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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“PAV Blue, a biosimilar to EYLEA continues to gain momentum reaching $700 million in sales in 2025”
Amgen's Pavblu biosimilar to Regeneron's Eylea reached $700M in 2025 sales, representing direct biosimilar competition to Regeneron's anti-VEGF franchise.
“We are also excited for our partners at Regeneron, who remain on track to submit a U.S. regulatory application in the first quarter for cemdisiran in generalized myasthenia gravis”
Alnylam's partner Regeneron is on track to file a U.S. application for cemdisiran (an Alnylam-partnered RNAi asset) in generalized myasthenia gravis, a positive pipeline read-through for Regeneron.
“along with APP, we have Huntington's program, MAPT, our colleagues at Regeneron are advancing SOD1.”
Regeneron is advancing an SOD1 RNAi program in collaboration with Alnylam, part of their neurodegenerative disease partnership.
“PAVBLU, a biosimilar to EYLEA continues to gain momentum, reaching $213 million in sales in the third quarter.”
Amgen's EYLEA biosimilar PAVBLU is scaling quickly ($213M in the quarter), a read-through that Regeneron's EYLEA franchise faces accelerating biosimilar erosion.
“The decrease was primarily driven by the modification of our cemdisiran collaboration agreement with Regeneron, which resulted in approximately $185 million of revenue in Q2 2024. As a reminder, this amendment granted Regeneron an exclusive license to cemdisiran monotherapy.”
Alnylam's collaboration agreement with Regeneron for cemdisiran was amended to grant Regeneron an exclusive monotherapy license, a structural change in the partnership that explains the year-over-year drop in Alnylam's collaboration revenue.
“I think you guys are the largest distributor for Regeneron on Eylea, and Amgen just launched--I think they announced last quarter the launch of their version, Pavblu into the market.”
Cencora is described as the largest distributor for Regeneron's Eylea, an established retina drug now facing new biosimilar competition.
“The decrease was primarily driven by the $65 million Roche milestone achieved Q1 2024 related to the first patient being dosed in the KARDIA-3 study, partially offset by the $30 million milestone achieved from Vir and reimbursements from our collaboration with Regeneron in Q1 2025.”
Alnylam received reimbursements from its collaboration with Regeneron in Q1 2025, contributing to collaboration revenue.
“So, in several large markets, we actually are ahead of Dupixent.”
AbbVie says Rinvoq now leads Regeneron/Sanofi's Dupixent in in-place share across several large ex-U.S. atopic dermatitis markets.
“during 2024 we recognized 185 million in revenues associated with the modification to our Regeneron collaboration driven by providing Regeneron an exclusive license to develop, manufacture and commercialize Zilebesiran, as a monotherapy.”
Alnylam restructured its Zilebesiran collaboration with Regeneron, granting Regeneron an exclusive license to develop and commercialize the drug as a monotherapy in exchange for recognized licensing revenue.
“In addition, as a backup, Catalent, Indiana continues to work with the FDA to resolve findings from a previous inspection.”
Catalent's Indiana site is a backup fill/finish manufacturer for EYLEA HD that is still resolving FDA inspection findings, a read-through for Catalent's contract-manufacturing operations.
“For example, Amgen using an inferior humanized mouse approach, tried to make a DUPIXENT that is targeting the same receptor as we did and their antibody completely failed in all their clinical trials.”
Regeneron highlights that Amgen's attempt to make a DUPIXENT-like IL-4 receptor antibody failed clinically, framing a competitive/scientific edge over Amgen.
“Per our agreement with Novartis, escalating royalty tiers, which range from 4% to 15%, are applied to cumulative net sales from the start of each calendar year.”
Regeneron earns escalating royalties from Novartis on Ilaris net sales; Ilaris hitting the top royalty tier is a read-through for Novartis's Ilaris franchise.
“Bayer is going to be presenting some Phase III SSP data for their oral Factor XI inhibitor, asundexian next week.”
Bayer's oral Factor XI inhibitor asundexian is a competitive datapoint for Regeneron's own Factor XI antibody anticoagulation program.
“Moving to Bayer. Fourth quarter net sales of EYLEA and EYLEA 8 milligrams outside the U.S. were $817 million, inclusive of $312 million of EYLEA 8 milligram sales.”
Bayer is Regeneron's ex-US EYLEA collaboration partner; the reported ex-US EYLEA sales are a read-through for Bayer's ophthalmology revenue.
“Beginning with the Sanofi collaboration, fourth quarter total Sanofi collaboration revenues were approximately $1.6 billion, of which $1.5 billion related to our share of collaboration profits.”
Sanofi is Regeneron's DUPIXENT/Kevzara collaboration partner; strong collaboration revenue growth is a positive read-through for Sanofi's immunology franchise.
“we powered the study so that we can win in both PFS, but also where Opdualag failed in OS.”
Regeneron highlights that BMS's Opdualag failed on overall survival, framing its own melanoma combo as positioned to outperform.
“As you said, we are trying our combination versus KEYTRUDA.”
Regeneron's fianlimab/Libtayo melanoma trial is powered against Merck's KEYTRUDA as the comparator arm.
“A Phase III head-to-head study against Darzalex is planned to start in the coming months with Darzalex having demonstrated a 9% complete response rate in this setting.”
Regeneron plans a head-to-head myeloma trial versus J&J's Darzalex, citing Darzalex's modest 9% complete-response rate as a beatable benchmark.
“Earlier this month, we were notified by Catalent Indiana, LLC, an affiliate of Novo Nordisk that the FDA classified their facility as official action indicated or OAI.”
Contract filler Catalent's FDA OAI classification triggered a complete response letter for Regeneron's EYLEA HD prefilled syringe, a negative read on Catalent's manufacturing.
“What are you doing on a ground level when it comes to volume-based discounts that's allowing you to take share from Roche and Amgen?”
Regeneron is described as taking anti-VEGF share from Roche (Vabysmo), implying competitive pressure on Roche's retina franchise.
“What are you doing on a ground level when it comes to volume-based discounts that's allowing you to take share from Roche and Amgen?”
An analyst frames Regeneron's EYLEA as taking retina/anti-VEGF market share from Amgen, implying competitive pressure on Amgen's ophthalmology franchise.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tyler Buren | TD Cowen | 6 (0%) |
| Salveen Richter | Goldman Sachs | 6 (0%) |
| Dave Risinger | Leerink Partners | 5 (20%) |
| Evan Seigerman | BMO Capital Markets | 5 (0%) |
| Akash Tewari | Jefferies | 5 (0%) |
| Alex Hammond | Wolfe Research | 5 (0%) |
| Brian Abrahams | RBC Capital Markets | 4 (0%) |
| Cory Kasimov | Evercore ISI | 4 (0%) |
| Carter Gould | Cantor Fitzgerald | 4 (50%) |
| Terence Flynn | Morgan Stanley | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| TD Cowen | 1 | 6 (0%) |
| Goldman Sachs | 1 | 6 (0%) |
| Wolfe Research | 1 | 5 (0%) |
| BMO Capital Markets | 1 |
Regeneron reported Q4 total revenues of $3.9 billion, up 3%, as Dupixent delivered 32% constant-currency growth reaching 1.4 million patients globally for full-year net sales of $17.8 billion. EYLEA HD surged 66% year-over-year with RVO and monthly dosing approvals. R&D expense was guided up 18% for FY2026 to $5.9-$6.1 billion with gross margin compressing to 83-84%, reflecting the massive clinical investment plan.
Innovation & R&D | Competitive Dynamics | Regulation Policy | Pricing | Product Launch | Capital Allocation | Revenue Growth | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 1 | 2 | 1 | 2 | 3 | 1 |
| 2025Q1 | 1 | 6 | 3 | 1 | 1 | |||
| 2025Q2 | 5 | 3 | 4 | 4 | 2 | 1 | 2 | |
| 2025Q3 | 7 | 3 | 3 | 2 | 3 | 1 | 1 | |
| 2025Q4 | 8 | 5 | 1 | 1 | 1 | 1 | ||
| 2026Q1 | 8 | 7 | 2 | 5 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 4 | 1 | 5 | 7 | 8 | 8 |
| Competitive Dynamics | 4 | 3 | 3 | 5 | 7 | |
| Regulation Policy | 1 | 6 | 4 | 3 | 2 | |
| Pricing | 2 | 3 | 4 | 2 | ||
| Product Launch | 1 | 1 | 3 | 1 | 5 | |
| Capital Allocation | 2 | 2 | 1 | 1 | 1 | |
| Revenue Growth | 3 | 1 | 1 | 1 | ||
| Capex Investment | 1 | 1 | 2 | 1 | 1 |
| 5 (0%) |
| Jefferies | 1 | 5 (0%) |
| JPMorgan | 2 | 5 (0%) |
| Leerink Partners | 1 | 5 (20%) |
| Morgan Stanley | 2 | 5 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
REGN Regeneron Pharmaceuticals | 7 | +19.0% | |
| ALNY Alnylam Pharmaceuticals | 9 | +96.4% | |
| INCY Incyte | 9 | +20.9% | |
| INSM Insmed Incorporated | 8 | +229.6% | |
| MRNA Moderna | 8 | +263.6% | |
| TECH Bio-Techne | 4 | -1.5% | |
| VRTX Vertex Pharmaceuticals | 6 | +7.8% |