By Shares of Regeneron Pharmaceuticals Inc. (REGN) gained 1.4% in premarket trading on Monday, following the company’s announcement late Friday that the U.S. Food and Drug Administration (FDA) had approved a higher-dose formulation of its macular degeneration treatment Eylea. This exciting development is expected to have a significant impact on Regeneron’s ophthalmology franchise.
A Breakthrough Treatment for Macular Degeneration
The newly approved eight-milligram Eylea injection, a collaborative effort between Regeneron and Bayer AG (BAYRY), has been given the green light for the treatment of wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. Regeneron expressed its delight with the FDA’s decision in a recent press release.
Strengthening Regeneron’s Ophthalmology Franchise
In addition to the Eylea HD approval, the FDA also granted approval for Regeneron’s Veopoz treatment for CHAPLE disease. This rare and life-threatening hereditary immune disease has been a significant area of focus for Regeneron. With these approvals in place, the company is now poised to solidify its position in the ophthalmology market.
Analysts Optimistic About Regeneron’s Prospects
BMO Capital Markets analyst Evan David Seigerman expressed his confidence in Regeneron, raising his price target for the company’s stock to $985. He believes this latest approval for the higher-dose Eylea formulation will give Regeneron a competitive edge and enable them to attract new patients before biosimilar competitors enter the market.
Steady Growth for Regeneron Shares
Throughout the year, Regeneron shares have displayed impressive growth, gaining 12.6% year-to-date. Despite recent market volatility, the company’s stock has consistently performed well. In comparison, the S&P 500 has gained 13.8% during the same period.
Regeneron’s continued dedication to developing groundbreaking treatments has positioned them as a key player in the pharmaceutical industry. With the approval of their higher-dose Eylea formulation, the company is demonstrating its commitment to advancing ophthalmology care and improving the lives of patients worldwide.
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