Regeneron upgraded to Outperform at RBC Capital on increased visibility

As previously reported, RBC Capital analyst Brian Abrahams upgraded Regeneron to Outperform from Sector Perform with a price target of $1,076, up from $884. The firm has “long been enthusiastic” about the sales prospects for Dupixent and many pipeline programs, but remained on the sidelines due to concerns around what it saw as the Street’s “over-optimism” for the Eylea franchise. However, a number of recent wins, including strong Eylea High Dose data and initial market conversion, Dupixent COPD trial successes, aflibercept biosimilar litigation victory, and good pipeline progress, should reduce pressure on Eylea’s near-term commercial performance and provide increased visibility, the analyst tells investors.