Sanofi Posts Slightly Weak 4Q, but New Products Are Gaining Traction and Shares Look Undervalued
Sanofi reported fourth-quarter results slightly below both our and consensus expectations, but we don’t expect any major changes to our fair value estimate based on the minor underperformance, and we continue to view the stock as undervalued. Weakness in the quarter partly stemmed from biosimilar Lantus competition, causing Sanofi’s top drug to fall 21% operationally. However, strength from most of the remaining business lines was able to largely offset the decline, helping stabilize total sales...
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