Sanofi is an integrated, global healthcare company focused on patient needs and engaged in the research, development, manufacture and marketing of healthcare products. Two segments make up Co.'s business: Pharmaceuticals and Vaccines. The Pharmaceuticals segment covers research, development, production and marketing of medicines, consisting of flagship products, plus a broad range of prescription medicines, generic medicines, and consumer health products. The Vaccines segment includes research, development, production and marketing of vaccines in five areas: pediatric vaccines, influenza vaccines, adult and adolescent booster vaccines, meningitis vaccines, and travel and endemic vaccines.
  • TickerSAN
  • ISINFR0000120578
  • ExchangeEuronext Paris
  • SectorPharmaceuticals & Biotechnology
  • CountryFrance
Team Pharma

ODDO : US elections: a cautious stance is in order on European big pharma

The US elections on 3 November are nearly upon us, and with them the usual package of measures relating to the health sector. The main measures to have been made public at this stage are clearly deflationary. In an uncertain climate for the industry, we have made several rating changes, with two upgrades, on AstraZeneca (Buy vs Reduce), and GSK (Buy vs Neutral), and two downgrades, on Roche (Reduce vs Buy), and Novartis (Neutral vs Buy). We are still at Buy on Sanofi and Neutral ...

Team Pharma

ODDO : Elections US: prudence sur la Big Pharma européenne

L’élection américaine du 3 novembre approche et avec elle son traditionnel lot de mesures relatives au secteur de la santé. Les principales mesures rendues publiques, à ce stade, sont clairement déflationnistes. Dans ce contexte d'incertitudes pour le secteur, nous opérons plusieurs changements d’opinions avec deux relèvements, AstraZeneca (Achat vs Alléger), GSK (Achat vs Neutre), et deux révisions en baisse, Roche (Alléger vs Achat), Novartis (Neutre vs Achat). Nous restons à l...

Team Pharma

ODDO : US elections: a cautious stance is in order on European big pharma

The US elections on 3 November are nearly upon us, and with them the usual package of measures relating to the health sector. The main measures to have been made public at this stage are clearly deflationary. In an uncertain climate for the industry, we have made several rating changes, with two upgrades, on AstraZeneca (Buy vs Reduce), and GSK (Buy vs Neutral), and two downgrades, on Roche (Reduce vs Buy), and Novartis (Neutral vs Buy). We are still at Buy on Sanofi and Neutral ...

Dominic Rose ...
  • Naresh Chouhan

Big Pharma Margins to Benefit From COVID (Thematic research, 12 pgs)

We highlight numerous doc surveys showing they are unlikely to go back to pre-COVID levels of interaction with Big Pharma sales forces & are now much more amenable to digital marketing. Lower S&M spend should drive higher margins despite some of the savings being reinvested. We estimate the savings could be 3-4% of 2019 EBIT yet consensus hasn’t increased its 2021 EBIT margin forecasts for most in the industry. We expect this to be a multi-year structural benefit as new technology is adopted by Pharma & its customers. We show Novo could be the largest beneficiary, Roche the least. For access ...

Dave Nicoski ...
  • Ross LaDuke

Global Equity Strategy

Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Investors' primary sources of angst continue to revolve around concerns of (1) the global shift toward tighter monetary policy and the potential for perceived policy missteps, (2) trade and tariffs, and (3) the potential negative effects both (1) and (2) may have on global growth. Comments from Fed Chair Powell that interest rates are “just below” the neutral rate and the 90-day tariff ceasefire agreement between the U.S. and China have not been able to calm the markets. In Euro...

Jérôme VINERIER

Analyse court terme - SANOFI : Les cours progressent toujours.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 79,55 € et 82,30 €. La tendance serait invalidée sous le support à 70,84 €.

Jérôme VINERIER

Short term view - SANOFI : Prices are still making progress.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €79.55 and €82.30. The trend would be invalidated below the support at €70.84.

Jérôme VINERIER

Short term view - SANOFI : The background trend is clearly bullish.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at €70.84.

Jérôme VINERIER

Analyse court terme - SANOFI : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 70,84 €.

Team Pharma

ODDO : US elections: a cautious stance is in order on European big pharma

The US elections on 3 November are nearly upon us, and with them the usual package of measures relating to the health sector. The main measures to have been made public at this stage are clearly deflationary. In an uncertain climate for the industry, we have made several rating changes, with two upgrades, on AstraZeneca (Buy vs Reduce), and GSK (Buy vs Neutral), and two downgrades, on Roche (Reduce vs Buy), and Novartis (Neutral vs Buy). We are still at Buy on Sanofi and Neutral ...

Team Pharma

ODDO : Elections US: prudence sur la Big Pharma européenne

L’élection américaine du 3 novembre approche et avec elle son traditionnel lot de mesures relatives au secteur de la santé. Les principales mesures rendues publiques, à ce stade, sont clairement déflationnistes. Dans ce contexte d'incertitudes pour le secteur, nous opérons plusieurs changements d’opinions avec deux relèvements, AstraZeneca (Achat vs Alléger), GSK (Achat vs Neutre), et deux révisions en baisse, Roche (Alléger vs Achat), Novartis (Neutre vs Achat). Nous restons à l...

Team Pharma

ODDO : US elections: a cautious stance is in order on European big pharma

The US elections on 3 November are nearly upon us, and with them the usual package of measures relating to the health sector. The main measures to have been made public at this stage are clearly deflationary. In an uncertain climate for the industry, we have made several rating changes, with two upgrades, on AstraZeneca (Buy vs Reduce), and GSK (Buy vs Neutral), and two downgrades, on Roche (Reduce vs Buy), and Novartis (Neutral vs Buy). We are still at Buy on Sanofi and Neutral ...

Dominic Rose ...
  • Naresh Chouhan

Big Pharma Margins to Benefit From COVID (Thematic research, 12 pgs)

We highlight numerous doc surveys showing they are unlikely to go back to pre-COVID levels of interaction with Big Pharma sales forces & are now much more amenable to digital marketing. Lower S&M spend should drive higher margins despite some of the savings being reinvested. We estimate the savings could be 3-4% of 2019 EBIT yet consensus hasn’t increased its 2021 EBIT margin forecasts for most in the industry. We expect this to be a multi-year structural benefit as new technology is adopted by Pharma & its customers. We show Novo could be the largest beneficiary, Roche the least. For access ...

Martial Descoutures ...
  • Sebastien Malafosse

Sanofi : Join the dance

>Clinical launch of its COVID-19 vaccine - Sanofi and GSK announced at the end of last week that their COVID-19 candidate vaccine has entered the clinical trial phase. This phase I/II will recruit 440 participants at 11 sites in the US and will have as its main objective to evaluate the safety of its candidate vaccine. This first step was expected but facilitates confirmation of the timings previously indicated by the companies. The aim now is to obtain its first cli...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 23/10/2019 -Pétrole et gaz

Pétrole & Gaz: Quelques annonces de dépréciations, mais les perspectives demeurent favorables Piraeus Bank: Envisagerait l’émission de sa première obligation AT1 en 2020 BASF (Conserver) : Cède sa division Chimie de construction à Lone Star pour €3,2 mds Intrum (Achat) : Aurait fait une offre sur Cerved Credit Management Sanofi : Offre publique d'achat de $2,5 mds sur la biotech américaine Synthorx EDP (Achat) : Cession de 6 centrales hydroélectriques au Portugal pour €2,2mds Bertelsmann (Achat) : Moody's confirme la note Baa1 et dégrade sa...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 09/12/2019 - NordLB- EN

NordLB: EC-Approved State Bank Rescue, No Bail-In On Subordinated Debt WEPA Hygieneprodukte: New Issues, We Initiate An Outperform (+) Recommendation Sanofi: Acquisition of Synthorx For $2.5bn Tesco (O/P): Considering Selling Its Supermarkets In Thailand And Malaysia For $9bn Ericsson (M/P): Agrees To Pay $1bn (€900m) To Close Anti-Corruption Investigations Danske Bank (U/P): Revises Upwards Its Outlook For 2019 Air France-KLM (O/P): Passenger Traffic Up +3.6% In November Orsted (O/P): Fitch Assigns A BBB- Rating To New Hybrid G...

Marnik Hinnekens

TP ICAP - Europe - Focus High Yield 09/12/2019 - NordLB- FR

NordLB : Un sauvetage bancaire étatique approuvé par la CE, pas de bail-in sur les subordonnés WEPA Hygieneprodukte : Nouvelles émissions, nous initions une recommandation à l’Achat (+) Sanofi : Acquisition de  Synthorx pour $2,5 mds Tesco (Achat) : Envisage de céder ses supermarchés en Thaïlande et en Malaisie pour $9 mds Ericsson (Conserver) : Va verser $1md (€900m) pour clore des enquêtes anti-corruption Danske Bank (Vente) : Revoit à la hausse ses perspectives pour 2019 Air France-KLM (Achat) : Hausse du trafic passager de +3,6% au mo...

Sanofi - December 2016 (LTM): Peer Snapshot

Peer Snapshot: Sanofi - December 2016 (LTM) 4 April 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Sep-16 FYE Dec-14 FYE Dec-15 LTM Dec-16

Bruno Cavalier ...
  • Emira Sagaama
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/07/2020

For our pharmaceutical team, the prospect of registering a COVID-19 vaccine is growing stronger between now and the end of the year. We have attempted to evaluate its potential effects on the market. To do so, we relied on the negative correlation between the stringency of lockdown, as measured by Oxford University’s stringency index, and stock price trends. Conclusion: a major impact on the Stoxx 600 (+17%), assuming a return of the stringency index to the early February levels, whic...

Bruno Cavalier ...
  • Emira Sagaama
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/09/2020

Pour notre équipe pharmacie, la perspective d’enregistrement d’un vaccin COVID-19 se renforce d’ici la fin de l’année. Nous avons tenté d’en estimer les effets potentiels sur le marché. Pour ce faire, nous nous sommes appuyés sur la corrélation négative existant entre rigueur du confinement, telle que mesurée par le « stringency index » de l’université d’Oxford, et évolution des cours de Bourse. Conclusion : un effet majeur sur le Stoxx 600 (+17%), dans l’hypothèse d’un retour du stri...

With a more favourable environment, SANOFI improves to Positive

SANOFI (FR), a company active in the Pharmaceuticals industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date July 3, 2020, the closing price was EUR 91.00 and its potential was estimated at EUR 101.25.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Sanofi – AGM 28 April 2020

On 1 September 2019, Olivier Brandicourt exercised his retirement rights, 5 years after he became head of the company. In addition to an annual pension of €524,766, he also retained the benefit of all the options and performance shares that had been granted to him and not yet vested, with a total combined value of approximately €11.6 million. Thus, his total departure package (retirement + shares and options maintained) amounts to € 21.61 million. However, between Mr Brandicourt's appointment and departure, Sanofi's share price fell by 11%, while the CAC 40 rose by 13.4%. This departure packag...

Jehanne Leroy

Sanofi - Assemblée Générale des actionnaires du 28 avril 2020

Le 1er septembre 2019, Olivier Brandicourt a fait valoir ses droits à la retraite, 5 ans après son arrivée à la tête de la société. En sus d’une rente annuelle de 524 766 €, il a également conservé le bénéfice de la totalité des options et actions de performance qui lui avaient été attribuées et non encore acquises, et dont la valeur totale combinée est d’environ 11,6 M€. Ainsi, son package de départ total (retraite + actions et options maintenues) s’élève à 21,61 M€. Or, entre la nomination et le départ de M. Brandicourt, le cours de Sanofi a baissé de 11%, tandis que le CAC 40 augmentait de ...

Expert Corporate Governance Service (ECGS)

Sanofi - AGM 30 April 2019

ITEM 8: In line with the modified AFEP/MEDEF corporate governance code as revised in June 2018, the company proposes to add a CSR criterion to the annual bonus. We regret that the company does not indicate which CSR indicator will be implemented and whether it will be quantifiable or not. However, the 2019 remuneration policy is better than the previous one, therefore we support item 8. ITEM 10: the company’s disclosure improved compared to last year as now it disclosed achievement rates for each of the financial criteria. However, its transparency remains below French and European standards (...

Jehanne Leroy

Sanofi - Assemblée générale des actionnaires du 30 avril 2019

RémunérationsLa société a amélioré sa communication sur les rémunérations attribuées puisqu’elle communique désormais les taux d’atteinte de chacun des critères financiers du bonus ; cependant, sa communication reste bien en deçà de la transparence de ses pairs français et européens (par exemple, son concurrent suisse Novartis communique à la fois les taux d’atteinte de chacun des critères du bonus, mais également les objectifs qui devaient être atteints). Une communication améliorée permettrait de mieux comprendre les montants attribués ; en effet, en l’état le bonus 2018 de 1 855 800 € ne se...

Sanofi – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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