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Regeneron Pharmaceuticals Inc REGN

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Maintaining Our $500 Regeneron Fair Value Estimate Following REGN-COV2 Authorization

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

Regeneron's antibody cocktail REGN-COV2 (casirivimab and imdevimab) received emergency use authorization from the U.S. Food and Drug Administration on Nov. 21, targeted at COVID-19 patients who are not yet hospitalized but are considered high risk. Regeneron gave the first glimpse of data on REGN-COV2 in September with more details in October, showing a promising ability to lower viral loads and reduce rates of hospitalization. Based on reduced potential for the cocktail to serve the sickest hospitalized patients, a lower assumed price, as well as continued progress with several vaccine programs, we've reduced our estimates for sales of the cocktail, and we include $1.7 billion in 2021 sales for REGN-COV2 in our Regeneron model ($3.4 billion in potential global sales in 2021, shared with Roche).

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Company Profile

Business Description

Regeneron Pharmaceuticals discovers, develops, and commercializes products that fight eye disease, cardiovascular disease, cancer, and inflammation. The company has several marketed products including: Eylea, approved for wet age-related macular degeneration and other eye diseases; Praluent for LDL cholesterol lowering; Dupixent in atopic dermatitis, asthma, and nasal polyposis; Libtayo in cutaneous squamous cell carcinoma; and Kevzara in rheumatoid arthritis. Regeneron is also developing monoclonal antibodies with Sanofi in immunology and cancer, and bispecific antibodies and antibody cocktails with other collaborators and independently.

Contact
777 Old Saw Mill River Road
Tarrytown, NY, 10591-6707
T +1 914 847-7000
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type Aggressive Growth
Employees 8,100

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