BofA raised the firm’s price target on Regeneron to $680 from $665 and keeps an Underperform rating on the shares after catching up with Regeneron’s leadership team. Based on insights from management discussions as well as commentary from key opinion leaders on the early launch feedback from Eylea HD, BofA feels “incrementally more positive” on protection of nominal share for Eylea in the core wAMD/DME markets. However, with Roche’s (RHHBY) Vabysmo gaining traction and potentially Eylea biosimilars launching “when not if,” the firm’s estimates remain below consensus, supporting an Underperform rating, the analyst added.
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