Increasing Confidence (BUY, TP EUR 80 [75])
We upgraded Sanofi 10 weeks ago driven by our belief that the 20% discount to the sector was unwarranted given EPS could grow 5% CAGR 2018-23. The shares have re-rated 5% since and yesterday’s results increased our confidence in our thesis. Whilst H118 was uninspiring, H218 will improve materially and by Q4 the route to mid-single digit growth will be much clearer. Dupixent beat, US Aubagio has held up, Diabetes looks to be bottoming-out & Praluent market access continues to grow. Moreover, the Dupixent asthma indication is underappreciated in our view and will drive upgrades. PT increased to €80.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.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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