UPDATE: Goldman Sachs Raises PT on Regeneron Pharmaceuticals Following Cardiologist/Lipidologist Survey
In a report published Wednesday, Goldman Sachs analyst Terence Flynn reiterated a Buy rating on Regeneron Pharmaceuticals (NASDAQ: REGN), and raised the price target from $230.00 to $240.00.
In the report, Flynn noted, “We recently conducted a survey of 41 US cardiologists/lipidologists to gauge awareness of the anti-PCSK9 drug class (REGN/Sanofi's ‘727 and AMGN's ‘145) as well as potential future prescribing patterns. The results of the survey were encouraging as awareness was high and physicians project to use this class of drugs in 25-50% of their patients one year after approval (Exhibits 3-4). We see this ultimately as a $5-$10bn class at peak assuming ongoing CV outcomes trials are positive in 2018. As a result we are raising our ‘727 peak sales to $3.5bn from $3bn. We expect REGN to report the first ‘727 Ph3 data in 3Q13 and view this as an important derisking catalyst. REGN's partner, Bayer reported ex-US Eylea 1Q13 sales of $65mn (€49mn), ahead of our $34mn estimate driven by strong uptake in Japan and Australia. We are increasing our ex-US Eylea and EPS estimates.REGN reports 1Q13 results on May 3 and we are expecting another beat from Eylea in the US (GS/consensus $305mn/$297mn). The focus will be on any tailwind from ongoing compounding pharmacy issues.”
Regeneron Pharmaceuticals closed on Tuesday at $215.14.
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