The rise of Regeneron is nothing short of a legend in the biopharmaceutical industry. With two blockbuster drugs, dupilumab and aflibercept, it achieved remarkable success in just a decade.BiotechGloballyTOP10Pharmaceutical companiesQuantum Leap。On August 27, 2024, Regeneron's stock price hit a new all-time high.Market value exceeds 130 billion US dollars,BecomeThe Object of Imitation for China's Biotech Companies。However,In less than a year,ThisBiotechTheBenchmark Enterprises Fall from Grace，Market value evaporated by more than 60 billion US dollars.Regeneron, once regarded as a model of innovation, now has to pin its hopes for a turnaround on China.HansohCooperation in pharmaceuticals.Regeneron Stock Price Trend
Source of the image: Tonghuashun FinanceOn August 28, Regeneron andHansohPharmaceutical CooperationHS-20094LaunchTargetingType 2 DiabetesThePhase III Clinical，This Bold Gamble, Can It Bring Regeneration?YuanRebirth?Regeneron's Crisis
The rise of Regeneron was not an overnight success; it also experienced a difficult "hibernation period" in its early days. In 1988, the company was co-founded by two scientists, Schleifer (commonly referred to as "Brother Shi" in the industry) and Yancopoulos ("Brother Ya"). Initially focused on neurodegenerative diseases such as Alzheimer's disease (AD) and amyotrophic lateral sclerosis (ALS), the company faced consecutive clinical trial failures. It wasn’t until the successful establishment of the VelocImmune fully human antibody technology platform that Regeneron truly gained a foothold in the biopharmaceutical field.The real explosion began with the success of two core drugs.In 2011, Aflibercept was approved for wet age-related macular degeneration and quickly expanded to multiple ophthalmic indications such as diabetic retinopathy, becoming the global best-selling ophthalmology drug in 2020.-Sales in 2022 were RMB 7.9 billionDollar、9.385 billionDollarAnd $9.6 billion. In 2017, Dupilumab was launched, starting with atopic dermatitis and gradually expanding to asthma and chronic rhinosinusitis.In the field of autoimmune diseases with nasal polyps, 2022-Sales reached 8.72 billion in 2024Dollar11.72 billionDollarAnd 14.18 billion US dollars,"Climbing to the Top of the Autoimmune 'Drug King' Field"。These two drugs not only bolstered Regeneron's revenue scale but also brought fame to its "scientist-led" model and technology platform, elevating it into the ranks of global pharmaceutical giants.Hailed as one of the most innovative companies in the biopharmaceutical field。However,Success and failure both owe to Xiao He.。The Two Core Products Supporting Regeneron's Rapid Growth Have Successively Encountered Growth Bottlenecks in Recent Years。Aflibercept's European patent has expired, and its U.S. patents will also expire successively in 2025-2026.，Biosimilars have been successively approved in the European and American markets, with price competition directly squeezing profit margins.；More crucially, Roche's Vabysmo boasts the advantages of "dual-target action + once every 12 weeks dosing."Continuous squeezingAfliberceptTheMarket Share，Sales in the first half of 2025 were US$4 billion, a year-on-year decrease of 14%.。Another heavy-hitting productAlthough Dupilumab is still growing,Sales reached in half a year$8.015 billion，But the growth rateObviousSlow down,Even appeared in the first quarter of 2025Single-quarter sequential decline. The expansion into new indications such as chronic obstructive pulmonary disease (COPD), which had been highly anticipated, faced challenges and failed to effectively open up new growth opportunities.To make matters worse, Regeneron's R&D pipeline has faced repeated setbacks in recent years. Itepekimab, the IL-33 monoclonal antibody once highly anticipated as the "successor" to Dupilumab, was planned to expand into autoimmune indications such as asthma and COPD. However, it achieved an awkward "one win, one loss" result in two Phase III trials for COPD, causing the stock price to plummet 19% in a single day, falling back to levels seen ten years ago.Two Phase III Trials for COPDResultsImage Source: Corporate Official WebsiteIn the field of oncology, although the sales of PD-1 inhibitor Libtayo exceeded one billion US dollars in 2024,Facing fierce competition, making it difficult to take on the important task. In the field of hematological tumors, two bispecific antibody drugs, Odronextamab and Linvoseltamab, have shown promising response rates in early clinical trials but faced issues with the FDA.SupplementThe inquiry failed to be approved in time, missing the market opportunity. In February this year, the development of the cMet bispecific antibody ADC drug REGN5093-M114 was also terminated due to clinical efficacy not meeting expectations.In terms of financial performance, according to the 2025 second-quarter report, Regeneron achieved revenue of $3.676 billion in the second quarter, a year-on-yearMicro-increment3.6%, Net Profit$1.392 billion, a year-on-year decrease of 2.8%. This Biotech's benchmark pharmaceutical company,Seems to have fallen into a "midlife crisis"。$2 Billion Bet on Hansoh
Faced with the weak growth of its core product and setbacks in the pipeline, Regeneron has placed its strategic breakout bet on the GLP-1 track.AndHansohHansoh Pharma's HS-20094 becomes its key to breaking the deadlock.In June 2025, Regeneron announced an $80 million upfront payment and up to $1.93 billion in milestone payments to acquireHansohDevelopment and Commercialization Rights for Hansoh Pharma's GLP-1/GIP Dual Receptor Agonist HS-20094 in Global Markets Outside of China.This deal, with a total value exceeding $2 billion, is not only Regeneron's largest BD collaboration in recent years,Even more soThe Key to Seeking New Growth PointsLuozi。HS-20094 and Eli Lilly's tirzepatide target the same mechanism, both being GLP-1/GIP dual agonists administered via once-weekly subcutaneous injection. Based on disclosed clinical data, HS-20094 demonstrates efficacy and safety characteristics similar to tirzepatide.The latterFirst Half of the YearGlobal sales reached 14.734 billion US dollars, and"Medicine King"Semaglutide is only about $2 billion short.GLP-1 and GIP Play Important Regulatory Roles in Blood Glucose Homeostasis
Image Source: Reference 2It is worth noting that,HS-20094Obesity in ChinaIIIPhase clinical trials have cumulatively administered medication to over a thousand subjects.；DiabetesIIPhase B TrialThe results have been announced, and the Phase III clinical trial was initiated on August 28, 2025.For Regeneron, introducing a mature molecule in the late clinical stage can quickly address the shortcomings of its metabolic pipeline and avoid the time cost of starting from scratch. More importantly, HS-20094 Can Form Synergies with Regeneron's Own Pipeline，Especially muscle-protective antibody drugsTRevogrumab (anti-GDF8) andGAretosmab (Anti-Activin A). Previously announcedIIThe COURAGE study showed thatTRevogrumab in combination with semaglutide can increase patients' muscle retention rate by 51.3%, while the three-drug combination regimen (+GAretosmab) further increased the retention rate to 80.9%. This "fat-reducing and muscle-enhancing" combination strategy directly addresses the pain point of muscle loss caused by current GLP-1 drugs, aligning closely with Regeneron's concept of "high-quality weight loss" proposed in their Q1 2025 earnings report.Despite a promising outlook, Regeneron facesTheChallenges still exist.The global Phase III clinical data for HS-20094 has not been fully released yet, and head-to-head comparison data with marketed products like tirzepatide remains unknown, bringing uncertainty to subsequent commercialization. Competition in the global GLP-1 field is becoming increasingly intense, with giants such as Eli Lilly and Novo Nordisk already holding first-mover advantages, while companies like AstraZeneca are also accelerating their strategic layouts. Meanwhile, Chinese pharmaceutical companies are making rapid progress in the development of innovative GLP-1 drugs, with multiple GLP-1R/GIPR dual agonists already entering the late stages of clinical trials, foreshadowing even fiercer market competition in the future.In the face of these challenges, Regeneron needsAndHansohPharmaceuticals work closely together,Accelerate the advancement of the international multicenter clinical trial for HS-20094 and optimize the clinical trial design plan.，To highlight the differentiated advantages of the product. In addition,How to develop an effective market access strategy, and how to create synergies with existing product lines,Exploring innovative treatment options such as combination therapy,All areNeedRegeneron's Serious Considerations.Metabolism Will Be the Main Battlefield in the Future
Despite GLP-1 being a key focus for Regeneron's comeback hopes, its long-term competitiveness still requires the synergistic support of a multi-field pipeline. Through internal research and external collaborations, Regeneron has positioned approximately 45 clinical-stage projects across four major areas—oncology, ophthalmology, metabolic diseases, and genetic medicines—building a multi-layered growth engine.In the field of ophthalmology,To address the patent cliff of aflibercept, Regeneron has launched a high-dose formulation, Eylea HD (8mg), extending the dosing interval to once every 16 weeks to alleviate competitive pressure from Roche's Vabysmo.In the field of oncology,AlthoughPD-1 Inhibitor Libtayo Struggles to Become a Core Growth Driver, butRegeneronContinues to expand its indications. Notably, the Phase III study for adjuvant treatment of high-risk CSCC demonstrated significant disease-free survival (DFS) benefits, and its marketing applications have been accepted in the United States and the European Union.。At the same time, the key Phase III data for the LAG-3 antibody Fianlimab in combination with Libtayo for first-line treatment of advanced melanoma is expected to be released in the second half of 2025. If the results are positive, this combination is expected to become an important immunotherapy option following PD-1/CTLA-4.In the field of coagulation factors, the clinical proof-of-concept data for two XI factor antibodies, REGN7508 and REGN9933, are positive, with Phase III studies expected to commence in 2025. In the gene therapy field,RegeneronLeveraging the genetic database of the Center for Genetics (RGC) and Alnylam's RNAi technology platform, six RNAi therapies have entered clinical trials since 2024, covering high-value areas such as hyperlipidemia, amyotrophic lateral sclerosis (ALS), and chronic kidney disease. Examples include ALN-SOD1, targeting SOD1 (for ALS), and ALN-ANG3, targeting ANGPTL3 (for hyperlipidemia).However, the majority of these pipelines are still in the early to mid-clinical stages, or focus on niche treatment scenarios, although they can build"Basic Disclosures"To hedge against risks in a single field, there are few areas with explosive potential like the "billion-dollar market level" seen in the metabolic field. What truly drives high market expectations and holds the most valuable imagination is the metabolic pipeline portfolio centered around HS-20094.HS-20094 and Trevogrumab“Fat Reduction and Muscle Gain”Combination therapy, with its differentiated advantages, can coverEli LillyThe unmet clinical needs for telipeptide, such as weight loss in middle-aged and elderly individuals, muscle protection, and other specific populations. Therefore, compared to the steady progress in fields like ophthalmology and oncology, Regeneron...HansohCollaboration in the field of pharmaceutical metabolism will determine whether it can return to a high growth track.、The Key Factors to Regain Market Confidence.Conclusion
From the peak of a hundred-billion-dollar market value to seeking external cooperation to break the deadlock, Regeneron's "midlife crisis" is essentially the叠加of its core product's growth reaching its peak and its pipeline being caught in a transition period. And withHansohThe collaboration in pharmaceuticals, with the HS-20094-based metabolic pipeline at its core, not only fills the gap in its competitive arena but also directly addresses market pain points through its differentiated advantage of "fat reduction and muscle gain.". In this process,Chinese pharmaceutical companies becomeItsThe Key Variable for a Turnaround，The global innovative drug landscape may also be rewritten as a result.1.《Regeneron 2025 Q2 Earnings Call Transcript and PPT》，Minghe Ruisi，2025-08-022.《GLP-1 and GIP Dual Action: Unveiling New Perspectives in Metabolic Regulation》，Endocrine Channel in Medical Field，2024-10-11*Disclaimer: This article merely introduces research progress in the pharmaceutical and disease fields, provides a brief overview of research, or shares pharmaceutical-related information. It neither recommends any treatment or diagnostic plans nor constitutes any advice on related investments. If there are any omissions in the content, please feel free to communicate and point them out!
