Core Viewpoint - BofA Securities upgraded Regeneron Pharmaceuticals from Underperform to Buy and raised its price target to $860.00 from $627.00, leading to a more than 2% increase in stock price during pre-market trading [1] Group 1: Eylea and Dupixent Outlook - BofA's previous bearish stance on Eylea SD has largely played out, with consensus expectations declining [2] - The firm is more optimistic about Eylea HD following multiple label updates, with estimates now significantly above consensus [2] - Additional growth potential is anticipated from Dupixent, which is marketed in partnership with Sanofi [2] Group 2: Pipeline and Future Catalysts - The analyst pointed out pipeline optionality for 2026, including a Phase 3 melanoma readout for fianlimab, a LAG-3 antibody, expected in the first half of the year [3] - Potential positive updates at a competitor conference in January are seen as another catalyst for Regeneron [3] - BofA expects a favorable outcome from Regeneron's MFN agreement with the White House, which may alleviate any remaining MFN-related concerns, including a likely exemption from MFN CMMI demonstration projects [3]