Sanofi - Upgrade to BUY (TP EUR125 [100], 16pgs)
We upgrade Sanofi to BUY for several reasons: 1) Materially higher Amvuttra royalties following news yesterday (cons. models very little), 2) New duvakitug data at the weekend has made us bullish on the outlook and again consensus models very little for this, 3) We also believe there is a chance that amlitelimab could read out a P3 in AD this year, which would be earlier than expected, and 4) We show that the Dupi patent being extended could add at least 6% to the Sanofi NPV. The confluence of all these factors & numerous others means that the reliance on Dupixent is declining rapidly and Sanofi should trade on a materially higher PE. Furthermore, the Amvuttra deal highlights Sanofi’s best-in class BD capability which will drive further upside to forecasts. PT up to €125.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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