Regeneron Pharmaceuticals Inc.’s first-quarter sales of blockbuster eye drug Eylea came in below Wall Street targets on Thursday as competition heated up, dragging the company’s shares more than 5% lower in early trade.

Just over a year since Genentech and parent Roche gained approval for Vabysmo, an injectable ophthalmic medicine to treat wet age-related macular degeneration and diabetic macular edema, the companies have launched the first DTC ad for the product.

Switzerland’s Roche said first-quarter sales dropped 7% on falling demand for its COVID-19 therapies and tests, less steep than analysts had expected thanks to strong revenue growth from a new eye drug.

Bayer said on Thursday its anti-blindness treatment Eylea, jointly developed with Regeneron (REGN.O), has been shown to work as well when given at a higher dose at a longer interval between injections.