Citi lowered the firm’s price target on Regeneron (REGN) to $795 from $895 and keeps a Neutral rating on the shares after its Q4 pre-announcement. The company’s Eylea-HD U.S. sales of $305M, down -22% from Q3, were well below the Street expectations of $416M, and while some of the impact to Eylea-HD sales is due to lower inventory levels, the long-acting VEGF market is “competitive”, the analyst tells investors in a research note. Ex-Eylea however, Citi states that it continues to be bullish on Regeneron’s commercial products including Dupixent and Libtayo and remain excited with multiple upcoming catalysts.
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