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Sell-siders weigh in on Praluent price cut

  • Sell-side analysts comment on Regeneron Pharmaceuticals (REGN +0.7%) and Sanofi's (SNY +0.5%) announced price reduction on cholesterol med Praluent (alirocumab).
  • Baird's Brian Skorney (OUTPERFORM/$408 on REGN): Conclusion from ICER (Institute for Clinical and Economic Review) that Praluent would be cost effective at $2.0K - 3.4K for all patients and $4.5K - 8.0K for high-risk patients with elevated bad cholesterol would be a 43 - 68% discount and may trigger a price war. He says Amgen (AMGN -0.9%) would have to cut the price on Repatha (evolocumab) even more to grab market share. Current consensus on Praluent and Repatha together is $1.2B - 2.7B in 2022 but forecasts for Praluent could "flip-flop" in the coming weeks.
  • Raymond James' Laura Chico (OUTPERFORM/$399): "Somewhat "cautious" on Praluent's trajectory. Management sees population of 300K - 400K high-risk patients in U.S., only 38K being treated at present.
  • Barclays' Geoff Meacham (UNDERWEIGHT/$315): Revised commercial strategy "unlikely to improve sales and growth trajectory" since payers will restrict access considering the pricing differential versus statins.
  • BMO's Matthew Luchini (MARKET PERFORM/$398): Study data largely in line with expectations, but sees focus shifting to price and patient access. Change in sales trajectory contingent on revised AHA/ACC guidelines and improved payer access.
  • Related tickers: (MDCO -0.3%)(ESPR +3.4%)

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Regeneron Pharmaceuticals, Inc.