A short term and longer term view of REGN, the HHS collaboration, and then a part of the recent RBC report cautious on REGN.
REGENERON ANNOUNCES NEW COLLABORATIONS WITH HHS TO DEVELOP ANTIBODIES AGAINST EBOLA, INFLUENZA AND MULTIPLE OTHER EMERGING PATHOGENS
TARRYTOWN, N.Y., Oct. 2, 2017 /PRNewswire/ -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced two new collaborations with the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services(HHS), to develop new treatments combating infectious diseases. The first collaboration is focused on discovery, research, development and manufacturing of a portfolio of antibodies targeting up to 10 pathogens that pose significant risk to public health, starting with Influenza virus. The second collaboration (announced by HHS on September 29) builds on a prior agreement to develop and manufacture Regeneron's potential therapy for Ebola virus. This investigational treatment has completed a Phase 1 clinical study and received Orphan Drug Designation from the U.S. Food and Drug Administration.
Both drug development efforts utilize Regeneron's proprietary VelociSuite® technologies that facilitate rapid identification, preclinical validation and development of suitable antibody candidates...
investor.regeneron.com
The below is from an RBC report, post Tom Yee. Dated info today, to those who follow closely. Also recent stock weakness.
September 14, 2017
Regeneron Pharmaceuticals, Inc.
Eylea Risk and High Dupixent Expectations Keep Us
Sidelined; Initiate at SP & $475 PT
Our view: We see risk to longer-term REGN estimates and initiate at
Sector Perform. Emerging Dupixent competition in AD and potential
for a non-broad label in asthma add risk to lofty Dupixent consensus
estimates. Potential for slowing Eylea growth in a mature product cycle
with intensifying competition in the mid term keep us sidelined for now.
Key points:
Potential for slowing Eylea sales and risk to Dupixent expansion keep
us sidelined for now. We see possibility of Eylea competition and gradual
penetration into new indications potentially slowing Eylea growth vs. St
estimates. We see high expectations for Dupixent in AD and asthma (both
ours and St), and we see risk to these estimates based on potential
emerging competition. We see Praluent’s legal overhang adding further
risk, and we stay on the sidelines for now. We await clarity on Dupixent and
Eylea’s competitive positioning and Praluent’s legal overhang to become
more constructive.
Dupixent’s Ph3 LIBERTY ASTHMA QUEST data could limit use in allcomers
patients with severe asthma. Dupixent achieved a stat-sig benefit
in the overall trial population, though our analysis suggests minimal ~13%
improvement in asthma attacks and 4% improvement in FEV1 in patients
with low eosinophils (<150/mcl). It remains unclear whether benefit seen
in low eosinophil patients could be stat-sig, and we view this adding risk
to approval prospects with an all-comers label. A non-differentiated label
could add commercial pressure on Dupixent, given that it will be the 5th
biologic market entrant. We look to ph3 VENTURE data later this year in
severe steroid dependent asthma to potentially add differentiation.
Emerging Dupixent AD competition could further pressure estimates.
ABBV’s upadacitinib (JAK) ph2b data suggests highly competitive efficacy
vs dupilumab in atopic dermatitis. While behind in development, we
anticipate patients could prefer upadacitinib’s oral delivery vs Dupixent’s
Q2W subcu injection. Given our peak AD sales estimates of $5B in adults
and $2B in peds, we view this emerging competitor as a concern given
REGN’S sensitivity to Dupixent estimates. |
