Oppenheimer: Regeneron's Eylea Franchise on Solid Footing Despite HD Miss

Oppenheimer reiterated its Outperform rating on Regeneron Pharmaceuticals (REGN) with a $1,100 price target in a report released today. The analyst noted that the Eylea franchise remains on solid footing despite weaker-than-expected high-dose (HD) sales in the first quarter.

Rating Change

Oppenheimer did not change its rating; it reaffirmed the existing Outperform. The $1,100 price target implies approximately 15% upside from the previous close.

Analyst's Rationale

The analyst attributed the Q1 HD sales miss to temporary factors, including order timing and seasonal effects. He emphasized that the overall Eylea brand fundamentals are strong, with continued demand for the standard dose and expansion into new indications. He also highlighted Regeneron's pipeline, particularly in gene therapy and oncology, as supporting long-term growth.

Context

The report follows Regeneron's Q1 2026 earnings release, which showed total revenue of $3.2 billion, up 8% YoY, but Eylea HD sales came in at $300 million versus the consensus estimate of $320 million. The stock fell 2% in pre-market trading. Most other analysts maintain positive ratings on the stock, with a consensus price target of $1,080.

What to Make of It

Oppenheimer appears confident in Regeneron's ability to overcome near-term Eylea HD headwinds, citing brand strength and a promising pipeline. However, actual HD sales performance in coming quarters will be key to validating this view.