SVB Leerink analysts predict $1 billion in peak sales of Regeneron’s experimental COVID-19 treatment

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SVB Leerink analysts predict that Regeneron Pharmaceuticals Inc.’s experimental antibody cocktail for COVID-19 patients will soon receive regulatory authorization and could generate peak sales of more than $1 billion in 2021. The drug, REGN-COV2, is a type of antibody-based treatment aimed at people with mild to moderate forms of the disease. It is still being tested in clinical trials but gained mainstream attention after President Donald Trump’s physician last week prescribed the investigational therapy early in the course of his COVID-19 treatment on a compassionate use basis. Regeneron’s stock was down 0.5% in premarket trading on Tuesday. “We do expect the approval to occur within days and anticipate significant uptake in the remainder of the year, particularly as COVID resurges in all but the most isolated and socially distanced countries, states, towns, and communities,” SVB Leerink analyst Geoffrey Porges told investors on Monday. (Porges later clarifies in the note that he believes the drug will receive an emergency use authorization, not a full approval, from the Food and Drug Administration.) He also expects the company to price REGN-COV2 at $3,000 per vial, a similar price point to Gilead Sciences Inc.’s remdesivir, another COVID-19 treatment that received authorization in May. Regeneron’s stock is up 61.1% so far this year, while the S&P 500 has gained 5.5%.
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