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Regeneron Pharmaceuticals Inc (NASDAQ:REGN)’s promising Praluent trial outcomes — and an effective marketing strategy to expand access to the drug — could give the company a strong competitive standing in the cardiovascular drug market, according to Bank of America Merrill Lynch.
The Analyst
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BofA's Ying Huang maintained a Buy rating and $520 price target on Regeneron.
The Thesis
Top-line data from the Odyssey Outcomes Cardiovascular Outcomes trial demonstrated that treatment with Praluent offered a 15-percent reduction in heart attacks, ischemic strokes, hospitalization from angina and coronary heart disease death, Huang said in a Sunday note.
The reduction in all-cause mortality is likely to “put Praluent back in the competition,” the analyst said.
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“We believe both physicians and payers will take this mortality benefit in consideration.”
Regeneron announced a plan to reduce the net price of the cholesterol drug to payers willing to reduce access barriers to high-risk patients, which will likely expand the distribution of Praluent, Huang said.
“While this may reduce the addressable patient population, we believe this strategy will make the drug ultimately more accessible.”
Price Action
At the time of publication, Regeneron Pharmaceuticals shares were trading up 0.57 percent at $343.64.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.