Bernstein analyst William Pickering has maintained their bullish stance on REGN stock, giving a Buy rating today.
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William Pickering has given his Buy rating due to a combination of factors tied to Regeneron’s earnings outlook and product momentum. He expects fourth-quarter 2025 revenue and EPS to come in modestly above market consensus, reflecting a stronger underlying business than currently priced in. For Eylea HD, he is encouraged by existing demand trends and sees room for faster growth in 2026 as new dosing indications and a potential prefilled syringe approval broaden usage, leading him to project higher 2026 HD sales than the Street. On Dupixent, his forecasts assume incremental upside versus consensus for both product sales and Sanofi collaboration revenues, particularly as the payoff of the Sanofi development balance should enhance Regeneron’s economics mid-2026.
William Pickering’s rating is also supported by a favorable earnings setup and a disciplined valuation framework. He anticipates EPS returning to growth in the near term, underpinned by Eylea HD, Dupixent, and the financial benefit from the Sanofi development balance resolution. While operating expenses, especially SG&A, are expected to rise, he views this as manageable within the context of the company’s growth profile. He maintains confidence in the longer-term pipeline, including upcoming LAG3 data, and sees no need to adjust his valuation methodology, which combines DCF, P/E, and EV/revenue approaches. These updates lead him to raise his price target to $916, reinforcing his Outperform (Buy) recommendation on Regeneron.
In another report released today, Citi also maintained a Buy rating on the stock with a $900.00 price target.