12:24 PM EDT, 04/26/2024 (MT Newswires) -- Regeneron Pharmaceuticals ( REGN ) is expected to grapple with Q1 seasonality when reporting March quarter results early next month, despite the ongoing Eylea HD launch, Oppenheimer said in a note Thursday.

"We model a sequential decrease in revenues (-6%) and non-GAAP EPS (-16%) decline, in line with company compiled consensus," Oppenheimer analysts, including Hartaj Singh, said.

Oppenheimer said that questions at the May 2 earnings call will focus on the Eylea HD launch, particularly regarding patient switch dynamics and competitor actions.

The analysts also said Regeneron has a "best-in-class" pipeline, and that there will be another comprehensive update,

especially on the oncology pipeline.

"With a strong commercial profile and material regulatory and clinical catalysts in 2024, we are buyers," they said.

Oppenheimer kept its outperform rating on the stock with a price target of $1,175.

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