<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 正依靠開發下一代資產和擴大其重磅藥物的適應症，以應對專利到期的挑戰。圖片來源：viewimage via Shutterstock.com。</p>
<p>隨着 Regeneron 面臨其兩款頂級重磅藥物 Eylea 和 Dupixent 的獨佔權喪失，公司將繼續依靠其內部研發能力來開發下一代資產並擴展到新的適應症。</p>
<p>在 1 月 12 日至 15 日於舊金山舉行的摩根大通醫療會議上，Regeneron 首席執行官 Leonard Schleifer 表示，公司預計將在 2026 年投資 60 億美元用於研發，強調其優先考慮內部研究能力的戰略。</p>
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<p>儘管行業討論主要集中在收購以應對許多公司面臨的專利懸崖，Schleifer 表示，大型併購交易往往導致 “價值毀滅”。他説，公司往往會 “過於依賴” 外部資源，並且 “在大多數情況下，支付的價格遠遠過高”。</p>
<p>儘管 2025 年的交易量下降，平均交易價值卻上升，這表明目前併購定價存在溢價。</p>
<p>Regeneron 將繼續推動其 Eylea（阿柏西普）患者羣體向高劑量版本 Eylea HD 的轉變，儘管市場上出現了生物類似藥。Schleifer 表示，2025 年第四季度，Eylea 和 Eylea HD 的美國淨銷售額合計為 11 億美元。僅 Eylea HD 的美國淨銷售額為 5.06 億美元，比 2024 年第四季度增長 66%。</p>
<p>“我們正在儘可能多地獲取 HD 的市場份額，似乎進展相當順利，” Schleifer 説，但他指出，預計今年晚些時候會有更多生物類似藥的競爭。</p>
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<p>Eylea HD 提供比原藥物更方便的給藥方式，其市場潛力得到了 兩項近期 FDA 批准的支持——針對視網膜靜脈阻塞後黃斑水腫患者的適應症擴展，以及針對某些已批准適應症的每月給藥選項，批准於 2025 年 11 月。Eylea 已被批准用於治療濕性年齡相關性黃斑變性（wAMD）、糖尿病性黃斑水腫（DME）和糖尿病視網膜病（DR）。</p>
<p>在向高劑量版本過渡的過程中，公司收到了 FDA 對 Eylea HD 預填充注射器版本的拒絕，原因是 其製造設施存在未解決的問題，該設施由諾和諾德擁有。現在等待對預計在 2026 年第二季度提交的重新申請的決定。</p>
<p>與賽諾菲共同營銷的重磅藥物 Dupixent 是 Regeneron 的最佳銷售資產。根據 Schleifer 的説法，Dupixent 在八種由 2 型炎症驅動的疾病中獲得批准，基於第四季度的結果，其年化全球淨銷售額超過 190 億美元。</p>
<p>預計 Dupixent 的市場獨佔權將在 2031 年左右喪失，這意味着公司正在尋求抵消預期的收入損失。Regeneron 正在開發新型長效全人源 IL-4 和 IL-13 抗體，具有增強的結合能力，以及針對相同靶點的長效雙特異性抗體。Schleifer 表示，公司正在推進 IL-13 抗體的加速臨牀開發計劃，預計很快將進入臨牀試驗。首席執行官補充説，重點將是改善與該藥物相關的便利性因素，因為 “很難想象可以在安全性和有效性上進一步改進。”</p>
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<p>Regeneron 首席執行官 Leonard Schleifer 在摩根大通醫療會議上宣佈，公司將優先考慮內部創新，而非大型併購交易，特別是在面臨其重磅藥物 Eylea 和 Dupixent 專利到期的情況下。Regeneron 計劃到 2026 年投資 60 億美元用於研發，重點開發下一代資產並擴展藥物適應症。儘管行業趨勢傾向於收購，Schleifer 警告稱，大型併購往往會導致價值毀滅和過度支付。公司旨在將患者轉移到 Eylea HD，並正在開發新療法以彌補 Dupixent 預計在 2031 年失去市場獨佔權後未來的收入損失</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 正依靠開發下一代資產和擴大其重磅藥物的適應症，以應對專利到期的挑戰。圖片來源：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>隨着 Regeneron 面臨其兩款頂級重磅藥物 Eylea 和 Dupixent 的獨佔權喪失，公司將繼續依靠其內部研發能力來開發下一代資產並擴展到新的適應症。</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 日於舊金山舉行的摩根大通醫療會議上，Regeneron 首席執行官 Leonard Schleifer 表示，公司預計將在 2026 年投資 60 億美元用於研發，強調其優先考慮內部研究能力的戰略。</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>儘管行業討論主要集中在收購以應對許多公司面臨的專利懸崖，Schleifer 表示，大型併購交易往往導致 “價值毀滅”。他説，公司往往會 “過於依賴” 外部資源，並且 “在大多數情況下，支付的價格遠遠過高”。</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>儘管 2025 年的交易量下降，平均交易價值卻上升，這表明目前併購定價存在溢價。</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 將繼續推動其 Eylea（阿柏西普）患者羣體向高劑量版本 Eylea HD 的轉變，儘管市場上出現了生物類似藥。Schleifer 表示，2025 年第四季度，Eylea 和 Eylea HD 的美國淨銷售額合計為 11 億美元。僅 Eylea HD 的美國淨銷售額為 5.06 億美元，比 2024 年第四季度增長 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>“我們正在儘可能多地獲取 HD 的市場份額，似乎進展相當順利，” Schleifer 説，但他指出，預計今年晚些時候會有更多生物類似藥的競爭。</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 提供比原藥物更方便的給藥方式，其市場潛力得到了 兩項近期 FDA 批准的支持——針對視網膜靜脈阻塞後黃斑水腫患者的適應症擴展，以及針對某些已批准適應症的每月給藥選項，批准於 2025 年 11 月。Eylea 已被批准用於治療濕性年齡相關性黃斑變性（wAMD）、糖尿病性黃斑水腫（DME）和糖尿病視網膜病（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>在向高劑量版本過渡的過程中，公司收到了 FDA 對 Eylea HD 預填充注射器版本的拒絕，原因是 其製造設施存在未解決的問題，該設施由諾和諾德擁有。現在等待對預計在 2026 年第二季度提交的重新申請的決定。</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>與賽諾菲共同營銷的重磅藥物 Dupixent 是 Regeneron 的最佳銷售資產。根據 Schleifer 的説法，Dupixent 在八種由 2 型炎症驅動的疾病中獲得批准，基於第四季度的結果，其年化全球淨銷售額超過 190 億美元。</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>預計 Dupixent 的市場獨佔權將在 2031 年左右喪失，這意味着公司正在尋求抵消預期的收入損失。Regeneron 正在開發新型長效全人源 IL-4 和 IL-13 抗體，具有增強的結合能力，以及針對相同靶點的長效雙特異性抗體。Schleifer 表示，公司正在推進 IL-13 抗體的加速臨牀開發計劃，預計很快將進入臨牀試驗。首席執行官補充説，重點將是改善與該藥物相關的便利性因素，因為 “很難想象可以在安全性和有效性上進一步改進。”</p>
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<div class="lb-trans"><p>在這裏註冊以接收關於 2026 年 JP 摩根醫療會議最新醫療行業趨勢的每日更新 。在這裏註冊以在會議後接收一份綜合報告 。</p>
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JPM26：再生元製藥在主要資產專利到期的情況下不會在併購交易中支付過高的價格