Regeneron a new Buy at UBS as Street undervalues Dupixent's future

What happened: UBS resumed coverage of Regeneron Pharmaceuticals ($REGN) at Buy, upgrading from Neutral, citing undervalued next-generation Dupixent candidates and potential exclusivity extension. Key numbers: Price target $978, about 30% upside from Wednesday's close. UBS sees 2035 Dupixent revenue of $16B versus $13B consensus. Why it matters: Analyst Joon Lee said next-generation candidates could bridge the loss-of-exclusivity gap and extend exclusivity beyond 2031. He said Dupixent's layered IP estate and partner comments on IP protection deserve merit on a risk-adjusted basis. Market: +3.4% today ($778.36), +0.5% YTD, 1.2x vol — as of 23:45 UTC

UBS resumed coverage of Regeneron Pharmaceuticals ($REGN) at Buy, upgrading from Neutral, citing undervalued next-generation Dupixent candidates and potential exclusivity extension.

Analyst Joon Lee said next-generation candidates could bridge the loss-of-exclusivity gap and extend exclusivity beyond 2031. He said Dupixent's layered IP estate and partner comments on IP protection deserve merit on a risk-adjusted basis. Market: +3.4% today ($778.36), +0.5% YTD, 1.2x vol — as of 23:45 UTC