Sanofi Posts Slightly Disappointing 3Q and Insulin Reimbursement Pressures Are Increasing into 2018
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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