Fianlimab Falls Short; A Clear Disappointment, But Core of OW Thesis Remains Intact

Research evidence excerpt

Fianlimab Falls Short; A Clear Disappointment, But Core of OW Thesis Remains Intact

Biopharmaceuticals

Regeneron Pharmaceuticals, Inc. (REGN)

EQUITY RESEARCH Company Update

May 17, 2026

Fianlimab Falls Short; A Clear Disappointment, But Price: $698.25

Price Target: $785.00 (From Core of OW Thesis Remains Intact

$800.00)

REGN announced negative results Friday evening from its phase 3 study Rating: Overweight

of fianlimab + cemiplimab (PD-1 + LAG-3) vs. Keytruda in 1L unresectable/

Key Statistics: metastatic melanoma. The immediate implications are straightforward: Symbol NSQ: REGN

removes a potential blockbuster and potential ‘28 top-line driver, implies 52-Week Range 476.49 - 821.11

Market Cap 73,203.9 likely negative data from the other fianlimab studies (metastatic and

ADV (3 mo) 685,493 adjuvant), and brings to the surface a broader discussion on the poor

Shares Out (M) 110.0 productivity from the Regeneron oncology franchise in recent years. REGN

shares will likely be under pressure Monday, but we are maintaining our

Research Analysts: Overweight rating. These data have been an overhang for REGN shares,

Carter Gould and plenty of investors had moved to the sidelines as these top-line data

212-915-1794

Carter.Gould@cantor.com had dragged out. Though REGN shares will reset modestly lower, we still

Ryan Chen see an attractive outlook driven by near-term earnings acceleration, a likely

212-294-7862 compelling MG launch later this year, GA/PNH data (each with modest

Ryan.Chen@cantor.com Street expectations), and a more dynamic ’27. We lower our PT to $785,

reflecting removal of fianlimab across the metastatic and adjuvant settings. REV ($B)

FYE Dec 2025A 2026E 2027E Takeaways from Conversation with Regeneron. The key focal point