Regeneron: Strategic Positioning and Growth Potential with Eylea-HD ApprovalWe see the approvals as a positive catalyst for the Eylea franchise, enabling it to more effectively contend with the competitive anti-VEGF market. Indeed, while PFS approval is still pending, immediate impact of these approvals could drive an inflection in Eylea-HD’s performance as early as 1Q26, helping counteract prevailing headwinds (competitive dynamics, loss of funding resulting in branded market share loss, and additional biosimilars launch). Over the long term, we project the anti-VEGF market to segment into distinct niches, with Eylea-HD competing with Vabysmo and capture significant share (20-25%) of the total market. We currently model 2026/2030 Eylea-HD sales of ($2.0B/$3.2B) and combined Eylea franchise sales of ($3.8B/$3.6B). Maintain Buy, TP $700.