Sanofi - Flu Driving EPS Upgrades (BUY, TP EUR120, 16 pgs)
Given the lack of flu vaccine availability in 2020 & the low EU coverage rates, we expect 2021 flu volumes to be materially increased with Sanofi ordering significantly more eggs & improving the mix to higher priced, more efficacious flu jabs. For 2021, we now forecast the flu franchise to grow 23%, adding 4% to EPS. We show that 2017 EU flu coverage in over-65’s was just 44% vs the EU Council target of 75%. We expect higher demand in EU & in the US for the 50-64 cohort where flu vaccination coverage is just 47%. We are now 5% ahead of 2021 consensus EPS & above guidance for this year. BUYFor 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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