We lower our 12-month price target by $17 to $456, based on 18x our next-12-month EPS of $25.35. Q2 EPS of $6.02 vs. $5.45 beat our estimate by $0.28 due to higher-than-expected Sanofi collaboration revenues. In Q2, REGN's antibody license and collaboration agreement with Sanofi achieved profitability for the first time, ahead of expectations. REGN's profit share related to the antibody agreement was $39 million in Q2 vs. a loss of $69 million in the prior-year period. We lift our 2019 EPS to $23.16 from $21.99 and our 2020 EPS to $26.64 from $22.79. Q2 revenues increased 20% to $1.93 billion as net product sales expanded 21% to $1.21 billion. Sales of recently launched Dupixent reached $557 million, as net product sales in the U.S. grew 151% year-over-year to $455 million. We are encouraged to hear REGN announce today that its Phase 3 trial for Dupixent in children with severe atopic dermatitis met its primary and secondary endpoints. We continue to be bullish on REGN's pipeline.
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