On Tuesday, TD Cowen exhibited confidence in Regeneron (NASDAQ:REGN) Pharmaceuticals, raising the share price target from $1,030 to $1,200 while reiterating a Buy rating. The adjustment follows a comprehensive review of the company's financial model ahead of the second quarter earnings for 2024.
The analyst at TD Cowen updated their forecast for Regeneron's leading products, including an increase in the estimate for Eylea HD, a treatment for eye diseases. Conversely, the estimate for Eylea 2mg was slightly reduced.
Additionally, the forecast for Libtayo, an immunotherapy for cancer, was raised based on IQVIA analyses. The estimate for Praluent, a cholesterol-lowering drug, was also increased.
As a result of these revised estimates, TD Cowen now projects Regeneron's non-GAAP earnings per share (EPS) for the second quarter to be $10.95. The firm has also set a new annual EPS target of $44.30 for the year.
The new price target is based on a discounted cash flow (DCF) analysis, which is a valuation method used to estimate the value of an investment based on its expected future cash flows. The raise to a $1,200 target reflects the firm's positive outlook on Regeneron's financial performance and product portfolio.
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