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Regeneron (NASDAQ:REGN) dropped ~2% pre-market Wednesday after Raymond James downgraded the pharma big to Underperform from Market Carry out, citing issues on the way forward for its eyecare franchise led by anti-VEGF agent Eylea.
Regeneron (REGN) surged in September after the corporate stated that an 8mg dose of the blockbuster remedy which it develops with German pharma firm Bayer AG (OTCPK:BAYZF) (OTCPK:BAYRY) confirmed noninferiority to the usual 2mg dose with much less frequent administration.
“The life cycle extension advantages of 8mg aflibercept (AFL) is probably going over-estimated,” the analyst Dane Leone wrote, referring to the generic time period for Eylea.
Citing a survey of retinal specialists, the analyst argues that outcomes can assist the view that an 8mg dose can defend the corporate from a possible gross sales erosion for Eylea. But, “even beneath a beneficiant modeling state of affairs, it doesn’t flip the tide for the structural decline of the franchise,” Leone added.
Arguing that REGN’s oncology franchise will proceed to underwhelm in 2023, Leone notes that even with 8mg Eylea, the corporate will wrestle to diversify away from the extremely aggressive anti-VEGF market which accounts for over 50% of its topline and even the next share of income.
Moreover, given the outlook of power obstructive pulmonary illness, the analyst sees restricted upside to present forecasts for atopic dermatitis remedy Dupixent for which Regeneron (REGN) has partnered with Sanofi (SNY) (OTCPK:SNYNF).
Throughout Q2 2022, Dupixent gross sales exceeded Avenue forecasts to succeed in $2.1B with ~40% YoY development.
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