Regeneron Pharmaceuticals (NASDAQ: REGN) has underperformed broader equities over the past two years. Perhaps the biggest reason for that is the company's declining sales of Eylea, a medicine that treats several eye-related conditions. Regeneron has faced significant competition (biosimilar and otherwise) for Eylea, and despite the company launching a newer formulation of the medicine that is performing well, combined sales of the two versions are still dropping. The good news for Regeneron is that its most important asset continues to perform extremely well. Image source: The Motley Fool. Regeneron developed Dupixent in collaboration with Sanofi (NASDAQ: SNY). The latter records global sales of the medicine and the two companies share U.S. profits equally, while Sanofi gets between 55% and 65% of the profits generated by the drug outside the U.S. Beyond eczema, Dupixent is approved for the treatment of COPD -- an indication it earned in the U.S. just about two years ago -- asthma, and several other conditions. The drug has been posting excellent sales growth and has been instrumental in helping Regeneron overcome its recent challenges.
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