Promising Developments and Strategic Positioning Justify Buy Rating for RegeneronWe expect DB-OTO could be approved based on ~n=20 or fewer patients, with regulatory submission expected YE25. We estimate DB-OTO pricing could be notable, given the potential for the drug to reverse hearing loss in young children. Maintain BUY, $1,152 price target We maintain our BUY rating and $1,152 price target for Regeneron. We believe DB-OTO is promising as an ultra-orphan therapy, and do not currently include the program in our estimates. Overall, we continue to look for the switch to EYLEA HD to accelerate, and for EYLEA 2 mg competition to stabilize. We also look for REGN’s Factor XI program and other pipeline assets to offset pressure on EYLEA revenues.