REGN: Takeaways from the pre-Q2 call

研报英文原文证据摘录

REGN: Takeaways from the pre-Q2 call

USA | Biotechnology

Regeneron Pharmaceuticals EquityJulyResearch2, 2026

COMPANY UPDATEREGN: Takeaways from the pre-Q2 call

We caught up with REGN IR ahead of Q2 earnings. Here are our takeaways from RATING BUY

the call: PRICE $654.27^

PRICE TARGET | % TO PT $870.00 | +33%

Eylea dynamics: REGN noted consistent demand for HD Eylea, supported by label enhancement 52W HIGH-LOW $821.11 - $532.60

& underlying demand. LD Eylea continues to be under pressure from biosimilar & conversion to FLOAT (%) | ADV MM (USD) 91.9% | 757.67

HD, w/ expected mid-to-high teens % sequential decline. Co expects no incremental inventory

MARKET CAP $71.8B

impact for HD, while LD may still have modest residual inventory impact of ~$20M. Pricing remains

competitive w/ ASP reflecting low-single-digit declines & co is closely monitoring Pavblu pricing to TICKER REGN

maintain economic parity. ^Priornoted.trading day's closing price unless otherwise

Good Days Funding: Co noted that Good Days would notify them after Q end if contribution were

needed, but REGN hasn't received any indication of this. FY (Dec) CHANGE TO JEFe JEF vs CONS

HD Eylea IP: PTAB instituted PGR on '036 patent in Mar'26 & REGN filed response last week. 2026 2027 2026 2027

According to REGN, both sides' experts aligned against obviousness argument. Response brief is REV NA NA -7% +1%

due from Alvotech in the coming mo's w/ oral arguments Dec 4 & decision on validity of 38 claims EPS NA NA NA NA

expected early March '27. Bar to institute PGR is low, but invalidating patent requires knocking out

every claim - co expressed confidence in some claims & less confidence in others, noting that the

claims facing the strongest challenges are those it believes are most defensible. On the formulation