Regeneron Pharmaceuticals Inc. shares declined 2% in premarket trade Monday after the company said that results from two phase 2 trials studying its combination therapy did not support advancing the program into phase 3 trials. The two trials studied the combination of eye medication Eylea and nesvacumab in diabetic macular edema and wet age-related macular degeneration, both serious eye diseases. Both studies aimed to find out if the combination — which is being jointly developed by Regeneron and Bayer worked better than Eylea on its own, but the results “did not provide sufficient differentiation to warrant Phase 3 development,” Regeneron said. Regeneron shares have dropped 19.5% to $384.85 over the last three months, compared with a 6.5% rise in the S&P 500 and an 8% rise in the Dow Jones Industrial Average .
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