Despite insulin pricing pressure, Sanofi's focus on steady businesses drives long-term growth.
Sanofi reported fourth-quarter results in line with our expectations, and we don’t expect any major changes to our fair value estimate ($54 ADR/EUR 97). We still view the stock as undervalued, with the investment community underappreciating Sanofi’s nondiabetes business. While we expect competition from Lilly’s long-acting insulin Basaglar to push Sanofi’s leading diabetes drug Lantus (15% of total sales) to decline by over 25% in 2017, we believe strength from the rest of the business will miti...
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