Regeneron Pharmaceuticals (NASDAQ: REGN) Faces Competitive Headwinds as Citigroup Maintains Neutral Rating

• Citigroup has maintained a Neutral rating on Regeneron Pharmaceuticals, citing increasing competition in the ophthalmology sector.
• Positive Phase 3 trial results from Kodiak Sciences for its eye drugs present a significant challenge to Regeneron's key product, Eylea.
• Despite competitive pressures, Regeneron continues to innovate, with its Eylea HD injection recently receiving FDA approval for macular edema following retinal vein occlusion (RVO).

On September 28, 2026, the analyst firm Citigroup maintains its Neutral rating for Regeneron Pharmaceuticals (NASDAQ: REGN) with a hold action. Regeneron Pharmaceuticals is a biotechnology company that develops medicines for serious diseases. A major product is Eylea, a treatment for eye conditions. The stock price was $761.20 at the time of the rating.

The neutral outlook reflects increasing competition in the ophthalmology sector. Rival company Kodiak Sciences announced positive results from a Phase 3 trial for its eye drugs. The study shows its treatments provide vision gains that are not inferior to Regeneron's Eylea for wet age-related macular degeneration (wAMD) after one year.

This development presents a challenge to Eylea's market position. As highlighted by Investors Business Daily, Kodiak Sciences' success is a "double win" for its drugs. In reaction, Kodiak Sciences' stock surged over 90% in premarket trading, while Regeneron's stock traded lower due to concerns about new competition.

Following these events, Regeneron's stock is trading at $757.99, a daily decrease of $30.05, or 3.81%. The stock's price has ranged from a low of $753.38 to a high of $777.07 during the session. The company has a market capitalization of approximately $78.09 billion, which reflects its large size in the pharmaceutical industry.

Despite new challenges, Regeneron continues to advance its own products. In November 2025, the U.S. Food and Drug Administration (FDA) approved its Eylea HD injection for treating macular edema following retinal vein occlusion (RVO). This approval provides patients with more flexible dosing schedules.