Regeneron: Buy Rating Amidst Challenges and Opportunities for GrowthWe see upside potential per execution on favorable near-term Eylea HD label-enhancing catalysts and the pipeline (including obesity, thrombosis, severe food allergy, and oncology, among others) albeit recognize risks. On the 4Q earnings report, we look to management commentary on Eylea 2mg trough levels to address the wide range of Street estimates (FY25 US company-compiled consensus range of $2.1-$4.0bn for Eylea franchise) which could remove an overhang if provided. REGN’s US Eylea franchise accounts for ~42% of REGN’s sales (as of FY24) and treats the largest retinal disease market: wet age-related macular degeneration (AMD), macular edema following retinal vein occlusion (RVO), diabetic macular edema (DME), and diabetic retinopathy (DR).