New Street Research - Sanofi (SAN) Sanofi - 2024: The Year Biologics Come to COPD (BUY, TP EUR110 [100], 16 pgs)

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Dominic Rose ...

Naresh Chouhan

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Sanofi - 2024: The Year Biologics Come to COPD (BUY, TP EUR110 [100], 16 pgs)

Following Dupixent’s Priority Review in COPD and a deep-dive in the space, we upgrade our COPD peak sales by $3bn to $6bn & our Dupixent 2030 sales to $22bn. Our analysis of the significant unmet need, doc surveys & existing/emerging competition leads us to believe that the market is underestimating the very significant opportunity from the 650k US pts who are currently uncontrolled. The priority review could be upside to this year’s numbers, but we believe COPD could add 5% to 2025 EPS which is a ~4% upgrade to our previous estimates. We also increase our PT by 10% to reflect higher Dupi sales & rolling our PT forward to Y/E 2024.
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27/02/2024 1 EN

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.

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Analysts

Dominic Rose

Naresh Chouhan

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Sanofi - 2024: The Year Biologics Come to COPD (BUY, TP EUR110 [100], 16 pgs)

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