Cantor Fitzgerald lowered its price target on Regeneron (REGN), pointing specifically to concerns around Eylea (aflibercept), the blockbuster anti-VEGF treatment for wet AMD and other retinal conditions that has historically been one of Regeneron's largest revenue contributors. The downward revision reflects Wall Street's growing unease about Eylea's near-term revenue trajectory as biosimilar competition intensifies and rival therapies like Vabysmo (faricimab) continue to take market share.

Regenerons FY2025 revenue base sits at $14.3B, growing just 1.0% YoY — a deceleration that already hints at the Eylea erosion thesis playing out. Net margins are at 31.4% with diluted EPS of $41.48, so the underlying business remains profitable, but flat top-line growth is a red flag when the stock still carries a meaningful premium to the broader market.

The second-order question is whether Eylea HD (8mg aflibercept) can serve as a credible bridge product — Regeneron has been pushing the higher-dose version to retain patients and physicians ahead of biosimilar AFL entries. Bulls argue the HD formulation and Dupixent's explosive growth trajectory provide enough offset; bears point to the 1% revenue growth figure as evidence the transition is already grinding.

What to watch: the pace of biosimilar AFL market share gains, Vabysmo script trends, and any Dupixent guidance updates that could either offset or underscore the Eylea drag. A soft next earnings print on Eylea net revenue would validate the bear case and likely spark further PT cuts across the street.