Could the tide be turning for Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) after a surprising shift in analyst sentiment?
As investors digest the latest upgrade, what factors are driving this newfound optimism for the biotech giant?
Bank of America (BofA) Securities on Wednesday upgraded Regeneron Pharmaceuticals, citing several factors, including higher sales for key products.
Analyst Tazeen Ahmad upgraded Regeneron from Underperform to Buy, and raised the price forecast from $627 to $860.
BofA's prior Underperform thesis on Eylea SD has primarily played out, with consensus estimates moving lower. Analyst Ahmad is increasingly constructive on Eylea HD, given multiple label expansions, and forecasts now sit meaningfully above consensus.
BofA is more positive on Eylea HD in light of the recent label updates and expected prefilled syringe approval mid-2026.
The analyst says that channel checks indicate that larger practices (the majority of anti-VEGF volumes) may now favor HD over Vabysmo.
For 2026, analyst Ahmad models the U.S. Eylea franchise revenues of $4.35 billion.
BofA also sees additional upside from Dupixent (in partnership with Sanofi SA (NASDAQ: SNY)), along with pipeline optionality in 2026, highlighted by the Phase 3 fianlimab (LAG-3) melanoma readout in the first half of 2026.
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