Sanofi - R&D Turnaround Now Visible (BUY, TP EUR 132, 16 pgs)
Whilst the market focus will be on Roche’s pipeline on Monday, we believe investors should be focusing on the Sanofi pipeline. Our analysis shows that Sanofi’s recent P2 pipeline success rate is ~50% higher than the industry with 3 more readouts potentially due by Y/E. Crucially, we show that recently launched products & the late stage pipeline account for more than 60% of Dupixent EBIT by 2028, in our model. A combination of upcoming data readouts and the realisation that there is a diminishing reliance on Dupixent will drive a re-rating, in our view.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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