Regeneron(US:REGN) 智通财经网·2025-11-25 07:40Core Viewpoint - HSBC initiates coverage on Regeneron Pharmaceuticals (REGN.US) with a "Buy" rating and a target price of $890, highlighting the growth potential of its drug Eylea HD and several promising cancer therapies in its pipeline [1][2] Group 1: Drug Sales and Market Penetration - The sales growth potential of Eylea HD (aflibercept) is a core reason for the positive outlook, despite its current market penetration being below expectations [1] - Regulatory risks associated with Eylea HD are expected to be resolved in the short term, paving the way for accelerated adoption and increased market penetration by 2026 [1] Group 2: Cancer Therapy Pipeline - The analyst emphasizes the upcoming clinical data for the dual immunotherapy LAG-3 antibody fianlimab combined with PD-1 inhibitor Libtayo (cemiplimab), set to be released in the first half of 2026, with Keytruda as a comparator [1] - Phase III clinical data for the combination therapy in melanoma adjuvant treatment is anticipated to be announced next year, while a Phase III trial for first-line metastatic melanoma is expected to complete by 2027, using Opdualag (nivolumab and relatlimab) as a comparator [1] Group 3: Financial Forecast - HSBC forecasts Regeneron's adjusted diluted earnings per share (EPS) to be $43.48 in 2026, surpassing the market consensus of $42.98 [2]