Regeneron's Narrow Moat Is Supported by Dupixent and a Robust Pipeline

Regeneron has leveraged its monoclonal antibody research and development platform to become one of the few biotechs to be a profitable commercial operation and establish a narrow moat. Lead drug Eylea had global sales of just under $10 billion in 2024 and is approved for wet age-related macular degeneration and other eye-related indications. The majority of sales are for original-dose Eylea, but over the next few years, we expect most of its sales to shift to long-acting Eylea HD, a higher-dose formulation.