Regeneron Pharma (REGN) PT Raised to $388 at Citi

Citi raised its price target on Regeneron Pharma (NASDAQ: REGN) to $388.00 (from $380.00) while maintaining a Neutral rating following the company's preannounced 2017 Eylea sales results. REGN also released 2018 expense guidance.

REGN noted that it will benefit from tax reform and guided for a 2018 effective tax rate of 15%-19% vs 28% cons. The company will have a lower statutory rate in the US, where the majority of its earnings are taxed. Non-GAAP Unreimbursed R&D guidance is $1.23B-$1.33B vs $1.10B cons. Citi raised estimates to $1.28B from $1.21B. Non-GAAP SG&A guidance is $1.35B-$1.45B vs $1.37 cons.

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