Regeneron Pharmaceuticals, Inc. discovers, invents, develops, manufactures, and commercializes medicines to treat various diseases worldwide. The company develops product candidates to treat eye, allergic and inflammatory, cardiovascular, metabolic, neurological, infectious, and rare diseases; and cancer, hematologic conditions. It also offers EYLEA injections for wet age-related macular degeneration and diabetic macular edema; myopic choroidal neovascularization; diabetic retinopathy; neovascular glaucoma; retinopathy of prematurity; Dupixent injection to treat atopic dermatitis and asthma; Libtayo injection for metastatic or locally advanced cutaneous squamous cell carcinoma; Praluent injection to treat heterozygous familial hypercholesterolemia (HoFH); and Kevzara solution for rheumatoid arthritis. It has license and collaboration agreement with Bayer for the development and commercialization of EYLEA 8 mg and EYLEA; Alnylam Pharmaceuticals, Inc. to discover, develop, and commercialize RNAi therapeutics for diseases by addressing therapeutic disease targets expressed in the eye and central nervous system; Intellia Therapeutics, Inc. to advance CRISPR/Cas9 gene-editing technology for in vivo therapeutic development for therapies focused on neurological and muscular diseases; Hansoh Pharmaceuticals Group Company Limited to acquire development and commercial rights for HS-20094, a dual GLP-1/GIP receptor; and Tessera Therapeutics, Inc. develops and commercializes TSRA-196, an investigational gene editing therapy for Alpha-1 antitrypsin deficiency. Additionally, the company has a strategic collaboration with Telix Pharmaceuticals Limited to develop and commercialize radiopharmaceutical therapies. It also has a strategic collaboration with CytomX Therapeutics, Inc. to create conditionally-activated bispecific cancer therapies. The company was incorporated in 1988 and is based in Tarrytown, New York.
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Regeneron Selects Veeva Vault CRM Globally
Regeneron Pharmaceuticals has committed to Veeva Vault CRM globally, expanding its strategic partnership with Veeva Systems. With Vault CRM, Regeneron plans to generate Commercial Evidence from AI-powered field engagement, uncovering hidden barriers to treatment adoption and ensuring medicines reach eligible patients. Ryan Steinberger, executive vice president and chief digital and technology officer at Regeneron, said the move will give commercial teams a more connected platform and faster access to information for efficient decision-making. Vault CRM is part of the Vault CRM Suite of applications that provide the technology foundation for commercial execution.
Telix Reports 22% Revenue Growth and Strong Pipeline Momentum
Telix Pharmaceuticals reported first-half 2026 revenue of US$477 million, up 22% year-over-year, with adjusted EBITDA of US$52 million, up 146%. The company reaffirmed full-year revenue guidance of US$950 million to US$970 million and expects total revenue and other income to exceed US$1 billion, including a US$40 million payment from Regeneron. Telix also announced an at-the-market equity facility with Morgan Stanley and William Blair to sell American Depositary Shares on Nasdaq. Late-stage pipeline highlights include FDA alignment on the ProstACT Global Part 2 protocol for TLX591-Tx and a PDUFA goal date of September 11, 2026 for Pixclara.
FDA Approves Regeneron's Pasatru for Fibrodysplasia Ossificans Progressiva
The U.S. Food and Drug Administration has approved Regeneron Pharmaceuticals' Pasatru (garetosmab-grts) to reduce new heterotopic ossification lesions and clinician-assessed flare-ups in adults with fibrodysplasia ossificans progressiva. Approval was based on the Phase 3 OPTIMA trial, which showed a 90% or greater reduction in new HO lesions at 56 weeks compared to placebo. The recommended starting dosage is 10 mg/kg intravenously once monthly, with a possible decrease to 3 mg/kg if not tolerated. Pasatru is a fully human monoclonal antibody that blocks Activin A, a protein critical in the development of HO lesions. Regeneron plans to begin a Phase 3 trial in adolescents and children later this year, and regulatory submissions are under review in the European Union and planned in Japan.
EyePoint Shares Plunge 67% After Duravyu Misses Phase III Goal
EyePoint Pharmaceuticals announced that its investigational wet age-related macular degeneration treatment Duravyu failed to meet the primary endpoint of non-inferiority on best corrected visual acuity versus Regeneron's Eylea in the first of two pivotal phase III studies, sending its shares down 67% on Monday. The LUGANO study enrolled 211 patients and was affected by an asymmetric cohort of nine patients, about 4% of the group, who experienced vision loss of at least 15 letters that EyePoint said was unrelated to wet AMD, while no Eylea patients had similar vision loss. An ad hoc analysis excluding those nine patients showed Duravyu was non-inferior to Eylea, and the candidate achieved a 42% reduction in treatment burden, meeting the threshold for superiority. Duravyu also demonstrated favorable durability, with 54% of patients remaining supplement-free through week 56, and safety was comparable to Eylea with no cases of insert migration or severe intraocular inflammation. EyePoint expects top-line results from the identical LUCIA study in the fourth quarter of 2026 and anticipates potentially submitting a new drug application in the first half of 2027, pending those results.
Regeneron Pharmaceuticals keeps buybacks and dividend in focus as fair value stays in sight
Regeneron Pharmaceuticals confirmed a quarterly dividend, released second quarter and half year 2026 results, and updated on recent share repurchases. The stock last closed at $784.36, which is 5.9% below a narrative fair value of $833.31. Its current P/E of 18.1x sits just above the US Biotechs industry average of 17.3x but well below a fair ratio of 26.1x. The company's pipeline includes recent or upcoming pivotal data in immunology, oncology, genetic medicines, and obesity, supporting future revenue growth. Key risks include pressure on EYLEA from competition and pricing, as well as setbacks from fianlimab and LAG 3 trial disappointments.
CytomX Therapeutics announced second quarter 2026 financial results and a business update highlighted by progress of its lead candidate varsetatug masetecan, or Varseta-M, an EpCAM-directed antibody drug conjugate. The company expects a Phase 1 monotherapy data update in advanced colorectal cancer by the end of 2026 and plans to initiate a registrational study in the first half of 2027. Varseta-M is also being evaluated in combination with bevacizumab in late-line metastatic colorectal cancer, with a Phase 1/2 chemotherapy combination study in second-line disease set to start in the fourth quarter of 2026, and monotherapy expansion cohorts in gastric, pancreatic, and biliary tract cancers are initiating in the third quarter of 2026. CytomX expanded its Regeneron collaboration in masked bispecific immunotherapies, receiving a $37.0 million target selection payment in July 2026 for two additional programs, with total potential milestones under the collaboration now up to approximately $4.0 billion. The company reported cash, cash equivalents and investments of $330.3 million as of June 30, 2026, which does not include the $37.0 million received in July, and expects its cash runway to extend to at least the second half of 2028.
Regeneron faces class action over failed melanoma trial and $11 billion market cap loss
A securities class action lawsuit has been filed against Regeneron Pharmaceuticals after the company disclosed that a Phase 3 trial of its Fianlimab and Libtayo combination for melanoma failed to meet its primary endpoint, triggering an $11 billion market cap wipeout. The suit, brought by Hagens Berman, seeks to represent investors who purchased Regeneron shares between August 1, 2025 and May 15, 2026, and alleges the company made false and misleading statements about the trial's prospects while concealing flawed statistical assumptions and a low likelihood of success. Regeneron revealed on April 29, 2026 that it had altered the trial protocol, and on May 15, 2026 reported the study did not achieve statistical significance for progression-free survival. The lead plaintiff deadline is September 14, 2026.
Bronstein, Gewirtz & Grossman Files Class Action Against Regeneron Pharmaceuticals Alleging Investor Harm
Bronstein, Gewirtz & Grossman LLC has filed a class action lawsuit against Regeneron Pharmaceuticals and certain officers, alleging violations of federal securities laws. The suit covers investors who purchased or acquired Regeneron securities between August 1, 2025 and May 15, 2026. The complaint claims the company made false or misleading statements about its Phase III Fianlimab-Libtayo study, including that preliminary statistical assumptions were fundamentally flawed and the study was unlikely to meet its primary endpoint. Investors have until September 14, 2026 to seek lead plaintiff appointment. The law firm represents investors on a contingency fee basis.
Regeneron and DexCom lead healthcare sector in July as Moderna and managed-care stocks retreat
The healthcare sector gained about 2.45% in July, outperforming the broader S&P 500 which slipped around 0.12%. Regeneron Pharmaceuticals was the biggest winner, climbing 22.08%, followed by DexCom which gained 21.19% after its Q2 earnings beat and raised full-year guidance, and Baxter International which advanced 20.61%. Moderna was the biggest detractor, dropping 24.39%, while Intuitive Surgical fell 12.19% and managed-care insurers Humana, Elevance Health, and Centene also finished among the weakest performers. Earnings-driven gains in pharmaceuticals and medtech contrasted with weakness in managed-care insurers and vaccine makers.
Regeneron beats quarterly estimates on eczema drug strength, shares rise
Regeneron beat Wall Street estimates for second-quarter revenue and profit, driven by strong demand for its eczema drug Dupixent and a high-dose version of its eye drug Eylea. Global net sales of Dupixent, recorded by partner Sanofi, increased 38% to about $6 billion, surpassing estimates of $5.34 billion. Quarterly U.S. sales of the high-dose Eylea rose 52% to $596 million, while the lower-dose version faced competitive pressures. The company fully repaid the Sanofi Development Balance, which RBC Capital Markets analyst Brian Abrahams said should improve margins and make second-half numbers look much better. Quarterly revenue rose 17% to $4.29 billion, exceeding estimates of $3.82 billion, and non-GAAP adjusted profit was $14.29 per share, beating the estimate of $10.26.
Regeneron to report earnings Thursday with revenue expected to grow 3.8%
Regeneron is set to report earnings this Thursday before the bell. Analysts expect revenue to grow 3.8% year on year, in line with the 3.6% increase recorded in the same quarter last year. The company beat revenue expectations last quarter, reporting $3.61 billion, up 19% year on year. Regeneron rarely misses Wall Street revenue estimates, and analysts have generally reconfirmed their estimates over the last 30 days. The stock is up 10.1% over the last month, heading into earnings with an average analyst price target of $819.25 compared to the current share price of $695.88.
Regeneron Investors Face September 14 Deadline to Join Securities Class Action
Bernstein Liebhard LLP reminds Regeneron Pharmaceuticals investors that the deadline to join a securities fraud class action lawsuit is September 14, 2026. The lawsuit, filed on behalf of those who purchased or acquired Regeneron common stock between August 1, 2025 and May 15, 2026, alleges the company and certain senior officers made materially false and misleading statements about its business operations, growth prospects, and financial stability, causing shares to trade at artificially inflated prices and resulting in significant investor losses when the truth emerged. Investors who wish to serve as lead plaintiff must file papers by the September 14 deadline, though participation in any recovery does not require serving in that role. Bernstein Liebhard LLP, which has recovered over $3.5 billion for clients since 1993, is handling the case on a contingency fee basis with no upfront costs to shareholders.
Moderna Surges 177% Into August 5 FDA Flu Vaccine Ruling
Moderna has surged 177% into an August 5 FDA decision on its seasonal flu vaccine mRNA-1010, which would be the company's fifth approved commercial product. The stock last traded near $54.56, up 76.80% year to date despite a nearly 22% drop over the past month, following a Q1 2026 report where revenue hit $389 million, beating estimates by 64.58%. CEO Stéphane Bancel highlighted the launch on the Q1 call, noting the company expects several additional approvals around the world. Meanwhile, Regeneron sits 15% below its year-start price despite strong earnings, and Viking Therapeutics carries 175% analyst upside potential but remains pre-revenue, making its dual GLP-1/GIP Phase 3 obesity trials a binary event.
Regeneron Pharmaceuticals faces securities class action over Phase III trial disclosures
A securities class action lawsuit has been filed against Regeneron Pharmaceuticals on behalf of shareholders who purchased securities between August 1, 2025 and May 15, 2026. The complaint alleges that Regeneron made materially false or misleading statements regarding the Phase III Fianlimab-Libtayo Study, including minimizing risks tied to slowed event accrual and statistical validity. Regeneron's stock fell from $731.77 on April 28, 2026 to $629.68 on May 18, 2026, a decline of $102.09 per share or approximately 13.95%, following disclosures that the trial required an expanded patient population for progression-free survival analysis and then failed to reach statistical significance on its primary endpoint. Investors have until September 14, 2026 to seek lead plaintiff status in the case, which was filed in the United States District Court for the Southern District of New York.
Levi & Korsinsky Reminds Regeneron Investors of September 14 Lead Plaintiff Deadline
Levi & Korsinsky reminds Regeneron Pharmaceuticals investors that the deadline to seek lead plaintiff appointment in a securities class action is September 14, 2026. The lawsuit, filed in the Southern District of New York, covers shareholders who purchased Regeneron securities between August 1, 2025 and May 15, 2026. The complaint alleges that Regeneron and certain senior officers made misleading statements about the Phase III Fianlimab-Libtayo study, which later failed to meet its primary progression-free survival endpoint. Regeneron shares fell from a class period high of $731.77 on April 28, 2026 to $629.68 after the May 15, 2026 announcement, a decline of $102.09 per share or approximately 13.95%. The named individual defendants include George D. Yancopoulos, Israel Lowy, and Ryan Crowe, who are alleged to have had control over the company's disclosures.
Bronstein, Gewirtz & Grossman Files Class Action Against Regeneron Pharmaceuticals
Bronstein, Gewirtz & Grossman has filed a class action lawsuit against Regeneron Pharmaceuticals and certain officers, alleging violations of federal securities laws. The suit covers investors who purchased or acquired Regeneron securities between August 1, 2025 and May 15, 2026. The complaint claims the company made false or misleading statements about its Phase III Fianlimab-Libtayo study, including that the study's statistical assumptions were flawed and it was unlikely to meet its primary endpoint. Investors have until September 14, 2026 to seek lead plaintiff appointment. The law firm represents investors on a contingency fee basis.
Regeneron Sued for Securities Fraud Over Phase III Trial Misrepresentations
A class action lawsuit has been filed against Regeneron Pharmaceuticals for securities fraud, alleging the company misled investors about the success of its Phase III Fianlimab-Libtayo clinical trial. The suit, filed in the U.S. District Court for the Southern District of New York, claims Regeneron executives made false statements about the trial's potential to show meaningful differentiation against current standards of care, despite knowing the study did not achieve statistically significant results. On April 29, 2026, Regeneron stock fell 6.2% after the company expanded study parameters, and on May 15, 2026, it dropped another 9.8% following a press release confirming the trial missed its primary endpoint. Investors have until September 14, 2026, to seek lead plaintiff appointment in the case, which is captioned Cheathem v. Regeneron Pharm., Inc., et al., No. 26-cv-6026.
Pomerantz Law Firm Reminds Regeneron Investors of Class Action Lawsuit and September 14 Deadline
Pomerantz LLP has filed a class action lawsuit against Regeneron Pharmaceuticals, Inc. over potential securities fraud. Investors who purchased or acquired Regeneron securities during the class period have until September 14, 2026, to seek appointment as lead plaintiff. The complaint follows two stock drops: on April 29, 2026, shares fell $45.41, or 6.21%, to $686.36 after the company disclosed changes to a Phase III study, and on May 16, 2026, shares fell $68.57, or 9.82%, to $629.68 after Regeneron announced the trial did not meet its primary endpoint of progression-free survival.
Telix Pharma Q2 Revenue Rises 21%, Doses First Patient in Phase 3 LUTEON Trial
Telix Pharmaceuticals reported a 21% increase in second-quarter revenue to $247 million and announced the first patient has been dosed in its Phase 3 LUTEON trial of TLX250-Tx in kidney cancer. Precision medicine revenue grew 30% to $202 million, while TMS revenue slipped 6% to $45 million. The company expects full-year 2026 revenue and other income to exceed $1 billion, with revenue tracking toward the upper end of its $950 million to $970 million guidance plus $40 million in non-refundable other income from a strategic collaboration with Regeneron. The LUTEON study is the first Phase 3 trial of a radiopharmaceutical therapy in clear cell renal cell carcinoma. Shares rose 4.05% in pre-market trading to $10.95.
Regeneron investors face September 14 deadline in securities class action over trial disclosures
A securities class action has been filed against Regeneron Pharmaceuticals on behalf of shareholders who purchased stock between August 1, 2025 and May 15, 2026, with a lead plaintiff deadline of September 14, 2026. The complaint alleges the company and certain executives minimized the significance of a prolonged slowdown in progression-free survival event accrual in the Phase III Fianlimab-Libtayo Study. On April 29, 2026, Regeneron disclosed that the primary analysis would consider all enrolled patients with at least six months of follow-up, prompting analyst reactions that questioned the study's statistical assumptions and endpoint timing. Shares fell from a class period high of $731.77 to $629.68, a decline of $102.09 per share or 13.95 percent. The lawsuit claims these disclosures and the subsequent announcement that the trial did not reach statistical significance for its primary endpoint caused investor losses.
Alnylam initiates Phase 2 study of mivelsiran in Down syndrome–associated Alzheimer's disease
Alnylam Pharmaceuticals announced the initiation of a global Phase 2 study of its investigational RNAi therapeutic mivelsiran in people with Down syndrome–associated Alzheimer's disease at the Alzheimer's Association International Conference 2026. The APPlauDS study will recruit participants with early-stage Alzheimer's across approximately 30 sites, marking the first clinical trial to evaluate an RNAi approach to reduce APP overexpression caused by trisomy 21. Alnylam also reported updated Phase 1 data in early-onset Alzheimer's disease showing no increased risk of amyloid-related imaging abnormalities and robust reductions in cerebrospinal fluid biomarkers, with mean maximum decreases of 89.9% for sAPPβ and 70.2% for Aβ42 in the highest dose group. The company completed enrollment in the Phase 2 cAPPricorn-1 study of mivelsiran in cerebral amyloid angiopathy, with initial results expected in 2028. Additionally, Alnylam presented preclinical data and the design of an ongoing Phase 1 trial for ALN‑5288, a tau-targeting RNAi therapeutic being developed in collaboration with Regeneron Pharmaceuticals.
StockStory highlights Boston Scientific as large-cap pick, flags Regeneron and Centene as sells
StockStory identifies Boston Scientific as a large-cap stock with exciting potential, citing 15.7% average organic revenue growth over two years, 24.2% annual earnings per share growth over five years, and a 9.1 percentage point free cash flow margin expansion. The firm flags Regeneron and Centene as stocks to avoid, noting Regeneron’s 6.7% annual sales growth lagging peers and a 20.4 percentage point free cash flow margin decline, while Centene faces choppy customer growth and a 15.2% annual earnings per share drop despite revenue gains. Boston Scientific trades at 13.1 times forward earnings, Regeneron at 13.9 times, and Centene at 19.3 times.
Longleaf Partners Fund says Regeneron was a Q2 detractor after disappointing trial results
Longleaf Partners Fund reported that Regeneron Pharmaceuticals was a detractor in the second quarter of 2026 after disappointing trial results for one of its pipeline drugs. The fund noted that Dupixent, which accounts for over 50% of Regeneron's value, has outgrown expectations, while Eylea, representing less than 15% of the value, has stabilized. Regeneron has achieved one out of three key pipeline readouts since the fund invested, compared to an expected two out of three. The fund trimmed its holding earlier in the year when market optimism was higher and has been encouraged by the company's share repurchases when undervalued and its avoidance of large, value-destructive M&A.
HSBC cuts Regeneron price target to $800 from $990, keeps Buy rating
HSBC lowered its price target on Regeneron Pharmaceuticals to $800 from $990 while maintaining a Buy rating, as part of a broader healthcare sector update. The firm highlighted therapeutics as offering attractive risk-adjusted opportunities. Separately, Regeneron announced that the FDA and EMA accepted regulatory submissions for cemdisiran as a potential treatment for generalized myasthenia gravis, with the FDA granting Priority Review and a target decision in November 2026.
Alnylam's Pipeline Progress and Amvuttra Sales Drive Long-Term Growth Outlook
Alnylam Pharmaceuticals reported $1.04 billion in net product revenues in the first quarter of 2026, a 121% year-over-year increase, driven by its four marketed drugs. Its newest drug, Amvuttra, generated $889.9 million in global sales, up 187% year-over-year, but faces competition in the ATTR-CM market from Pfizer's Vyndaqel family, which brought in $1.6 billion, and BridgeBio's Attruby, with $180.6 million in sales. Alnylam is advancing a broad pipeline to sustain long-term growth, including cemdisiran, for which Regeneron submitted a U.S. regulatory filing in April 2026 after positive phase III results in generalized myasthenia gravis, and zilebesiran, which has entered a global phase III cardiovascular outcomes study with Roche. The company is also developing mivelsiran for early-onset Alzheimer's disease and cerebral amyloid angiopathy, and nucresiran for ATTR amyloidosis, with phase III studies underway. Despite the pipeline progress, Alnylam's stock has fallen 21.4% year-to-date, and it carries a Zacks Rank #4 (Sell), with 2026 earnings estimates declining to $9.05 per share.
Regeneron secures FDA Priority Review and EMA acceptance for cemdisiran
Regeneron Pharmaceuticals has received FDA acceptance with Priority Review for cemdisiran in generalized myasthenia gravis, and the EMA has also accepted the marketing application, aligning regulatory review on both sides of the Atlantic. Phase 3 trial data for cemdisiran were published in The Lancet, providing peer-reviewed clinical evidence. If approved, cemdisiran would be the first siRNA treatment for generalized myasthenia gravis and the only subcutaneous option with four-times-a-year dosing, potentially addressing an area of significant unmet need among the estimated 85,000 MG patients in the US and broader global prevalence. The FDA's Priority Review sets an action date in November 2026, with a planned Japan filing in early 2027. Regeneron's stock is at $654.27, down 15.7% year to date but up 20.2% over the past year.
Regeneron Stock Looks Undervalued Even After 20% Gain
Regeneron Pharmaceuticals stock has gained 20.2% over the past year, yet valuation checks still lean toward the shares looking inexpensive. The company trades on a price-to-earnings ratio of 15.0 times, below the biotech industry average of 17.3 times and a peer group average of 37.4 times. Simply Wall St's fair multiple suggests a P/E closer to 25.0 times, implying a sizeable gap to the current level. Regeneron screens as undervalued in all six areas assessed, pointing to the market price sitting below what these valuation tests suggest could be justified.
Talawar Therapeutics to debut on Nasdaq with $285m as Dupixent challenger
Talawar Therapeutics will debut on Nasdaq under the ticker TLWR after a business combination with JATT II Acquisition, raising $285 million to advance its lead candidate TALA-125 as a challenger to Sanofi and Regeneron's Dupixent in atopic dermatitis. The company secured $225 million through a private investment in public equity from investors including Access Biotechnology, Bain Capital Life Sciences, and RA Capital Management, which together with $60 million held in JATT II's trust account—assuming no redemptions—will fund a Phase IIb proof-of-concept trial for the IL-13/IL-18 bispecific antibody, with a readout expected in the second half of 2028. TALA-125 is expected to enter the clinic in the first quarter of 2027, with an interim data readout in the fourth quarter, and Talawar is also developing two discovery-phase immunology programs, TALA-307 and TALA-711. The transaction is expected to close in the second half of 2026, making Talawar the first spinout from British biotech builder Khanda Therapeutics. The atopic dermatitis market across the seven major markets is projected to reach $22.4 billion in 2033, but Talawar will face competition from established therapies like Dupixent and AbbVie's Rinvoq, as well as more than 200 active clinical trials for investigational drugs.
Eli Lilly and Regeneron selected for FDA pilot program to boost US drug manufacturing
Eli Lilly and Regeneron Pharmaceuticals are among seven drug companies selected by the US FDA for its PreCheck Pilot Program, which aims to improve US drug manufacturing capabilities. The program offers earlier FDA engagement and a more predictable regulatory pathway for companies planning to manufacture drugs for the US market. Other selected companies include Amneal Pharmaceutical and Kyowa Kirin.
RBC Capital Maintains Sector Perform Rating on Regeneron
RBC Capital maintained a Sector Perform rating on Regeneron Pharmaceuticals on June 22, setting a $707 price target. The firm noted that AbbVie's acquisition of Apogee Therapeutics is a net negative for Regeneron, as it brings a commercially capable operator with deep dermatology relationships behind a potential next-gen competitor to Dupixent. Separately, Regeneron announced on May 28 that maftivimab has been recommended by the WHO for prioritized evaluation in clinical trials for Bundibugyo ebolavirus.
Parabilis Medicines shares closed up 58% from their $20 offer price in their June 10 IPO, a larger first-day gain than SpaceX's 19% pop. The cancer biotech is developing Helicons, helical peptides designed to enter cells and bind flat protein surfaces that are typically undruggable. Its lead asset, zolucatetide, is set to enter phase 3 trials in 2027 and has shown a 74% objective response rate in a phase 1/2 desmoid tumor study. Regeneron Pharmaceuticals signed a May 2026 collaboration providing $50 million cash, $75 million in equity, and up to $2.2 billion in milestones across five targets. Despite the early-stage promise, pivotal data is years away and the platform has only one clinical asset.
AbbVie to acquire Apogee Therapeutics for $10.9 billion in cash
AbbVie announced a planned $10.9 billion acquisition of Apogee Therapeutics, paying $135.11 per share in cash, a 49% premium to Apogee's closing price last week. The deal brings zumilokibart, a promising immunology drug targeting IL-13, into AbbVie's pipeline, positioning it to compete with Regeneron and Sanofi's Dupixent in atopic dermatitis and asthma. AbbVie will fund the acquisition entirely with operating cash flows without adding debt, and the company noted the transaction is not expected to be accretive to adjusted earnings per share until 2032. AbbVie reported first-quarter revenue of $15 billion, up 12% year over year, and raised its full-year adjusted EPS guidance to a range of $14.08 to $14.28. The deal is seen as a strategic move to bolster AbbVie's immunology platform with next-generation, longer-dosing-interval therapies.
FDA Grants Priority Review to Regeneron's Cemdisiran for Generalized Myasthenia Gravis
Regeneron Pharmaceuticals announced that the U.S. FDA and EMA have accepted regulatory applications for cemdisiran to treat adult anti-AChR antibody-positive generalized myasthenia gravis, with the FDA granting Priority Review and setting a target action date in November 2026. If approved, cemdisiran would be the first siRNA therapy for gMG and the only treatment administered subcutaneously just four times a year, potentially improving convenience for patients with this rare autoimmune disease. The filing extends Regeneron's complement and RNAi ambitions and adds another potential rare-disease asset to a portfolio already supported by Dupixent, EYLEA HD, and emerging oncology programs. While the Priority Review and quarterly dosing profile may reinforce the depth of the pipeline, market reaction suggests investors remain more focused on near-term growth drivers such as Dupixent indication expansions, EYLEA HD execution, and oncology launches like linvoseltamab.
Amgen's Biosimilars Business Is Becoming a Key Growth Pillar
Amgen's biosimilars portfolio is emerging as a key pillar of its growth strategy, with first-quarter 2026 biosimilar sales reaching $835 million, a 14% year-over-year increase. The quarter included $47 million from Wezlana, a biosimilar of Johnson & Johnson's Stelara, and $280 million from Pavblu, a biosimilar of Regeneron's Eylea. Since its first biosimilar launch in 2018, Amgen has generated more than $14 billion in cumulative sales from these products. The company is advancing Phase III studies for biosimilar versions of Bristol-Myers' Opdivo, Merck's Keytruda, and Roche's Ocrevus, targeting tens of billions of dollars in global annual sales as patents expire. Amgen's biosimilar launches are expected to help offset revenue pressure from upcoming patent expirations on its own branded drugs, including Prolia, Xgeva, Enbrel, and Otezla, which together accounted for roughly 30% of 2025 product sales.
Regeneron and Amgen Advance Weight Loss Drugs as Revenue Climbs
Regeneron and Amgen are advancing promising weight loss drug candidates while reporting strong revenue growth. Regeneron plans to start phase 3 trials this year for olatorepatide, a GLP-1 and GIP receptor agonist that achieved up to 19% weight loss in a 604-patient Chinese study, and is also developing a therapy to preserve muscle mass during GLP-1 treatment. Amgen is running phase 3 studies for MariTide across multiple indications including obesity, type 2 diabetes, and obstructive sleep apnea, positioning it as a potential once-monthly challenger to tirzepatide. Regeneron's first-quarter revenue rose 19% to $3.6 billion, driven by Dupixent and a high-dose Eylea formulation, while Amgen's revenue grew 6% to $8.6 billion, supported by Tezspire and Tepezza despite declining denosumab sales. Amgen also offers a 3% forward dividend yield, having raised payouts annually since 2011.
Wells Fargo Maintains Overweight on AbbVie, Sees Value in Apogee Acquisition
Wells Fargo maintained an Overweight rating on AbbVie with a $260 price target, saying the company's reported $10.9 billion bid for Apogee Therapeutics makes sense and would likely be viewed positively for AbbVie shares. The firm noted the deal could create pressure on Regeneron due to increased competition. AbbVie announced the acquisition, its largest buyout in more than five years, to strengthen its pipeline for inflammatory diseases including atopic dermatitis and asthma. The transaction is one of the biggest biotech deals of the year, reflecting a rise in pharmaceutical dealmaking as companies expand portfolios ahead of patent expirations on major treatments.
AbbVie to Acquire Apogee Therapeutics for $10.9 Billion
AbbVie has agreed to acquire Apogee Therapeutics for $10.9 billion in cash, offering $135.11 per share, a 49% premium to Apogee's Thursday close. Apogee shares jumped 47% on the news, while AbbVie rose 4.92% intraday. The deal, AbbVie's largest in more than half a decade, centers on zumilokibart, Apogee's lead drug for atopic dermatitis, with a phase-three trial expected to start later this year. Zumilokibart is positioned as a longer-acting alternative to Dupixent, the Sanofi and Regeneron drug that generated $17.8 billion in revenue last year. The acquisition is part of a broader wave of pharmaceutical M&A, with more than $200 billion in healthcare acquisitions agreed this year, according to LSEG.
Sanofi's Dupixent sales surge 30.8% to €4.17 billion in first quarter of 2026
Sanofi's Dupixent, co-developed with Regeneron, generated sales of €4.17 billion in the first quarter of 2026, a 30.8% year-over-year increase. The drug is now approved for nine inflammatory diseases, including a recent expansion into chronic obstructive pulmonary disease, which management sees as a major growth driver given the large patient population. Sanofi expects Dupixent to achieve around €22 billion in sales by 2030, supported by a three-pronged strategy of defending its patent portfolio, extending the product lifecycle with improved dosing, and innovating new molecules. Despite a crowded market, Dupixent holds the number one new-to-brand prescription share across all its approved indications in the United States and benefits from extensive real-world evidence and broad physician familiarity. Sanofi's stock has declined 12.6% year to date, and the company currently trades at 8.35 times forward earnings, below the industry average of 17.06.
Apogee shares surge on report AbbVie is near $11 billion acquisition
Apogee Therapeutics shares surged as much as 56% in premarket trading after the Financial Times reported that AbbVie is close to acquiring the company in a deal valued at nearly $11 billion. The acquisition would strengthen AbbVie’s anti-inflammatory drug portfolio, with Apogee’s lead candidate zumilokibart seen as a potential rival to Dupixent, co-developed by Sanofi and Regeneron. Barclays analyst Emily Field said the deal rationale likely reflects competitive efficacy in atopic dermatitis, dosing convenience, and synergy with AbbVie’s Rinvoq, while Stifel’s Alex Thompson noted the timing makes sense ahead of a Phase 3 start later this year. Wedbush’s David Nierengarten called Apogee an attractive acquisition target, citing overlap in commercial infrastructure and payer relationships that support a meaningful premium.
CytomX Expands Regeneron Collaboration, Adding $37 Million Payment and Up to $4 Billion in Milestones
CytomX Therapeutics expanded its research collaboration with Regeneron to develop next-generation conditionally-activated bispecific cancer therapies. Under the expanded agreement, CytomX will receive a $37 million target selection payment for two new programs, and Regeneron secured an option for six additional targets, bringing the total potential value of the collaboration to approximately $4 billion in milestones plus tiered royalties. The partnership combines CytomX's PROBODY masking platform with Regeneron's Veloci-Bi technology to create treatments that remain inactive until reaching the tumor microenvironment. Regeneron will fund subsequent preclinical, clinical, and commercialization activities. The expansion builds on the companies' initial 2022 alliance.