A Bad Case of Déjà Vu: LAG-3 Miss Highlights Needed R&D Improvements Remain

研报英文原文证据摘录

A Bad Case of Déjà Vu: LAG-3 Miss Highlights Needed R&D Improvements Remain

May 17, 2026 | 23:27 ET~

Regeneron Pharmaceuticals

REGN-NSDQ Rating Price: May-15 Target ↓ Total Rtn BioPharma

Outperform $698.25 $730.00 5%

Evan David Seigerman Analyst

evan.seigerman@bmo.com (212) 444-4328

Malcolm Hoffman, CFA VP Associate

A Bad Case of Déjà Vu: LAG-3 Miss Highlights Needed malcolm.hoffman@bmo.com (646) 438-2627

Conor MacKay VP AssociateR&D Improvements Remain

conor.mackay@bmo.com (347) 988-4235

Bottom Line: Legal Entity: BMO Capital Markets Corp.

Another R&D disappointment puts fresh pressure on Regeneron; Friday's late

2YR Price Volume Chart

night disclosure of a failed Ph 3 melanoma trial leaves us shaking our heads. 1,400

This was to be the defining catalyst of 1H26, with share sentiment inextricably tied 1,200

to this release. While we did see a numerical PFS benefit for the fianlimab+Libtayo 1,000

combination, it was not statistically significant. We expect shares to trade into the low 800 765

$600s (likely overshooting the FV of REGN shares). On this failure, we cut our target 4

600 3

to $730 (from $900) removing all credit for melanoma. 21

400 0

Nov May Nov May

Key Points LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Company Data in $

What's LAGging here? Details are limited in the top-line data release, but after

Dividend $3.76 Shares O/S (mm) 104.8catching up with Regeneron Sunday night, we learned that the statistical miss

for fianlimab was driven by late-separation in PFS curves with some trend of OS Yield 0.5% Market Cap (mm) $73,205

improvement. Regardless of how close fianlimab was to success, close does not count. 52-Week High $821 AD Vol. (mm) 0.73

Commercial dynamics may be improving, but R&D struggles we previously highlighted BMO Estimates in $