Research Feed

The Street dumped VNDA 17% on February 11 after the company reported a $220M net loss (-$3.74 EPS) for FY2025. The headline looks brutal. The operational reality tells a different story. $113.7M of that $220M loss is a non-cash deferred tax asset valuation allowance. Management wrote down all DTA be

Regeneron reported Q4 2025 earnings last week. Stock down 1.1% on the day, up 2.1% since. Market yawned. That reaction tells you something: The Street is focused on the known franchises (Dupixent +36% YoY, Eylea HD mix shift progressing as expected). They're missing three pipeline programs where the