Oppenheimer Positive on Regeneron Pharma (REGN), 'We anticipate material pipeline readouts in 2H22/1H23'
Oppenheimer analyst Hartaj Singh reiterated an Outperform rating and $775.00 price target on Regeneron Pharma (NASDAQ: REGN).
The analyst comments "Regeneron (REGN) reported 2Q22 sales/earnings on 8/3 and provided a business update. Sales modestly outpaced OPCO expectations while earnings beat our estimates by ~15% due to lower OPEX spend than we projected. Total sales (ex-REGEN-COV) increased 20% year over year driven by strong performance of Eylea in the US (+14% YoY) and Dupixent (+40%). Management updated FY22 guidance reflecting the completion of the Libtayo rights acquisition from SNY. We anticipate material pipeline readouts in 2H22/1H23 with (1) P3 high-dose (HD) Eylea in wAMD and DME, (2) oncology with MUC16xCD3, METxMET, and fianlimab (LAG-3)/Libtayo combo updates at ESMO 2022, and (3) data from P3 studies in CINDU-Cold and COPD for Dupixent. Updating the model, we stay bullish."
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Shares of Regeneron Pharma closed at $608.77 yesterday.