Morgan Stanley has downgraded Regeneron Pharmaceuticals (REGN) from overweight to equal-weight, stating that the stock is fairly valued. The price target remains at $767, indicating a potential 3% upside. Despite recent gains from Eylea HD's new indication and strong Dupixent sales, analyst Terence Flynn emphasizes the need for pipeline diversification. Upcoming catalysts include phase 3 melanoma and phase 2 lung cancer data, and decisions on COPD development in collaboration with Sanofi. Flynn projects 2026 revenues at $14.89 billion and EPS at $45.19, close to consensus estimates.
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