Leerink Partners Reiterates Outperform on Regeneron (REGN)
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Leerink Partners reiterated an Outperform rating and $530.00 price target on Regeneron Pharma (NASDAQ: REGN) after Regeneron and Sanofi reported full results from the two Phase III SOLO studies.
Analyst Geoffrey Porges commented, "We reiterate our bullish view for dupilumab after Regeneron and Sanofi (SNY, OP) reported full results from the two Phase III SOLO studies in moderate-to-severe atopic dermatitis (AD) patients at the European Academy of Dermatology and Venereology (EADV) this weekend. The companies previously reported topline data for the primary endpoint, but the incremental information in this weekend’s presentation (and the simultaneous NEJM publication) confirmed the early onset of drug effect, the robust consistency of effect across studies, endpoints and time, and a generally benign safety profile. Normally these characteristics would suggest spectacular commercial potential in a disease with a large prevalence and poor treatment options for severe patients, but payers already see this program coming. We now look to the partnered commercial organizations to explain how they plan to price and promote dupi, at a manageable expense investment, to avoid the formidable roadblocks that have stalled the recent launches of other chronic use specialty therapeutics with large commercial opportunities. Otherwise we have concerns that the stock is facing launch estimates that are too high, and launch revenue that falls short of potential."
Shares of Regeneron Pharma closed at $402.02 yesterday.
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