Bernstein SocGen Group raised its price target on Regeneron Pharmaceuticals to $916.00 from $911.00 while retaining an Outperform rating as the biotechnology company prepares to release fourth-quarter 2025 results. The firm highlighted a favorable outlook for Regeneron’s Eylea HD therapy as a key justification for the modest increase in valuation.
At the time the update was published, Regeneron shares were trading at $768.65, trading close to a 52-week high of $821.11. The stock has produced a strong six-month total return of 35.81%.
Bernstein pointed to Eylea HD's sequential demand performance in the fourth quarter of 2025, which grew 10% versus the prior period. The firm noted that this represented a deceleration from the 18% sequential growth recorded in the third quarter of 2025.
Looking to 2026, Bernstein expects potential acceleration in Eylea HD uptake for two reasons. First, the firm anticipates the full benefit of the Q4W/RVO approval to begin in the first quarter of 2026. Second, Bernstein cites a possible approval of a PFS formulation in the second quarter as an additional upside catalyst. Based on these assumptions, the research house modeled $2.4 billion in Eylea HD sales for 2026, a figure it says is 10% above consensus estimates. Bernstein also indicated it has slightly increased its out-year forecasts for the product.
For Regeneron’s upcoming fourth-quarter 2025 results, Bernstein projects revenue of $3,832 million and earnings per share of $11.28. Those forecasts are 2% and 5% above consensus estimates respectively. The company is scheduled to report earnings in three days, with the calendar indicating January 30 as the reporting date.
Valuation metrics included in the firm’s note show Regeneron trading at a price-to-earnings ratio of 18.38. Investors seeking deeper coverage were directed to a Pro Research Report covering Regeneron alongside more than 1,400 other stocks.
Other recent analyst and company commentary highlighted a range of views across the sell-side:
- BofA Securities reiterated a Buy rating with a $860 price target, taking into account Regeneron’s fourth-quarter Eylea pre-announcement and its 2026 research and development guidance.
- Evercore ISI raised its price objective to $875, emphasizing continued growth for Dupixent and noting the anticipated 2026 launch of Eylea HD.
- Raymond James lifted its target to $820 while observing that Eylea 2mg fell short of expectations but that Eylea HD outperformed consensus forecasts, even after an inventory-related impact.
- RBC Capital left a Sector Perform rating and a $745 target unchanged, flagging potential competitive challenges for Regeneron in 2026.
- Stifel commented on Regeneron’s JPM healthcare conference announcements, noting new Th2-targeted programs designed to extend Dupixent dosing intervals.
These analyst moves and the company’s recent disclosures illustrate a sector in which product launches, regulatory milestones, and inventory dynamics are close drivers of near-term sentiment. The mix of raised targets and more cautious stances across firms underscores varying assessments of Regeneron’s product momentum and competitive positioning heading into 2026.
Investors will be watching the forthcoming quarterly release for confirmation of the demand trends and the degree to which Eylea HD and Dupixent are contributing to the company’s topline and margin profile.