Baird downgraded Regeneron Pharma (NASDAQ: REGN) from Outperform to Neutral with a price target of $488.00 (from $505.00) following Q2 results.

Analyst Brian Skorney commented, "Regeneron posted an EPS beat in the second quarter, driven by operating expense adjustments. Though Eylea sales growth remains strong, after a thorough model review, we think the consensus EPS expectations over the 2017/18 time frame will be hard to meet without a 15-20% downward revision. Near term, with high expectations for dupilumab and sarilumab sales baked in, a slow Praluent launch, and opex set to increase, we are comfortable moving to the sidelines and lowering our price target to $448."

The firm cut FY 2016 EPS from $11.69 to $11.02 and FY 2017 EPS from $15.13 to $12.83.

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 $433.40 yesterday.