Biotech giant Regeneron Pharmaceuticals (NASDAQ: REGN) has been on fire over the past three years. The company has delivered solid clinical progress and an important regulatory approval, and its financial results have generally been robust excluding its coronavirus antibody, whose sales are dropping.

However, every company, even the best ones, sometimes encounters headwinds. Regeneron is no exception. The drugmaker recently received a rejection letter from U.S. regulators regarding an application it submitted for one of its pipeline candidates. Let's look at what this means for the business and its shareholders.

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Source Fool.com