Regeneron price target raised to $483 from $473 at Leerink

Leerink analyst Geoffrey Porges maintained an Outperform rating on Regeneron and raised his price target to $483 from $473. In a research note to investors, Porges says that he believes it is “appropriate” to include some revenue for the Libtayo indication in NSCLC in his forecast and valuation. Including this revenue, which commences in 2022, Porges is raising his long-term revenue forecast for Regeneron by $313M. Based on the strong data that has led to the recent FDA approval in cutaneous squamous cell carcinoma, or CSCC, and the promising early data in other tumor types, the analyst says he is increasingly confident that Libtayo is a potent PD-1 blocking agent with comparable activity to the approved anti-PD-1s, Keytruda and Opdivo. He says that Even though Regeneron is likely to be a late entrant to the lung cancer market compared to the established players, even a relatively small minority market share will generate significant value for the company and its partner.

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