Analysts said near-term catalysts remain limited, with Phase 3 melanoma data as the next key event to watch.
- Several Wall Street firms raised price targets on Regeneron after its Q4 results.
- Q4 revenue and non-GAAP earnings both exceeded Wall Street estimates.
- Eylea HD sales rose sharply, while sales of the original Eylea fell.
Regeneron Pharmaceuticals shares fell 0.4% in premarket trading on Monday as investors focused on weakness in the core Eylea business, even after multiple Wall Street firms raised their price targets following the company’s fourth-quarter (Q4) earnings report.
Analyst Calls Lift Premarket Tone
Wells Fargo raised its price target on Regeneron to $800 from $745, implying about 8% upside from Friday’s close of $741.45, and maintained an ‘Equal Weight’ rating. The firm said management’s commentary on a potential extension of Dupixent’s intellectual property was encouraging. Dupixent is the company’s eczema and asthma treatment. Wells Fargo also noted upside to 2026 estimates, while adding that the stock still lacks near-term catalysts.
Morgan Stanley issued a slight raise, increasing its price target to $769 from $768, pointing to a roughly 4% upside, and maintained an ‘Equal Weight’ rating. The brokerage called Q4 “uneventful” and expects Phase 3 melanoma data to be the next catalyst.
Raymond James was more bullish, lifting its price target to $870 from $820, marking a 17% upside, while maintaining an 'Outperform' rating. The analyst firm said investors should focus on what they see beyond the near-term noise, reasoning that Eylea HD label enhancements should position the franchise to gain market share, and 2026 could be a key pipeline year with multiple late-stage readouts.
Eylea HD Growth Lifts Q4 Print
The analyst revisions followed Regeneron’s Q4 earnings report on Friday, which exceeded expectations despite mixed trends across its product portfolio.
Revenue rose 3% year over year to $3.88 billion, topping Wall Street forecasts of $3.78 billion, according to Fiscal.ai. Non-GAAP earnings slipped 5% to $11.44 per share, but still beat analyst estimates of $10.74.
Sales of Eylea HD, the company’s eye injection for retinal diseases, climbed 66% in the quarter as demand increased, though gains were partly offset by lower pricing. At the same time, sales of the original Eylea formulation fell 52%, reflecting competitive pressure, patient shifts to the high-dose version, and increased use of lower-cost alternatives. Collaboration revenue with Sanofi jumped 35%, driven primarily by stronger sales of Dupixent.
Looking ahead, Regeneron forecasts non-GAAP R&D spending of $5.90 billion to $6.10 billion for full-year 2026, up from $5.15 billion in fiscal 2025. The company said it now has around 45 product candidates in clinical development.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment for Regeneron was ‘bearish’ amid ‘high’ message volume.
Regeneron’s stock has risen 9% over the past 12 months.
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