01:57 PM EDT, 04/30/2026 (MT Newswires) -- Regeneron Pharmaceuticals' ( REGN ) Q1 results reflected mixed trends, as weaker-than-expected sales of high-dose Eylea weighed on shares, though the broader franchise remains "on solid footing," Oppenheimer said in a note Wednesday.

The biotechnology company posted non-GAAP earnings of $9.47 per diluted share, surpassing analyst expectations, but the stock faced downward pressure after Eylea HD recorded $468 million in sales, below the $490 million consensus, the brokerage said.

The Eylea franchise got a boost with the US Food and Drug Administration approval of "extended dosing" intervals for HD in wet age-related macular degeneration and diabetic macular edema, according to the note. A decision on a pre-filled syringe is expected in Q2 and Oppenheimer said label expansion for HD could support adoption and help offset market share pressure.

Dupixent remains a "key growth driver," supported by "durable demand" and new indications, including chronic spontaneous urticaria and allergic fungal rhinosinusitis, according to the note.

Despite competition, the company's outlook is balanced, supported by Dupixent growth, expanding Eylea HD uptake, and expected higher collaboration profits with Sanofi ( SNY ) , the brokerage said.

Oppenheimer maintained an outperform rating on Regeneron, with a price target of $865.

Shares of Regeneron were up more than 3% in Thursday trading.

Price: 707.76, Change: +21.40, Percent Change: +3.12