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Regeneron Pharmaceuticals Inc REGN

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Economic Moat




Three COVID-19 Vaccines Capable of U.S. Authorization in 2020; Minimal Long-Term Valuation Impact

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

While strong antibody and T-cell responses in several phase 1 studies of COVID-19 vaccines don't guarantee protection against infection or severe disease, we're increasingly bullish that most of the vaccines entering late-stage development in the U.S. will meet Food and Drug Administration guidelines for approval (50% risk reduction). We expect the FDA could award three emergency use authorizations, or EUAs, for use in high-risk individuals before the end of the year for Moderna, Pfizer/BioNTech, and AstraZeneca/Oxford, based on interim efficacy data from phase 3 studies. We expect most U.S. adults will be vaccinated in the first half of 2021. The rapid progress with these vaccine programs is a testament to the innovation and clinical trial expertise at wide moat firms like Pfizer and AstraZeneca and the positive moat trend at RNA vaccine firm BioNTech. Beyond vaccines, we still model significant sales for Gilead's Veklury (antiviral treatment) and Roche and Regeneron's REGN-COV2 (treatment and prevention antibody), but we also expect these sales to rapidly decline following 2021.

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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.

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