Wells Fargo has adjusted its valuation of Regeneron Pharmaceuticals, raising the price target to $800 from $745 while keeping an Equal Weight rating on the shares. The revised target implies roughly a 7.9% upside from the then-current share price of $741.45 and remains below the analyst high target of $1,057. InvestingPro data cited in the note indicates Regeneron appears undervalued according to a Fair Value assessment.
The bank’s upgrade to the target is driven largely by a more favorable view on Dupixent’s market durability. Wells Fargo’s analysts pushed out the anticipated timing for biosimilar competition to 2033, reflecting patent-related commentary from Sanofi and Regeneron. That extension informs the firm’s financial modeling and underpins a more constructive revenue and profit outlook for the product.
On earnings, Wells Fargo projects 2026 earnings per share of $48.54. That figure sits above the consensus estimate of $45.27 and is slightly ahead of a broader analyst forecast of $48.14 for fiscal 2026. For Dupixent specifically, the firm models approximately $21 billion in revenue for the period, aligning with consensus revenue expectations, but assumes a higher profit share - about $6.9 billion versus a consensus profit share of $6.4 billion. The divergence is attributable to Wells Fargo’s view that Sanofi’s profit share will be paid by mid-2026.
Regeneron’s balance sheet and liquidity profile bolster Wells Fargo’s projections. InvestingPro data referenced by the analysts shows the company holds more cash than debt and posts a current ratio of 4.77, a figure the note describes as indicative of strong liquidity and the ability to support investment and development programs.
Despite the more upbeat Dupixent assumptions, Wells Fargo retains skepticism around Regeneron’s LAG3 inhibitor opportunity. The firm expressed reservations about the upcoming first-line melanoma Phase 3 readout expected in the first half of 2026. Specific concerns include the competitive benchmark posed by Keytruda, historical efficacy declines observed when programs move from Phase 2 to Phase 3, and the risk that the trial may be underpowered to show a substantive benefit.
The analysts highlighted several trial milestones to watch in 2026. Key catalysts include the Phase 3 LAG3 readout in first-line melanoma, interim results in adjuvant melanoma due in the first half of 2026, and a Phase 3 cemdisiran with or without pozelimab readout in geographic atrophy slated for the second half of 2026. These events will be material drivers of near-term clinical risk and could influence valuation depending on outcomes.
Wells Fargo’s note sits alongside a range of recent analyst moves after Regeneron reported fourth-quarter 2025 results that topped expectations for both revenue and profit. In response, Baird raised its price target to $742 while retaining a Neutral rating. Bernstein SocGen Group lifted its target to $916, citing a positive view on Regeneron’s Eylea HD product, which posted a 10% sequential demand increase in the fourth quarter despite slowing compared with the prior quarter.
Other broker actions include RBC Capital maintaining a Sector Perform rating and a $745 price objective, while noting that Regeneron faces fewer major catalysts this year and that external factors could shape the company’s longer-term outlook. BofA Securities reiterated a Buy rating with an $860 target after updating its model to incorporate Regeneron’s fourth-quarter Eylea pre-announcement and 2026 research and development guidance. Evercore ISI raised its price target to $875, pointing to Dupixent growth and the planned launch of Eylea HD in a prefilled syringe in the second quarter of 2026 as supportive factors.
On financial health, InvestingPro assigns Regeneron an "Overall Great" score, noting a five-year revenue compound annual growth rate of 11% and robust profitability metrics. Those fundamentals, together with the firm’s cash position, underpin multiple analyst models that vary in their assumptions about product durability, profit-sharing timing, and the prospects of late-stage clinical programs.
Takeaway - Wells Fargo’s move to raise its price target to $800 reflects a reassessment of Dupixent’s exclusivity and profit potential, while the firm remains guarded on clinical readouts that could materially affect Regeneron’s longer-term growth story.