As previously reported, Leerink downgraded Regeneron (REGN) to Market Perform from Outperform with a price target of $1,077, down from $1,175. The trigger for the downgrade, the firm says, was a negative Eylea 2 mg biosimilar preliminary injunction ruling, which creates uncertainty about prospects for the U.S. Eylea franchise. Leerink estimates 2025 U.S. Eylea 2 mg revenue of $3.5B, which represents 23% of total 2025 revenue of $15.5B and a much higher percentage of profits. The firm previously assumed that Regeneron would be able to settle with all biosimilar challengers for entry at a time of its choosing, but now cannot rule out the possibility of Amgen (AMGN) (MP) launching its biosimilar Eylea earlier.
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