Why did Regeneron's net profit decline in early 2024?

Regeneron's net profit decline in early 2024 can be attributed to **Decreased Eylea Sales and Increased Competition**.

1. **Impact of Competition on Eylea Sales**: Regeneron's earnings were affected by a 11% year-over-year decline in U.S. sales of Eylea, which is a key product. This drop is primarily due to increased competition. Eylea's sales in the U.S. amounted to $1.2 billion, falling to $1.49 billion when including Eylea HD. Although Eylea HD contributed to the sales, the overall sales missed the Zacks Consensus Estimate by 4.29%.
2. **Global Net Sales of Dupixent**: Despite a 24% increase in global net sales of Dupixent, recorded by Sanofi, the first-quarter net sales did not meet expectations. The global net sales reached $3.08 billion, up 24% from the previous year's first quarter. However, the U.S. net sales for Praluent (alirocumab) fell short of estimates, with $56.10 million recorded versus the anticipated $40.27 million.

In summary, Regeneron's net profit decline in early 2024 is primarily due to decreased Eylea sales and increased competition. Despite other products showing positive performance, the significant decline in Eylea's U.S. sales and the missed expectations in global net sales of Dupixent contributed to the overall net profit decline during that period.