Guggenheim on Monday increased its price target for Regeneron Pharmaceuticals (NASDAQ:REGN) to $975.00 from $865.00 and kept a Buy rating on the shares. The firm attributed the upward revision to Regeneron’s 2025 commercial results, led by a strong performance from Dupixent.
Dupixent saw full-year sales rise 26% year-over-year to $17.8 billion, according to the figures cited by Guggenheim. The drug has continued to solidify a leadership position in Type 2 inflammatory conditions, with recent approvals in chronic spontaneous urticaria and pediatric asthma that Guggenheim says have helped accelerate revenue growth.
The Eylea portfolio produced a mixed picture during the period. Eylea HD recorded a full-year U.S. sales increase of 36% to $1.6 billion, a notable gain for the newer formulation. However, sales of the original Eylea formulation declined by 42% over the same period. As a result, the combined U.S. franchise contracted by 27% to $4.4 billion, a drop Guggenheim linked to intensifying competition - notably Roche’s Vabysmo - and the emergence of biosimilars, along with pressures related to affordability.
Guggenheim flagged several developments that could support a recovery or renewed growth for Eylea HD. Recent label expansions for retinal vein occlusion (RVO) and for flexible monthly dosing were cited as positive, and the firm pointed to an anticipated regulatory decision on a pre-filled syringe for Eylea HD in the second quarter of 2026 as a potential catalyst.
Beyond commercial performance, Guggenheim highlighted a set of upcoming data readouts and submissions that could materially affect Regeneron’s trajectory. These include:
- fianlimab/Libtayo LAG-3 data in melanoma expected in the first half of 2026;
- An FDA decision on the Eylea HD pre-filled syringe anticipated in the second quarter of 2026;
- An NDA submission for cemdisiran in generalized myasthenia gravis expected in the first quarter of 2026.
Several other brokerages have recently updated their views on Regeneron as well. Bernstein raised its price target to $925 while keeping an Outperform rating, citing a solid quarterly report. Cantor Fitzgerald lifted its target to $800, reflecting an optimistic assessment of the commercial portfolio and ongoing development programs. Wells Fargo also raised its price target to $800 and noted a positive outlook for Dupixent, including an expectation that biosimilar competition could be delayed until 2033. BMO Capital maintained its Outperform rating and a $850 target, projecting more normalized dynamics for the Eylea franchise by 2026 despite current pricing pressure.
Regeneron has plans to present new clinical data for EYLEA HD at the forthcoming Angiogenesis meeting. The company expects to include results from the Phase 3 QUASAR and ELARA trials in that presentation, according to the company updates referenced by analysts. Taken together, these commercial results, regulatory milestones and trial readouts have prompted analysts to revisit assumptions and adjust price targets across the coverage universe.
Guggenheim’s move to raise its target reflects the firm’s assessment that Dupixent’s momentum and the array of potential near-term catalysts create a favorable earnings and valuation outlook for Regeneron, even as parts of the company’s portfolio face competitive and pricing headwinds. Analysts’ upward revisions at multiple firms underscore an active period of reassessment for Regeneron based on the 2025 results and the company’s pipeline timetable.
Context note: The article summarizes recent analyst updates and company performance metrics as described by the analysts and the company. It does not include any additional forecasts or projections beyond those specified by the brokers cited.