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Why this Regeneron eye rival just catapulted more than 120%. * ALLISON GATLIN * Updated 09:58 AM ET 09/28/2026 Kodiak Sciences (KOD) stock skyrocketed Monday on a double win for its potential rivals to Regeneron Pharmaceuticals' (REGN) blockbuster eye drug, Eylea. Kodiak tested its drugs, Zenkuda and KSI-501, in patients with wet age-related macular degeneration. In this condition, abnormal blood vessels grow under the retina and leak fluid or blood, causing a rapid loss of central vision. Investors Are Rotating Into Healthcare. Here's Why. Janus Henderson portfolio manager Dan Lyons discusses why he sees opportunities for market outperformance in the healthcare sector as innovations in biotechnology, pharmaceuticals and medical devices proliferate. Investors Are Rotating Into Healthcare. Here's Why. See All Videos In the study, both Zenkuda and the earlier-stage drug, KSI-501, proved to be non-inferior to aflibercept after a year of treatment. Aflibercept is the chemical behind Eylea. Kodiak stock soared more than 120% to 72.47 in morning trades. Shares opened at a four-year high. Regeneron stock slipped 2.5% to 768.33. Both drugs show promise. Evercore ISI analyst Umer Raffat says investors only expected a "win" for Zenkuda which, like Eylea, works to block VEGF. VEGF, or anti-vascular endothelial growth factor, is a protein that leads to abnormal blood vessel growth. Eylea uses the same mechanism. But the earlier-stage KSI-501 also showed promise. KSI-501 blocks VEGF and IL-6, an inflammatory protein linked to the development and severity of wet age-related macular degeneration, or wet AMD. Zenkuda showed "meaningful vision gains as well as rapid and sustained retinal drying" for 54% on patients on every-six-months dosing. Zenkuda is given as an injection in the eye. "Today's results are deeply satisfying," Kodiak Chief Medical Officer J. Pablo Velazquez-Martin said in a written statement. "Four years and seven months after our first Phase 3 readout, Zenkuda's profile has come fully into focus through rigorous science, disciplined learning and thoughtful execution." KSI-501, also called tabirafusp alfa tedromer, met the study's vision goal. Kodiak Sciences is starting the Phase 3 study and accelerating enrollment in a study of patients with diabetic macular edema. The company is further planning to ask the Food and Drug Administration to approve Zenkuda in the fourth quarter. Dosing is the 'cherry on top' Raffat called the every-six-months dosing the "cherry on top" for Kodiak Sciences. That company used a strict "treat-to-dry" retreatment criteria. So, for 54% of patients, the results were durable for six months after the injection. The drugs also proved safe and tolerable. But the single most important line in the press release comes from Dr. Charles Wykoff, chairman of research at the Retina Consultants of Texas and a professor of clinical ophthalmology and deputy chair of ophthalmology at the Blanton Eye Institute. Wykoff, Raffat said, "is one of the most prolific retina trialists." "The Zenkuda results exceeded my expectations," Wykoff said. Dr. David Brown, chief medical officer for Retina Consultants of America, said the "holy grail" in treating wet AMD is finding something that delivers "robust anatomic disease control and maximal vision gains, sustained with less frequent dosing." In this way, the results of the study are "truly impressive," he said in a written statement. IBD newsletters. Get exclusive IBD analysis and actionable news daily. Follow Allison Gatlin on X/Twitter at @AGatlin_IBD. YOU MAY ALSO LIKE:

Regeneron Pharmaceuticals, Inc. (REGN) presents at Bernstein Insights: Healthcare Leaders and Disruptors - 3rd Annual Healthcare Forum transcript. 162.3K Followers Regeneron Pharmaceuticals, Inc. (REGN) Bernstein Insights: Healthcare Leaders and Disruptors - 3rd Annual Healthcare Forum September 23, 2026 10:30 AM EDT Company Participants Ryan Crowe - Senior Vice President of Investor Relations & Strategic Analysis Christopher Fenimore - Executive VP of Finance & CFO Conference Call Participants Jeffrey Walch - Bernstein Institutional Services LLC, Research Division Presentation Jeffrey Walch Bernstein Institutional Services LLC, Research Division Thank you so much for our next conversation with health care leaders and disruptors. I have the pleasure of speaking with Regeneron Pharmaceuticals. My name is Jeffrey Walch. I'm one of the analysts at Bernstein, I cover U.S. Biotechnology. And I'm very excited today to talk to 2 of the senior leaders at Regeneron, Chris Fenimore, EVP, Finance and CFO; and Ryan Crowe, SVP, Investor Relations. Before we kick off, I think, Ryan, you have something to read. Ryan Crowe Senior Vice President of Investor Relations & Strategic Analysis I sure do, Jeffrey. Thank you so much for having us. And I'll just briefly read a forward-looking statement reminder that remarks made today may include forward-looking statements about Regeneron, and each forward-looking statement is subject to risks and uncertainties that could cause actual results and events to differ materially from those projected in such statements. A description of material risks and uncertainties can be found in Regeneron's SEC filings. Regeneron does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. And with that, Jeffrey, why don't we hop into your questions? Question-and-Answer Session Jeffrey Walch Bernstein Institutional Services LLC, Research Division Perfect. Well, thank you once again, both of you for chatting with us today. I'll sort of ask the question and whoever or both of you that would like to answer, feel free to do so. So first off, congrats on

Novo Nordisk and Regeneron Pharmaceuticals represent distinct pharmaceutical investment opportunities. Novo Nordisk specialises in metabolic disorders, particularly diabetes and obesity treatments, serving patients in roughly 170 countries with a workforce of about 68,800. In fiscal 2025, Novo Nordisk generated nearly $47.7 billion in revenue, up 6.4% year-over-year, with net income of approximately $15.8 billion. The company's net margin stood at 33.1%, whilst its debt-to-equity ratio was 0.7x. Free cash flow reached nearly $4.5 billion. Regeneron focuses on treatments for eye diseases, cancer, and inflammatory conditions using proprietary technologies. The company maintains strategic partnerships with Sanofi and Bayer. In July 2026, Regeneron expanded its cancer therapy pipeline through collaboration with Telix Pharmaceuticals. Notably, two distributors accounted for roughly 77% of Regeneron's gross product revenue in 2025, creating customer concentration risk.