Sanofi - Downgrade to HOLD (TP EUR78 [125], 25pgs)
Our downgrade is predicated on 4 things: 1) Following the weak amlitelimab data, the Dupixent LOE needs to be explicitly modelled given that it will be encompassed in forecasts within a few months, 2) Our work shows that the REGN Alliance is unlikely to be restructured which could have favoured Sanofi in the S-T with more of the Dupi economics, 3) There are growing headwinds for Vaccines & RSV, & 4) Lack of catalysts. Blowout data from tolebrutinib is the only thing that could change our view in the ST and in the mid-term, we would need clarity on a Dupi LOE extension. We show that an extension could add up to 10% to Sanofi’s NPV. HOLD.For access to the full note, please contact Naresh Chouhan ( )
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.
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