Regeneron kept funding its antibody bet through 2008, then Eylea made it a giant

Regeneron entered the 2008 financial crisis as a biotech whose pipeline had not yet produced a blockbuster. Its real asset was the proprietary Trap and antibody platform the company had built.

Instead of cutting research when credit froze, Regeneron kept investing in its platform and leaned on a Bayer collaboration that helped fund the late-stage development of aflibercept, later branded Eylea.

In November 2011 the US FDA approved Eylea for neovascular (wet) age-related macular degeneration. The approval, and the platform behind it, moved Regeneron from a money-losing biotech to a core of modern ophthalmology.

Named a top-five post-2008 performer by BCG; Eylea's 2011 approval anchored a blockbuster ophthalmology franchise.

Kept funding R&D and its own platform through the downturn while peers pulled back.

Used a big-pharma partnership to fund later-stage work without giving up US rights.

Stuck to a clear vision of a durable platform instead of chasing recession-era diversification.

A contrarian, well-funded research bet through a downturn can build a durable lead that steadier rivals forfeit.

Eylea became Regeneron's engine; its antibody platform later produced Dupixent with Sanofi. Regeneron grew into one of the world's most valuable biotech companies and BCG ranked it among the firms that most outperformed the S&P Global 1200 from 2008 through 2019.