Regeneron Pharmaceuticals (NASDAQ: REGN), a large-cap biotechnology company, is under heavy pressure today. Specifically, the biotech's stock was down by an unsightly 6.5% on heavy volume as of 12:19 p.m. ET Thursday afternoon. 

Regeneron's shares are moving southward in response to lower-than-expected sales of its flagship eye-care treatment, Eylea, during the first quarter of 2023. Eylea is indicated for serious eye conditions such as age-related macular degeneration (AMD) and diabetic macular edema (DME). 

In the first quarter, Regeneron reported a 6% dip in year-over-year U.S. sales for the eye-care drug, reflecting increasing competition from newer rivals like Roche's Vabysmo.

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Source Fool.com