There's still a 5% chance they'll drop something as far as I'm aware, Lexor. The egg rate is related to the item dropped being the egg. So there's a 5% a creature will drop an item, then there's a 1-5% chance that item will be an egg instead of a trophy.
TriNebulon News: Y18 D30 - Y19 D170 RIP :(
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The drop chance for eggs goes from 12% to 4%, I believe, but yes, you have to get past the 5% "item drop" chance first, and then there's a 4-12% chance (based on size) that said drop will be an egg instead of a trophy.