Declining Lucentis Market Share Bodes Well for Regeneron's (REGN) Eylea -BMO

Shares of Regeneron Pharma (Nasdaq: REGN) opened about 2 percent higher Thursday morning (although have since given up most gains) as traders are likely responding to comments from Roche on its wet AMD drug Lucentis.

On the company's first-quarter earnings conference call Thursday morning, a Roche exec said Lucentis market share declined moderately to 36 percent.

BMO Capital's Jim Birchenough highlighted the comment in a research note from earlier, saying the data suggests increased competition from Regeneron's Eylea. He believes "Lucentis sales in the context of a strong launch of Eylea with substantial patient switching suggests significant anti-VEGF category and brand expansion..."

Birchenough maintains an Outperform rating and $142 price target on shares of Regeneron Pharma.

The stock last traded at $121.89, up 0.4 percent from Wednesday's closing price.

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