JP Morgan Comments on Wet AMD Data for Regeneron

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JP Morgan has published a research report on Regeneron Pharmaceuticals
REGN
after wet AMD data was released on the company's Lucentis and Opththotech's Fovista. In the report, JP Morgan writes, "Today, competitive data in the wet AMD (Age-related Macular Degeneration) space was released on the combination of Lucentis and Ophthotech's Fovista (aka E10030). In a large phase 2b study in 449 wet AMD patients, Lucentis + Fovista showed a 62% increase in visual outcome relative to Lucentis alone. Specifically, patients on the combo (1.5 mg Fovista) gained 10.6 letters versus 6.5 letters for Lucentis alone (p=0.019) in only 6 months, and importantly, visual outcome improved every month of the study. A statistically significant treatment effect on vision on top of a standard of care is very differentiated in the wet AMD space, in our view. Fovista (PDGF-inhibitor) could be synergistic with other anti-VEGF therapies (Avastin and Eylea), however there is a longer-term relationship with Roche in place and Fovista has only been tested in phase 1 and 2 studies with Roche's Lucentis. In our view, the phase 2 significantly de-risks a phase 3 trial and it highlights the potential for a new paradigm in wet AMD. Given concerns on 2012 Eylea expectations (JPMe: $550M; cons: ~$610M) and the risk of moderating Eylea demand, combined with longer-term concerns over the competitive landscape, we are maintaining our Neutral rating on REGN shares." JP Morgan maintains its Neutral rating on Regeneron Pharmaceuticals, which is currently trading down $6.84 form yesterday's $127.85 closing price.
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Posted In: Analyst ColorReiterationAnalyst RatingsFovistaJP MorganLucentis
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