Regeneron Pharmaceuticals Continue Higher Following a Mid-Day Report from Deutsche Bank
Deutsche Bank released a mid-day report Tuesday on Regeneron Pharmaceuticals (NASDAQ: REGN) in which the firm maintained its Buy rating and raised the price target from $375 to $410.
In evaluating Regeneron, Deutsche Bank's Robyn Karnauskas noted the key take away from Regeneron's fourth quarter 2013 as being, "The company expects to see tax benefit from Ireland manufacturing and moving IPs for antibodies which could lower the tax rate starting 2017." In conjunction with this information, Karnauskas has lowered the long term tax rate used in Deutsche Bank's model to 30 percent from the prior 35 percent.
Moving forward to 2H14, Karnauskas points to the approval of the DME launch as having the potential to vastly increase the company's sales. Karnauskas had this to say about the DME launch, "The PDUFA date is Aug 18, 2014 and the company expects to see 2H14 sales to be impacted by DME launch. The company noted that the DME market could be as big as the AMD market."
Regeneron closed Tuesday up 7.41 percent at $326.52
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