On Tuesday, Regeneron Pharmaceuticals Inc (NASDAQ:REGN)  reported first-quarter adjusted earnings per share of $8.22, down 14% year-over-year, missing the consensus of $8.82.

The company reported sales of $3.03 billion, down 4%, missing the consensus of $3.29 billion.

In the first quarter, U.S. net sales for Eylea HD and Eylea decreased 26% year-over-year to $1.04 billion, including $307 million from Eylea HD.

Also Read: FDA Sets The Countdown: Regeneron’s Eylea HD Could Be Headed For Major Expansion

Net product sales of Eylea HD increased in the first quarter of 2025, compared to the first quarter of 2024, primarily due to higher sales volumes.

Net product sales of Eylea in the first quarter of 2025, compared to the first quarter of 2024, were negatively impacted by

• Lower volume due to continued competitive pressures, loss in market share to compounded bevacizumab due to patient affordability constraints, and the continued transition of patients to Eylea HD
• Lower net selling price.

Regeneron said Eylea’s net product sales have been, and are likely to continue to be, negatively impacted by increased competition from other anti-VEGF products, including biosimilars, and the transition of patients from Eylea to Eylea HD.

Sanofi collaboration revenue increased in the first quarter of 2025, compared to the first quarter of 2024, due to an increase in the company’s share of profits from the commercialization of antibodies, which were $1.018 billion and $804 million in the first quarter of 2025 and 2024, respectively.

The change in the company’s share of profits from the commercialization of antibodies was driven by higher profits associated with an increase in Dupixent sales.

Last Tuesday, Regeneron announced a significant expansion of its manufacturing capacity through a new agreement with FUJIFILM Diosynth Biotechnologies to manufacture and supply bulk drug products of Regeneron’s commercial biologic medicines at their Holly Springs, North Carolina, campus.

Guidance: Regeneron now expects a 2025 GAAP gross margin of 83%–84%, down from prior guidance of 84%–85%. The company expects an adjusted gross margin of 86%–87%, compared to the prior guidance of 87%–88%.

On Monday, the European Commission granted conditional marketing approval to Regeneron’s Lynozyfic (linvoseltamab) to treat adults with relapsed and refractory multiple myeloma.

In the U.S., the FDA accepted for review the Biologics License Application for linvoseltamab in adults with R/R MM with a target action date of July 10, 2025.

Price Action: REGN stock is down 6.38% to $571.90 at the last check Tuesday.

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