UBS downgraded Regeneron (REGN) to Neutral from Buy with a price target of $738, down from $1,130. The firm believes there is a disconnect between the market’s shorter-term focus on Eylea revenues versus Regeneron’s focus on building a long-term sustainable business. Eylea high dose adoptions are still limited at this stage, and with the backdrop of branded and biosimilar competition, UBS does not expect an inflection in the near-term., the analyst tells investors in a research note. The firm models a 14% decrease in Eylea franchise revenue in 2025, which is 4% below consensus. UBS believes the stock’s current valuation justifies its base business and pipeline opportunities, and expects investors to opt for names with higher short-term growth and more value-inflecting readouts in 2025.
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