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Roth Raises PT on Regeneron (REGN) to $382; ODYSSEY MONO, Alirocumab Data Bolsters Positive Outlook

March 31, 2014 1:59 PM EDT
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Price: $962.49 -0.39%

Rating Summary:
    29 Buy, 13 Hold, 1 Sell

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Roth Capital boosts its price target on Renegeron Pharma (Nasdaq: REGN) from $362 up to $382 and affirms its Buy rating on the stock. The adjustment comes after Regeneron presented its full data set from the ODYSSEY MONO study as well as data supporting the potential for once per month dosing with alirocumab recently.

Analyst Joseph Pantginis commented, the >23,000 ODYSEEY program continues to push forward, much of the focus remains on the growing revenue streams from Eylea. 4Q13 earnings were driven by EYLEA sales, which grew 70% year over year in the U.S. and steadily grew ex-U.S. as the global rollout continued. REGN expects EYLEA sales to remain strong in 2014, and issued guidance of $1.7-1.8 billion in U.S. EYLEA net sales (25% year over year growth) for 2014. Included in this guidance is the anticipated approval in the DME indication (August 18, 2014 PDUFA date).

Bottom line: We believe REGN warrants a core portfolio position given: 1) approved and late stage products, 2) a deep pipeline, 3) strong partners and, 4) strong cash management.


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