Regeneron Pharmaceuticals Inc. (REGN): Ph3 Anti-LAG-3 Study In First-Line Metastatic Melanoma Fails

Regeneron's Phase 3 trial of fianlimab in 1L metastatic melanoma failed to meet its primary endpoint of median progression-free survival. Goldman Sachs remains Buy-rated, seeing the likely stock weakness as an entry point given the company's other pipeline catalysts.

Key Takeaways

• 1.Regeneron's Phase 3 study of fianlimab in combination with Libtayo failed to meet the primary endpoint of median progression-free survival in 1L metastatic melanoma.
• 2.Despite the trial failure, Goldman Sachs maintains a 'Buy' rating, viewing the anticipated share price drop as a buying opportunity due to pipeline potential and Dupixent IP extension.
• 3.Both high and low doses of fianlimab failed to reach the 'success bar' of 12-15 months mPFS set by management and the market.

Table of Contents

• Ph3 anti-LAG-3 study in first-line metastatic melanoma fails
• Ph3 study of fianlimab in 1L metastatic melanoma fails
• Exhibit 1: Efficacy summary
• Valuation and Risks
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Disclosures required by United States laws and regulations
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures
• Differing Levels of Service provided by Global Investment Research

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