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."

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 $608.77 yesterday.

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