UPDATE: Bank of America Raises Regeneron Pharmaceuticals PT

According to a research report released earlier today, Bank of America has increased Regeneron Pharmaceuticals'

PT to $130, largely driven by long-term sales forecasts for Eylea. Bank of America explained in the report, “Regeneron nearly doubled its Eylea US sales forecast for 2012 from $140-160mn to $250-$300mn, consistent with our recent sales survey that indicated a very strong awareness of Eylea among doctors and significant near-term switching from both Lucentis and Avastin patients. We raised our 2012 US sales estimate for Eylea to $350mn (still well short of Lucentis first year sales of ~$600mn). Our US sales forecast of $1.5bn should not be a stretch, as Lucentis' 2011 sales were $1.75bn, and VEGF therapy is in early launch in other eye diseases (DME, CRVO, BRVO).” Bank of America reiterates its Buy rating on Regeneron, which closed yesterday at $114.65.