Regeneron Pharma (REGN) PT Raised to $725 at Credit Suisse After Earnings

Credit Suisse analyst Evan Seigerman raised the price target on Regeneron Pharma (NASDAQ: REGN) to $725.00 (from $716.00) after 2Q financial performance was boosted by Eylea faring better than expected as demand picked up in June, the top line was bolstered by other revenue and the bottom line was helped by a tax benefit.

The analyst maintained an Outperform rating, stating "Looking ahead we look forward to potential oral presentations of Libtayo in 1L NSCLC and BCC at ESMO (pending LBA acceptance), imminent regulatory submission, and potential launch. We continue to expect additional share upside as the oncology platform expands to include novel bispecifics, beyond Libtayo. Beyond the core commercial business and pipeline, we are also encouraged with the rapid pace of the Covid-19 Ab program, with initial data expected in September. While management was hesitant to comment if that data would be sufficient for EUA, we believe that the company is working as quickly as possible to generate the requisite data to move the cocktail into broader use. Overall, Regeneron continues to execute from both a commercial and pipeline perspective, setting up for continued success".

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