Regeneron’s stock could get a boost as one major drug gains a competitive edge and another continues to dominate, according to Cowen. Analyst Tyler Van Buren on Monday upgraded pharmaceutical stocks to outperform the market. He also raised his price target by $100 to $875, which represents a 17.8% rise from where the stock closed on Friday. Van Buren said Eylea has “incremental improvements” over rival drug Vabysmo after previously being considered similar. High-dose, or HD, Eylea is now considered to have a weekly benefit over Vabysmo. It is used to prevent fluid from leaking from abnormal blood vessels behind the eye. He added that Dupixent, which can be used to help people with conditions such as eczema and asthma, “continues to be a beast.” He pointed to the consensus global sales estimate for the drug, which shows sales reaching $15 billion in 2027. But he said the mark could be reached a year or two earlier and could exceed sales of $18 billion before the European Union expires in 2029. And he said there is even a possibility to crack $20 billion in sales if the data from the test comes in strong. “Eylea’s HD data has transformed Regeneron’s trajectory,” Van Buren said in a note to clients. “With the future of the Eylea franchise again secured, and Dupixent being a top growth asset in biopharma, REGN is likely to remain one of the more fundamentally attractive companies in LC biotech.” Eylea should see about $6.5 billion, or 4% year-over-year growth, by 2023, according to Van Buren. He noted that the company is looking at the second and third quarters of 2022 before being impacted in the fourth quarter due to the negative charitable impact. But he said that could be conservative as the market continues to grow. Outside the U.S., they expect sales growth of 4% and 1% in 2023 and 2024, respectively.They say estimates for 2025 and beyond will vary depending on changes in the competitive landscape. Van Buren said Regeneron’s cancer portfolio remains undervalued, but there are potential opportunities in specialty Odronextamab and Fianlimab. He said more data should be forthcoming for projects in this business unit in the first half of 2023. — CNBC’s Michael Bloom contributed to this report.