Regeneron Pharmaceuticals (REGN) may broaden its long-running drug partnership with Sanofi (SNY) to include several new immunology medicines, though any financial benefits would likely take time to show up, RBC Capital Markets said Tuesday in a report.

Only Dupixent and Kevzara are currently covered under the collaboration, and both companies have said they're open to renegotiating the agreement, RBC said.

The companies could fold additional pipeline drugs into the partnership and potentially update the financial terms, the report said. Regeneron could seek a more even profit split globally, compared with the current structure in which Sanofi funds most development costs upfront and Regeneron reimburses those expenses over time, RBC said.

RBC maintained its sector-perform rating on Regeneron stock and its $737 price target.

Regeneron shares rose 1.9% in Tuesday trading, and Sanofi gained 0.5%.

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