Regeneron Pharmaceuticals (REGN) is under the spotlight as Citi previews the upcoming data readout for its Factor XI program, expected by year-end 2024. The focus is on two pipeline assets, REGN 9933 and REGN 7508, targeting venous thromboembolism (VTE). Citi outlines the success criteria: REGN 9933 should show a risk differential vs. enoxaparin of less than -15% with no major bleeding, while REGN 7508 should demonstrate a risk differential of less than -20% with less than 5% major bleeding. Despite the competitive landscape, particularly with Bristol's milvexian, Citi sees the market as "wide open" and maintains a Neutral rating with a target price of $895. Regeneron is currently trading at $739.15, up 0.16% from the previous close. Citi notes, "We currently ascribe no credit in our Regeneron model; however, every $1B in peak sales in 2030 adds ~$60 to our NPV analysis." The investment thesis is tempered by potential Eylea erosion, balanced by growth opportunities in Dupixent and oncology.