Regeneron Pharmaceuticals: Robust 4Q25 Beat, Underappreciated Pipeline Upside, and 2026 Catalysts Support Buy Rating and $870 Target

Raymond James analyst Christopher Raymond maintained a Buy rating on Regeneron today and set a price target of $870.00.

Christopher Raymond has given his Buy rating due to a combination of factors that underscore both near‑term strength and longer‑term value creation at Regeneron. He highlights that the company delivered a substantially better‑than‑expected 4Q25, with earnings and revenue beating both his model and Street estimates on broad-based product outperformance and disciplined cost control. He views the Eylea franchise as well positioned for renewed market share gains now that key high-dose label enhancements are secured, despite cautious management commentary around early 2026 trends. In addition, he emphasizes that ongoing intellectual property and lifecycle management efforts, particularly in collaboration with Sanofi, are likely underappreciated by investors but meaningfully supportive of the company’s discounted cash flow profile.

Raymond also points to 2026 as a pivotal catalyst year, with several late‑stage pipeline readouts—such as fianlimab plus Libtayo in first‑line metastatic melanoma and pozelimab/cemdisiran programs in PNH and geographic atrophy—that could materially broaden Regeneron’s commercial base. He raises his projections for collaboration and other revenue, reflecting accelerated repayment of development expenses to Sanofi and better visibility on royalty and profit‑sharing streams from partnered products. Using a valuation framework that applies a peer‑appropriate earnings multiple to his 2027 non‑GAAP EPS estimate and a discount rate reflecting relatively modest commercial pipeline risk, he arrives at an $870 price target. Taken together, these elements support his view that the risk‑reward profile remains attractive, justifying a continued Buy (Outperform) recommendation on REGN shares.

According to TipRanks, Raymond is a 3-star analyst with an average return of 2.5% and a 44.97% success rate. Raymond covers the Healthcare sector, focusing on stocks such as Cogent Biosciences, Lexeo Therapeutics, Inc., and Regeneron.