Regeneron (REGN) PT Raised to $664 at Leerink Partners; Reacceleration in Eylea
Leerink Partners analyst Joseph Schwartz reiterated an Outperform rating and bumped his price target on Regeneron Pharma (NASDAQ: REGN) to $664.00 (from $630.00) following solid Q2 results this morning. The analyst noted reacceleration in Eylea, particularly due to demand in diabetic macular edema (DME).
Schwartz commented, "On Tuesday (8/4) before the open, REGN reported its 2Q15 financial results that beat on both top and bottom line, largely due to continued strength in Eylea’s US sales ($655MM, 21% growth q/q), handily beating our/consensus estimates of $565MM/$595MM. Ex-US sales of $338MM also came above our estimate of $308MM. We are updating our model to reflect new top-line growth estimates, largely factoring in the continued strong growth of the Eylea franchise."
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Shares of Regeneron Pharma closed at $554.27 yesterday.