Intron Health - Sanofi - Path to EUR120 Getting Clearer (BUY, TP EUR 120, 16 pgs)
Our recent upgrade was predicated on Dupi hitting mgmt guidance of €10bn & group margins exceeding consensus expectations. We now have more datapoints to show that the margin story is playing out. We show that Dupi profitability is higher than we envisaged, cost savings beat expectations & we believe will be increased beyond €2bn. Plus, US flu shipments are higher than we anticipated. As a result, we increase our margin estimates by ~70bps 2020-25, are 3% ahead of company EPS guidance for 2020 and now forecast 11% & 14% EPS growth 2021 & ’22. At €120, Sanofi trades at 15.8x our 2022 EPS forecasts. As mgmt. start to deliver on their Dupi & margin promises, the path to €120 is much clearer.For access to the full note, please contact Naresh Chouhan ( ).
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.
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