Wells Fargo notes that the ruling in favor of Regeneron on its Eylea IP removes a key overhang for the stock and could push out biosimilar entry, giving the company’s higher chances of converting patients onto HD Eylea. Every 10% incremental conversion could add $55/share upside to Wells’ DCF. With a promising start to HD Eylea launch in the first 6 weeks, the firm sees momentum that could drive HD Eylea to a $1B annual run rate as early as Q1 2024. Wells has an Overweight rating on the shares with a price target of $980.
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