Regeneron downgraded to underperform at BofA on minimal COVID contribution in 2022
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BofA Securities has downgraded Regeneron Pharmaceuticals (REGN
-1.5%) to underperform from neutral as a spike in revenues from its REGEN-COV COVID-19 treatment in 2021 is not likely to persist this year.
The firm is also cutting its price target to $575 from $675 (~7% downside based on yesterday's close).

Analyst Geoff Meacham also says that while sales of Eylea and Dupixent will continue to grow, consensus expectations do not take into account competitive headwinds the two drugs may soon face.
"Indeed, the impact from a high dose formulation (phase 3 data 2H22e) of Eylea on life-cycle management is unclear and new competitive threats in both atopic dermatitis (JAKs, lebrikizumab, etc.) and asthma (tezepelumab) could weigh on Dupixent demand as well," he writes.
Meacham adds "the oncology pipeline is several years away from meaningfully adding to Regeneron's topline."
Read why Seeking Alpha contriutor Justin J. Lee is bullish on Regeneron.