Regeneron Eylea IPR losses ‘mostly anticipated,’ says RBC Capital

RBC Capital analyst Brian Abrahams noted that the USPTO’s Patent Trial and Appeal Board has ruled in favor of generic petitioners Mylan (VTRS), Celltrion, and Apotex that they have established unpatentability of key claims in Regeneron’s (REGN) ‘069 and ‘338 patents around Eylea. While a win on these IPRs could have provided an upside scenario for Regeneron, he believes the market had generally anticipated this would be deemed unpatentable due to anticipation/obviousness and he would not expect "any material change to sentiment, numbers, or the stock" based on these rulings, Abrahams tells investors. He has a Sector Perform rating and $700 price target on Regeneron shares.