BMO Capital says that today’s appeals court decision to affirm the denial of Regeneron’s (REGN) preliminary injunction against Amgen (AMGN) in its Eylea biosimilar case “comes as expected by the Street and reads as a modest negative to Regeneron shares.” The decision adds incremental risk to the Eylea story with Amgen set to continue its at-risk launch of Pavblu, but with shares having re-rated with Eylea pressures appreciated at current levels, the firm likes the set-up into “a catalyst-filled 2025,” adds the analyst, who has an Outperform rating and $903 price target on Regeneron shares.
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