<p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/01/regeneron-430x241.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="430" height="241" original-src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/01/regeneron-430x241.jpg"/></p>
<p>Regeneron 正依靠开发下一代资产和扩大其重磅药物的适应症，以应对专利到期的挑战。图片来源：viewimage via Shutterstock.com。</p>
<p>随着 Regeneron 面临其两款顶级重磅药物 Eylea 和 Dupixent 的独占权丧失，公司将继续依靠其内部研发能力来开发下一代资产并扩展到新的适应症。</p>
<p>在 1 月 12 日至 15 日于旧金山举行的摩根大通医疗会议上，Regeneron 首席执行官 Leonard Schleifer 表示，公司预计将在 2026 年投资 60 亿美元用于研发，强调其优先考虑内部研究能力的战略。</p>
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<p>尽管行业讨论主要集中在收购以应对许多公司面临的专利悬崖，Schleifer 表示，大型并购交易往往导致 “价值毁灭”。他说，公司往往会 “过于依赖” 外部资源，并且 “在大多数情况下，支付的价格远远过高”。</p>
<p>尽管 2025 年的交易量下降，平均交易价值却上升，这表明目前并购定价存在溢价。</p>
<p>Regeneron 将继续推动其 Eylea（阿柏西普）患者群体向高剂量版本 Eylea HD 的转变，尽管市场上出现了生物类似药。Schleifer 表示，2025 年第四季度，Eylea 和 Eylea HD 的美国净销售额合计为 11 亿美元。仅 Eylea HD 的美国净销售额为 5.06 亿美元，比 2024 年第四季度增长 66%。</p>
<p>“我们正在尽可能多地获取 HD 的市场份额，似乎进展相当顺利，” Schleifer 说，但他指出，预计今年晚些时候会有更多生物类似药的竞争。</p>
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<p>Eylea HD 提供比原药物更方便的给药方式，其市场潜力得到了 两项近期 FDA 批准的支持——针对视网膜静脉阻塞后黄斑水肿患者的适应症扩展，以及针对某些已批准适应症的每月给药选项，批准于 2025 年 11 月。Eylea 已被批准用于治疗湿性年龄相关性黄斑变性（wAMD）、糖尿病性黄斑水肿（DME）和糖尿病视网膜病（DR）。</p>
<p>在向高剂量版本过渡的过程中，公司收到了 FDA 对 Eylea HD 预填充注射器版本的拒绝，原因是 其制造设施存在未解决的问题，该设施由诺和诺德拥有。现在等待对预计在 2026 年第二季度提交的重新申请的决定。</p>
<p>与赛诺菲共同营销的重磅药物 Dupixent 是 Regeneron 的最佳销售资产。根据 Schleifer 的说法，Dupixent 在八种由 2 型炎症驱动的疾病中获得批准，基于第四季度的结果，其年化全球净销售额超过 190 亿美元。</p>
<p>预计 Dupixent 的市场独占权将在 2031 年左右丧失，这意味着公司正在寻求抵消预期的收入损失。Regeneron 正在开发新型长效全人源 IL-4 和 IL-13 抗体，具有增强的结合能力，以及针对相同靶点的长效双特异性抗体。Schleifer 表示，公司正在推进 IL-13 抗体的加速临床开发计划，预计很快将进入临床试验。首席执行官补充说，重点将是改善与该药物相关的便利性因素，因为 “很难想象可以在安全性和有效性上进一步改进。”</p>
<p>在这里注册以接收关于 2026 年 JP 摩根医疗会议最新医疗行业趋势的每日更新 。在这里注册以在会议后接收一份综合报告 。</p>

再生元制药

<p>Regeneron 首席执行官 Leonard Schleifer 在摩根大通医疗会议上宣布，公司将优先考虑内部创新，而非大型并购交易，特别是在面临其重磅药物 Eylea 和 Dupixent 专利到期的情况下。Regeneron 计划到 2026 年投资 60 亿美元用于研发，重点开发下一代资产并扩展药物适应症。尽管行业趋势倾向于收购，Schleifer 警告称，大型并购往往会导致价值毁灭和过度支付。公司旨在将患者转移到 Eylea HD，并正在开发新疗法以弥补 Dupixent 预计在 2031 年失去市场独占权后未来的收入损失</p>

<p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/01/regeneron-430x241.jpg" alt="" original-src="https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/01/regeneron-430x241.jpg"/></p>
<p>Regeneron is leaning on developing of next-generation assets and expanded indications for its blockbuster drugs as they enter or near patent expiry. Image credit: viewimage via Shutterstock.com.</p>
<div class="lb-trans"><p>Regeneron 正依靠开发下一代资产和扩大其重磅药物的适应症，以应对专利到期的挑战。图片来源：viewimage via Shutterstock.com。</p>
</div><p>As Regeneron faces loss of exclusivity for two of its top-performing blockbuster drugs, Eylea and Dupixent, the company will continue to lean on its internal R&amp;D capacity to develop next-generation assets and expand into new indications.</p>
<div class="lb-trans"><p>随着 Regeneron 面临其两款顶级重磅药物 Eylea 和 Dupixent 的独占权丧失，公司将继续依靠其内部研发能力来开发下一代资产并扩展到新的适应症。</p>
</div><p>Speaking at the J.P. Morgan Healthcare conference in San Francisco, held from 12 to 15 January, Regeneron CEO Leonard Schleifer said that the company expects to invest $6bn in R&amp;D in 2026, highlighting its strategy to prioritise internal research capabilities.</p>
<div class="lb-trans"><p>在 1 月 12 日至 15 日于旧金山举行的摩根大通医疗会议上，Regeneron 首席执行官 Leonard Schleifer 表示，公司预计将在 2026 年投资 60 亿美元用于研发，强调其优先考虑内部研究能力的战略。</p>
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</div><p>While industry conversations have largely centred around acquisition to combat looming patent cliffs for many companies, Schleifer said large M&amp;A deals often result in “value destruction.” He said that companies can often become “overly reliant” on external sources and are “in most cases, dramatically overpaying.”</p>
<div class="lb-trans"><p>尽管行业讨论主要集中在收购以应对许多公司面临的专利悬崖，Schleifer 表示，大型并购交易往往导致 “价值毁灭”。他说，公司往往会 “过于依赖” 外部资源，并且 “在大多数情况下，支付的价格远远过高”。</p>
</div><p>Despite the volume of deals being down in 2025, average value was up, suggesting that there is currently a premium in M&amp;A pricing.</p>
<div class="lb-trans"><p>尽管 2025 年的交易量下降，平均交易价值却上升，这表明目前并购定价存在溢价。</p>
</div><p>Regeneron will be looking to continue the transition of its Eylea (aflibercept) patient base to the high dose version of the drug, branded Eylea HD, amid an emergence of biosimilars in the market. In Q4 2025, the combined US net sales for Eylea and Eylea HD were $1.1bn, said Schleifer. For Eylea HD alone, net sales in the US were $506mn, up 66% compared with Q4 2024.</p>
<div class="lb-trans"><p>Regeneron 将继续推动其 Eylea（阿柏西普）患者群体向高剂量版本 Eylea HD 的转变，尽管市场上出现了生物类似药。Schleifer 表示，2025 年第四季度，Eylea 和 Eylea HD 的美国净销售额合计为 11 亿美元。仅 Eylea HD 的美国净销售额为 5.06 亿美元，比 2024 年第四季度增长 66%。</p>
</div><p>“We’re trying to get as much HD traction as we can, and it seems to be going quite well,” says Schleifer, though noting that further biosimilar competition is expected later in the year.</p>
<div class="lb-trans"><p>“我们正在尽可能多地获取 HD 的市场份额，似乎进展相当顺利，” Schleifer 说，但他指出，预计今年晚些时候会有更多生物类似药的竞争。</p>
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</div><p>Eylea HD, which offers a more convenient dosing method to the original drug, had its market potential bolstered by two recent FDA approvals – a indication expansion for treating patients with macular oedema following retinal vein occlusion and a monthly dosing option for some patients in approved indications, in November 2025. Eylea was already indicated for the treatment of wet age-related macular degeneration (wAMD), diabetic macular oedema (DME), and diabetic retinopathy (DR).</p>
<div class="lb-trans"><p>Eylea HD 提供比原药物更方便的给药方式，其市场潜力得到了 两项近期 FDA 批准的支持——针对视网膜静脉阻塞后黄斑水肿患者的适应症扩展，以及针对某些已批准适应症的每月给药选项，批准于 2025 年 11 月。Eylea 已被批准用于治疗湿性年龄相关性黄斑变性（wAMD）、糖尿病性黄斑水肿（DME）和糖尿病视网膜病（DR）。</p>
</div><p>In a blow to the transition to the higher dose version, the company received an FDA rejection for a prefilled syringe version of Eylea HD due to an unresolved issue at its manufacturing facility, which is owned by Novo Nordisk. It now awaits a decision on a resubmission for approval expected in Q2 2026.</p>
<div class="lb-trans"><p>在向高剂量版本过渡的过程中，公司收到了 FDA 对 Eylea HD 预填充注射器版本的拒绝，原因是 其制造设施存在未解决的问题，该设施由诺和诺德拥有。现在等待对预计在 2026 年第二季度提交的重新申请的决定。</p>
</div><p>The blockbuster drug Dupixent, co-marketed with Sanofi, is Regeneron’s best-selling asset. Now approved in eight different diseases driven by type-2 inflammation, the annualised global net sales for Dupixent exceeded $19bn based on Q4 results, according to Schleifer.</p>
<div class="lb-trans"><p>与赛诺菲共同营销的重磅药物 Dupixent 是 Regeneron 的最佳销售资产。根据 Schleifer 的说法，Dupixent 在八种由 2 型炎症驱动的疾病中获得批准，基于第四季度的结果，其年化全球净销售额超过 190 亿美元。</p>
</div><p>Loss of market exclusivity for Dupixent is expected around 2031, meaning the company is looking to offset anticipated loss of revue. Regeneron is a developing novel long-acting fully-human IL-4 and IL-13 antibodies with enhanced binding, as well as a long acting bispecific with the same targets.. The company is pursuing an expedited clinical development plan for the IL-13 antibody, and it is expected to enter clinical testing soon, Schleifer said. The CEO added that the focus will be improving on convenience factors related to the drug as “it is hard to imagine that one can actually improve upon the safety and efficacy.”</p>
<div class="lb-trans"><p>预计 Dupixent 的市场独占权将在 2031 年左右丧失，这意味着公司正在寻求抵消预期的收入损失。Regeneron 正在开发新型长效全人源 IL-4 和 IL-13 抗体，具有增强的结合能力，以及针对相同靶点的长效双特异性抗体。Schleifer 表示，公司正在推进 IL-13 抗体的加速临床开发计划，预计很快将进入临床试验。首席执行官补充说，重点将是改善与该药物相关的便利性因素，因为 “很难想象可以在安全性和有效性上进一步改进。”</p>
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<div class="lb-trans"><p>在这里注册以接收关于 2026 年 JP 摩根医疗会议最新医疗行业趋势的每日更新 。在这里注册以在会议后接收一份综合报告 。</p>
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