Regeneron Pharmaceuticals' (REGN) patent on Eylea HD is more likely to be retained, with the Patent Trial and Appeal Board, or PTAB, due to issue a final decision on an ongoing patent dispute by March 2027, RBC Capital Markets said in a Thursday note.

The patent, which covers Eylea HD's formulation and method of treatment, was issued in 2024 and is set to expire May 10, 2039, according to the note. Alvotech (ALVO) has challenged the patent, with the PTAB to hear arguments on Dec. 4 and issue a decision by March 3, 2027, the brokerage said.

"Our read and feedback suggests Regeneron is likely in a stronger position, particularly against Alvotech's prior art arguments," RBC said. The patent serves as the company's strongest defense for Eylea HD, blocking potential biosimilars, the investment firm noted.

RBC has a sector perform rating on Regeneron Pharmaceuticals, with a $737 price target.

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