The Fly

Regeneron upgraded at Cowen with Eylea ‘secure’ and pipeline ‘delivering’

As previously reported, Cowen analyst Tyler Van Buren upgraded Regeneron to Outperform from Market Perform with a price target of $875, up from $775. Recent high-dose Eylea data has "altered the trajectory of Regeneron" and "re-secured" the future of the Eylea franchise, the analyst tells investors in a research note. With the Eylea to high-dose Eylea transition likely to occur rapidly, the impact of biosimilars will be minimal and out-year consensus estimates are "too low," the firm contends. Meanwhile, consensus has Dupixent achieving $15B in global sales by 2027, though Cowen believes this could occur a year or two earlier as it models Dupixent sales surpassing $18B before EU patents expire in 2029. Also, the oncology franchise gets little-to-no value, but Odronextamab and Fianlimab are "real, tangible opportunities," Cowen added.

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