REGN: 2Q Preview - Dupixent Strength Supports Beat; Pipeline Progress Key to Long Term Narrative

研报英文原文证据摘录

REGN: 2Q Preview - Dupixent Strength Supports Beat; Pipeline Progress Key to Long Term Narrative

Equity Research

Earnings Revised — July 8, 2026

Biotechnology

Regeneron Pharmaceuticals, Inc.

2Q Preview - Dupixent Strength Supports Beat; Pipeline Equal Weight

Progress Key to Long Term Narrative Price Target: $700.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

We see a modest operational beat, led by Dupixent and partly offset by Eylea SD. EPS 2026 48.30 50.73 -4.8%

However, stock direction is more likely to be driven by Eylea HD PFS progress and EPS 2027 59.77 62.43 -4.3%

Dupixent lifecycle catalysts than quarterly earnings. Rev. (MM) 2026 16.23B 16.44B -1.3%

Mgmt on Eylea HD Prefilled Syringe. REGN noted that they remain optimistic on Ticker REGN

the Catalent-linked filing & expect FDA action later this year. REGN highlighted Upside/(Downside) to Target 3.5%

they're working closely w/ the CDMO & FDA to solve the issue. Mgmt noted that Price (07/07/2026) $676.23

OAI reclassification & BLA review are separate processes handled by different FDA

52 Week Range $532.60 - 821.11

departments, but should be on similar timelines. That said, the BLA decision is likely the

next REGN update, while any OAI-related update either not be public or come from Market Cap (MM) $72,830

Catalent. Enterprise Value (MM) $56,276

Average Daily Value (MM) $669

Mgmt on Dupi lifecycle management (LCM). REGN noted that Dupi LCM remains a Dividend Yield 0.0%

strategic focus, with long-acting IL-13 already in the clinic across healthy volunteers

and certain AD pts, and potential to move directly into Ph3 pending FDA alignment. $ (Dec) Q1 Q2 Q3 Q4 FY

Mgmt also expects a Supi-Dupi update by YE, though advancement requires Sanofi EPS

agreement.