New Street Research - Sanofi (SAN) Sanofi - Best Value Stock in EU Pharma (BUY, TP EUR 132, 17 pgs)

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New Street Research

Dominic Rose ...

Naresh Chouhan

EUR 4303.00 For Business Accounts Only

Sanofi - Best Value Stock in EU Pharma (BUY, TP EUR 132, 17 pgs)

Our Dupixent forecasts now reach €20bn at peak and we believe these forecasts are too conservative. Our work shows US Dupixent price growth has been surprisingly strong in recent years, but we expect price to start to fall. We increase our 2028 EPS forecasts by 12% and sales by 8% driven by $4bn peak sales for Dupi in COPD & €1.7bn for itepekimab which we now include in our forecasts based on the success of the Dupi trial. We now forecast 13% EPS CAGR 2023-28 and Sanofi trades at just 13x our 2025 EPS at our €132 PT (32% upside). In addition, we see upside from a possible BI settlement on Zantac, a CH spin (>€20bn mkt cap) & SAN’s €28bn 2028 net cash pile. Sanofi is clearly the best value Pharma name, in our view.
For access to the full note, please contact Naresh Chouhan ( )

29/03/2023 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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FR0000120578 Euronext Paris France

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Analysts

Dominic Rose

Naresh Chouhan

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Sanofi - Best Value Stock in EU Pharma (BUY, TP EUR 132, 17 pgs)

Press Release: Sanofi’s Board of Directors proposes the appointment of Christel Heydemann as an independent director

Communiqué de presse : Le Conseil d’administration de Sanofi propose la nomination de Christel Heydemann en qualité d’administratrice indépendante

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Japanese Telcos – Q3 FY25 review: SB focusing less on customer share; this is positive

SES (Neutral, €5.0, -18%) SES selling ground infrastructure assets? Our Take.

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