Regeneron Pharmaceuticals Inc (NASDAQ:REGN) has been upgraded by Bank of America, which raised its rating on the biotechnology company to ‘Buy’ from ‘Underperform’ and increased its price objective to $860 from $627, citing improving fundamentals across key products and multiple potential catalysts in 2026.
Shares of Regeneron traded up 3.5% at about $803 on Wednesday afternoon.
The analysts wrote that their more constructive view reflects several factors, including revised expectations for Regeneron’s eye-care franchise and upside potential from both its marketed portfolio and pipeline. They added that their prior concerns around Eylea SD have largely been reflected in lower consensus estimates.
Bank of America wrote that it has become more optimistic on Eylea HD following recent label updates, including every-four-week dosing and approval in retinal vein occlusion, with additional indications expected.
The analysts wrote that they are “more bullish on Eylea HD’s potential in light of multiple label updates,” noting that channel checks suggest larger practices may increasingly favor Eylea HD over competing therapies.
The firm now forecasts US Eylea franchise revenues of $4.35 billion in 2026, above consensus expectations.
The analysts also pointed to potential upside from Dupixent, which Regeneron markets with Sanofi. While Bank of America’s 2026 Dupixent revenue forecast of $20.7 billion is in line with consensus, the firm noted that uptake in new indications could exceed expectations. “Upside to our estimates could come from higher Dupixent uptake,” the analysts wrote.
Beyond commercial products, Bank of America highlighted pipeline catalysts, including a Phase 3 melanoma readout for fianlimab, a LAG-3 antibody, expected in the first half of 2026.
The analysts also cited the possibility of favorable developments related to Regeneron’s discussions with the White House on most-favored-nation pricing, which they said could remove an overhang on the shares.