【Jefferies-2025研报】再生元制药公司（REGN）：再生元制药（REGN）与百时美施贵宝（BMY）：为何我们对REGN的LAG3组合相较于BMY的差异化持怀疑态度.pdfVIP

USA|Biotechnology

EquityResearch

RegeneronPharmaceuticalsJune4,2025

REGN/BMY:WhywereskepticalREGNsLAG3COMPANYUPDATE

combocoulddifferentiatevsBMYRATINGBUY

PRICE$487.86^

WegotupdateddatafromRELATIVITY-020PartEevaluatinghighdoserela

PRICETARGET|%TOPT$804.00|+65%

(LAG3)w/nivo(PD-1)in1Lmelanoma.Wellnote1)whilerela/nivo480/480mg

52WHIGH-LOW$1,211.20-$481.58

looksbetterthanapproved160/480mgregimenonORR(61%vs49%),PFS

FLOAT(%)|ADVMM(USD)91.6%|744.49

looksworse(26.8movs33.3mo)DCRlookssimilar(69%vs63%),2)

MARKETCAP$56.2B

additionally,thishighdoserelacombolookssimilarvsREGNsLAG3onPFS