Friends of NFTBC
On current trends, investors turn collectively despondent on REGN once a year - with early Summer being the seasonal tendency. Since the time when I wrote to you during this Summer’s episode, FY 2026 consensus EPS has moved up by a hefty 45%-plus. For my part, I had been suggesting for the last 12 months that consensus looked much too low (e.g. see here, here, here and here). And consequently, analysts have found themselves needing to rework their numbers in much the same way that the Hemingway character famously goes bankrupt:
Looking beyond 2026, consensus still looks too pessimistic to me. As to whether 2027 might finally break the recurring cycle of despair - that lies beyond my ability to predict. But I do remain as excited about REGN as I have ever been - actually even more so given some of the recent developments. In the post that follows, the plan is to share a few observations about last Friday’s results as well as some ideas that are percolating about the road ahead.
