarter results in early February, showing that Eylea sales fell by 3% on the like, year-earlier period and by 8% on the third quarter of 2022, the figures met analysts’ hastily re-jigged expectations.

More broadly, Regeneron’s fourth-quarter total revenues had fallen by 31% on the same quarter of 2021 but rose by 16% on the third-quarter of 2022 to beat analysts’ estimates by...

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