Report
Damien Conover
EUR 101.80 For Business Accounts Only

Despite insulin pricing pressure, Sanofi's focus on steady business lines drives long-term growth.

Sanofi reported third-quarter results slightly below both our and consensus expectations and we expect to slightly lower our fair value estimate based on the results and a worsening reimbursement environment for the company’s diabetes drugs. Despite the minor decrease in our fair value estimate, we expect the stock to still look undervalued with the market underappreciating Sanofi’s strong positions in rare diseases, vaccines, and consumer health, all of which help support the firm’s wide moat.
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Underlying
Sanofi

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Damien Conover

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