BMO Capital reiterated an Outperform rating on Regeneron Pharmaceuticals with a $850.00 price target, while the shares currently trade near $751.47. The firm's stance sits alongside a broader analyst consensus of "Buy" (1.67), with published price targets spanning from $730 to $1,057. InvestingPro analysis referenced by the research notes indicates that Regeneron appears undervalued relative to its Fair Value estimate.
BMO expects the company's Eylea franchise to move toward more normalized dynamics in 2026, even as it anticipates continued price erosion for both the standard and HD formulations. The research note points out that the 2 mg version of Eylea is likely to experience faster declines in pricing than other formulations.
The firm also highlights a regulatory and commercial inflection that could materially influence uptake: a potential approval of a prefilled syringe (PFS) formulation in April. If that approval occurs, BMO says it could accelerate patient conversion to the HD version of the injection, supporting volume and mix improvements for the franchise.
From a pipeline perspective, BMO identifies an upcoming LAG-3 readout in the first-line metastatic melanoma setting as the most consequential near-term catalyst for the company. The firm frames this clinical result as the single event most likely to affect investor perceptions of Regeneron's stock in the near term.
Overall, BMO retained its Outperform rating while expressing greater confidence that expectations for Eylea will stabilize during the next year, a view that underpins the firm's valuation stance.
Other broker actions have echoed rising optimism. Baird raised its price target to $742 after an earnings print that beat revenue and profit expectations, according to research notes. Bernstein increased its target to $925, citing a strong quarter and management commentary. Cantor Fitzgerald adjusted its target to $800 and maintained an Overweight rating, pointing to an improved commercial and development outlook. Wells Fargo also moved its target to $800, driven in part by a favorable view on Dupixent and projections that 2026 earnings per share will top consensus.
On the clinical data front, Regeneron plans presentations of new results for its EYLEA HD injection at the upcoming virtual Angiogenesis annual meeting. The scheduled presentations will include major findings from the Phase 3 QUASAR trial and the Phase 3b ELARA trial, according to the company's disclosures cited by analysts. Those data releases form part of the rationale analysts are using to lift targets and revise outlooks.
Collectively, the reiterated Outperform, the targeted $850 price objective, the potential PFS approval, the LAG-3 readout, and the upcoming QUASAR and ELARA presentations contribute to why several research firms have adjusted their expectations upward. These moves reflect a growing degree of analyst confidence in Regeneron's commercial trajectory and clinical development program stability.