RBC Capital analyst Brian Abrahams lowered the firm’s price target on Regeneron to $802 from $806 and keeps a Sector Perform rating on the shares. The analyst states that the firm conducted a payer survey to better gauge future dynamics of the company’s key value-driving optho franchise and understand how tiering and step edits will be used to manage utilization of high-dose Eylea vs. competitors. RBC concluded that Regeneron could hang on to about 2/3 of its market share, but also contends that the current consensus estimates look "too optimistic". The firm added that until go-forward consensus Eylea numbers come down to reflect Eylea erosion, or unless Regeneron can successfully delay biosimilar entry, it may be more difficult for the stock to meaningfully outperform.
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