Regeneron Pharmaceuticals Inc (NASDAQ:REGN) and Sanofi announced that UnitedHealth Group will provide preferred access to Praluent® (alirocumab) Injection through OptumRx and UnitedHealthcare for Commercial, Medicare, and Managed Medicaid patients. Praluent is the only PCSK9 inhibitor preferred across UnitedHealth Group formularies. This decision, when combined with prior favorable coverage decisions at Express Scripts, Aetna and other insurers, provides for access to flexible dosing with Praluent on formularies covering more than 100 million patients in the United States. Praluent is the only PCSK9 inhibitor currently available in two doses, that allows a healthcare provider to adjust the dose based on their patient’s LDL cholesterol lowering needs.
Praluent, the first PCSK9 inhibitor available in the U.S., is indicated as an adjunct to diet and maximally tolerated statin therapy for the treatment of adults with heterozygous familial hypercholesterolemia (HeFH) or clinical atherosclerotic cardiovascular disease (ASCVD) who require additional lowering of low-density lipoprotein (LDL) cholesterol. ASCVD is defined as a build-up of plaque in the arteries which can lead to reduced blood flow and a number of conditions including heart attack, stroke, chest pain (stable or unstable angina), transient ischemic attack, revascularization and peripheral artery disease. The effect of Praluent on cardiovascular morbidity and mortality has not yet been determined.
“We are pleased that the appropriate patients in the U.S. now have preferred access to Praluent through UnitedHealth Group,” said Jez Moulding, President, North America Pharmaceuticals, Sanofi US. “Praluent is a significant innovation for patients with the highest unmet need who may benefit from further reduction of their LDL cholesterol, and we look forward to continued collaboration with other insurers to help ensure appropriate patient access to Praluent.”
Many patients in the U.S. face the challenge of achieving LDL cholesterol levels recommended by healthcare providers, despite treatment with standard of care including statins. These include approximately 8-10 million patients with either ASCVD or the inherited form of high LDL cholesterol known as HeFH.
“Both the Praluent 75 mg and 150 mg doses will be preferred on UnitedHealth formularies, providing physicians with the flexibility to individualize dosing for their patients,” said Robert Terifay, Senior Vice President, Commercial, Regeneron. “Our comprehensive support program, MyPraluent™ also provides important services to help patients such as disease management, and financial assistance for patients with or without insurance.”
Sanofi and Regeneron are committed to ensuring that patients in the U.S. who are prescribed Praluent® (alirocumab) Injection are able to access the medicine and receive the support they may need. MyPraluent is a comprehensive program that offers support, training and follow up for patients at every step of the process. The program provides insurance eligibility support; financial assistance to uninsured or underinsured patients including providing free medicine to eligible patients; free medicine for up to 90 days if your insurance denies coverage; and with the MyPraluent Copay Card, patients may qualify to receive Praluent at no cost for 6 months and no more than $10 thereafter. Additional services include access to educational information and clinical support for physicians, nurses and pharmacists, and help navigating specialty pharmacies. (Original Source)
Shares of Regeneron closed yesterday at $548.17, up $0.78 or 0.14%. REGN has a 1-year high of $605.93 and a 1-year low of $383.87. The stock’s 50-day moving average is $559.22 and its 200-day moving average is $534.43.
On the ratings front, Regeneron has been the subject of a number of recent research reports. In a report issued on November 12, Roth Capital analyst Joseph Pantginis reiterated a Hold rating on REGN, with a price target of $543, which represents a slight downside potential from current levels. Separately, on November 5, J.P. Morgan’s Cory Kasimov reiterated a Hold rating on the stock and has a price target of $578.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Pantginis and Cory Kasimov have a total average return of -4.0% and -2.7% respectively. Pantginis has a success rate of 38.9% and is ranked #3490 out of 3638 analysts, while Kasimov has a success rate of 41.8% and is ranked #3193.
The street is mostly Neutral on REGN stock. Out of 7 analysts who cover the stock, 5 suggest a Hold rating and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $615.33, which represents a potential upside of 12.3% from where the stock is currently trading.
Regeneron Pharmaceuticals Inc is a fully integrated biopharmaceutical company. It discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions.