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REGN stocks sink as Regeneron’s Eylea sales suffer | Investor’s daily business


biotech giant Regeneron Pharmaceuticals (REGISTER) said on Monday that sales of its drug Eylea linchpin for the final quarter of 2022 were affected by a switch to an off-brand competitor. REGN stock plunged after the news.

Citing preliminary data, Regeneron reported on Monday that full-year 2022 sales of Eylea (aflibercept) injections for retinal diseases rose 8% year-over-year to $6.26 billion.

But Eylea sales were sluggish in the final quarter of 2022, falling 3% to $1.5 billion, the company said. One Regeneron’s presentation on Monday revealed that Eylea sales were “negatively impacted by the short-term switch to off-label synthetic Avastin use.”

It also cites “the fund temporarily closed in Q4 2022 to provide co-pay assistance to patients.” The presentation added that “the most recent Q4 2022 market data suggests that the shift to off-label Avastin has begun to reverse.”

REGN shares plunge on news of Eyelea

Avastin is an immunotherapy drug. First approved to treat cancer, it now also treats age-related macular degeneration as an “off-label” use.

Avastin is manufactured by Genentech, owned by Switzerland The Roche Organization (RHHBY), over-the-counter transactions.

Analysts polled by FactSet had expected Eylea revenue of $6.43 billion for the full year of 2022. Regeneron is expected to report earnings for the fourth quarter and full year on Friday, May 3. Two.

Regeneron stock fell 7.7% to close at 680.49 on stock market today. REGN stock decisively cut its 50-day moving average on Monday while hitting its lowest level since September 8 of last year. But biotech stocks found support at the 200-day line in Monday’s trading.

Roche shares lost 0.5% to 39.38 on Monday.

New eye medicine promises

On September 8, REGN stock soars on the news that an 8-milligram dose of aflibercept ophthalmic had successfully treated a patient with diabetic macular edema. In addition, it treats age-related macular degeneration.

Aflibercept, the generic form of Regeneron’s Eylea eye medication, is used to treat various retinal diseases. In 2021, Regeneron generated $5.8 billion in revenue for Eylea.

Over the past year, REGN stock has gained 12.6% compared with a 16.7% drop for the S&P 500 index.

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