Don't forget:
$repl = '@mydomain.com';
$addr = str_replace(strrchr($addr, '@'), $repl, $addr);
or
$addr = str_replace(strpbrk($addr, '@'), $repl, $addr);
or
$addr = strtok($addr, '@') . $repl;
or
$addr = substr($addr, 0, strcspn($addr, '@')) . $repl;