Regeneron ( NASDAQ: REGN ) pared gains after the U.S. Patent Trial and Appeal Board ruled that a patent to treat retinal diseases was unpatenable.
The PTAB ruled that Regeneron Eylea patent '069 was unpatenable, according to a ruling o n the agency's website.
Morgan Stanley said in a note late last month that it expected expected "minimal" stock movements with Regeneron ( REGN ) potentially down "low single digit %" in a loss, analyst Matthew Harrison wrote in a note on Oct. 24.
With the loss, Eylea is expected to face competition from biosimilars, likely starting in 2024, according to Jefferies. Eylea faces competition from an Eylea biosimilar from Viatris ( VTRS ) and Roche's Vabysm.
In August Jefferies said the IPR hearing on the IPR on ‘338 patent suggested that the Regeneron ( REGN ) could lose the patent.
Regeneron had $5.8 billion in sales for Eylea in the U.S. last year, according to Bloomberg.
Recall in November The U.S. Patent and Trademark Office's Patent Trial and Review Board said it will review two patents related to Regeneron ( REGN ) Eylea amid a challenge from Viatris ( VTRS ).
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Regeneron pares gains after PTAB rules against Eylea patent