Raymond James Reiterates Market Perform Rating on Regeneron Pharma (REGN)

Raymond James analyst Sean McCutcheon reiterated a Market Perform rating on Regeneron Pharma (NASDAQ: REGN).

The analyst comments "Friday, before market open, Regeneron and Sanofi reported that one of the Phase 3 studies for itepekimab (IL-33 mAb) on top of background therapy (LABA/LAMA/ICS) in COPD was successful (AERIFY-1) and the other missed on stats (AERIFY-2) for the primary endpoint of reduction in annualiized exacerbation rate relative to placebo at 52 weeks. We anticipate the stock will trade down on the result as a meaningful piece of the growth story for Regeneron (5% of 2030 revenues) was tied into approval of itepekimab, agnostic to eosinophil count, in former smokers (with lower eosinophil count differentiating the franchise from Dupixent). We did not include itepekimab revenues in our model, and therefore the result has no impact on our valuation or view on the trajectory of the company. We do, however, note the miss on AERIFY-2 is another in a line of challenges for Regeneron in recent months (primarily related to regulatory missteps and Eylea franchise dynamics)."

For an analyst ratings summary and ratings history on Regeneron Pharma click here. For more ratings news on Regeneron Pharma click here.

Shares of Regeneron Pharma closed at $605.39 yesterday.

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