- UBS has initiated coverage of Regeneron Pharmaceuticals (REGN -1.3%) with a buy rating an a $763 price target (14% upside).
- Analyst Esther Rajavelu says that the company offers a diversified growth opportunity given its ophthalmology franchise and revenue streams from Dupixent and Libtayo.
- She also sees an increase in oncology revenues with likely Libtayo approval in first-line non-small cell lung cancer as a chemotherapy combination, and label expansions for Dupixent in asthma and chronic obstructive pulmonary disease.
- Rajavelu also sees approval of high-dose Eylea (aflibercept) approval in late 2023 or early 2024. A proprietary survey of retinal specialists UBS conducted found that up to 77% of them could use the high-dose version.