Lowering Our Regeneron Fair Value Estimate for Praluent Litigation Risk, but Shares Undervalued
Regeneron’s 2016 performance was in line with our forecast, with strong performance for ophthalmology drug Eylea and continued slow demand for LDL-lowering drug Praluent. Global sales of Eylea grew 17% in the quarter (15% in the U.S. and 20% outside the U.S.) and 24% in 2016, to reach roughly $5.2 billion for the full year. As we’ve previously noted, long-term share gains are becoming more difficult, as sales for Roche’s competing therapy Lucentis are stabilizing, and management’s guidance for s...Regeneron Pharmaceuticals is a biotechnology company that discovers, invents, develops, manufactures, and commercializes medicines for the treatment of diseases. The company's commercialized medicines and product candidates in development are designed to assist patients with eye disease, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neuromuscular diseases, infectious diseases, and rare diseases. The company's products include: EYLEA (aflibercept) injection, which is used for the treatment of neovascular age-related macular degeneration, diabetic macular edema; and Dupixent (dupilumab) injection, which is used for the treatment of adult patients with atopic dermatitis.
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