Piper Jaffray analyst Joshua Schimmer said the prevailing view has been Regeneron (REGN) and Sanofi (SNY) may owe Amgen (AMGN) a low-single digit royalty, at worst, on Praluent sales if the partners lose their patent fight. However, damages could be substantially higher than that even without treble damages, said Schimmer, who acknowledges that the fight will continue in the courts and there is still a chance the companies can convince the Federal Circuit that Amgen's patent is not being infringed. Today's ruling "is still an Amgen win," said Schimmer, who keeps an Overweight rating on the stock. The Fly notes that the firm's initial note was corrected since the original incorrectly stated that the judge ruled treble damages could be allowed.

Reports business EPS of EUR 1.78, down 17.6% reported and 7.4% at CER. Reports Q1 IRFS net sales EUR 10.464B, up 2.4%. Paul Hudson, Chief Executive Officer, commented: "We are off to an excellent start in 2024, delivering on our strategic priorities and a transformation of our portfolio of medicines and vaccines to become a development-driven, tech-powered biopharma company committed to serving patients and accelerating growth. Continued strong performance by Dupixent and our new launches drove sales growth of seven percent. In parallel, we are delivering on our promise of increased investments in our late-stage pipeline to fully realize its value for patients and Sanofi. We are awaiting regulatory decisions for Dupixent in COPD, a progressive disease with limited effective treatment options. If approved, Dupixent will be the first biologic treatment in COPD. With the robust progress in our portfolio transformation, we reaffirm our financial guidance for 2024."