Barclays initiated coverage of Regeneron Pharmaceuticals with an Overweight rating and a $923 price target, arguing the stock undervalues near- and medium-term profit growth from Dupixent. The brokerage said investors underestimate how additional indications for the blockbuster drug could sustain growth, with annual sales still rising double digits nearly nine years after approval.

Barclays described Dupixent as “a pipeline in a product,” driven by new indications and expansion within existing ones. The firm expects uses in chronic obstructive pulmonary disease and chronic spontaneous urticaria to support the next growth phase, even as competition increases. It also sees intellectual property protection potentially extending into the mid-2030s.

The brokerage believes concerns about Regeneron’s eye-disease franchise, centered on Eylea, are overblown. While standard-dose products face more competition starting in 2026, the higher-dose version Eylea HD accounted for about half of total Eylea sales exiting 2025, and the shift toward this formulation should continue.