On Tuesday, Piper Sandler confirmed its Overweight rating on Regeneron (NASDAQ:REGN) Pharmaceuticals with a steadfast price target of $1,195.00.
The firm's analysis is based on recent survey data concerning the U.S. VEGF nAMD market. The data suggests that the transition from Eylea 2mg to its High-Dose (HD) counterpart is progressing slowly, despite a possible need for increased conversion speed.
The report also touches on the awareness of Avastin supply disruptions. Although there has been a significant awareness of the supply issues, it has not yet led to a noticeable decrease in Avastin usage. The projections, however, indicate a potential shift of approximately 300-400 basis points in market share over the next few months. This shift is considered substantial, yet not as impactful as one might expect given Pine Pharmaceuticals' market exit.
Regeneron's U.S. Eylea estimates for Q4 2024 remain unchanged according to Piper Sandler. The estimates for the broader Eylea franchise are above the consensus. However, for Eylea HD, the estimates are below the consensus. The firm's position indicates confidence in Regeneron's performance, particularly in regards to its Eylea product line.
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