The numbers don’t lie: The first biosimilar foray into the aflibercept category is going very well for Amgen.
The intravitreal injectable market has been a complicated, highly contested arena for many years. The first-generation products are VEGF inhibitors, and a second-generation product that targets both the VEGF and Ang-2 pathways (faricimab, reference product Vabysmo).
The choices encompass the quite inexpensive off-label option of compounded bevacizumab (generally using the reference product Avastin), which has been popular with payers. It also includes Lucentis and two ranibizumab biosimilars, in addition to Eylea and Eylea HD and Amgen’s aflibercept biosimilar Pavblu.
Eylea’s US Sales Are Down > 40%
Eylea has been the top dog in retinal disorder treatment. Regeneron’s net US earnings in 2023, the last year before facing aflibercept biosimilar competition, were $5.7 billion. Pavblu, the only marketed aflibercept biosimilar, was introduced in October 2024, and it has effectively sliced away at this revenue pie. In Amgen’s third-quarter earnings report this year, it recorded net US Pavblu sales of $212 million. On top of its previously reported $225 million sales in 2025, the company is on its way to likely over $650 million for the full year.
On the other hand, Regeneron has been trying to convert as many prescriptions to Eylea HD as possible. Its main Eylea revenues are down 41% (to $681 million) in the third quarter of 2025 compared with the same quarter in 2024. However, the revenue for Eylea HD was up 10% to $431 million over the same period; this translates to a $40 million increase (and was approximately unchanged from its earnings from Q2 2025). There has likely been some conversion of Eylea to Eylea HD prescriptions, but the increase in revenues were only $40 million over the previous year’s third quarter, which is far below the $464 million revenue losses seen in net Eylea sales.
It may be that payers are not allowing further conversion to Eylea HD and/or they are accelerating their uptake and preference for Pavblu, the biosimilar.
In assessing these figures, we must also consider reductions in average sales pricing (ASP) as contributing to the loss (ASP of Eylea fell from $821.98 in October 2024 to $771.59 in October 2025 per 1 mg [–6%]). This drop is minimal, but only the beginning.
New aflibercept competition is expected later this year, and prices will no doubt fall. However, Amgen has jumped at its opportunity to grab the initial portion of the Eylea revenue pie.
