reports
- Ben Rickett
- James Ratzer
- Russell Waller
Cellnex (Buy, €34, +34%) Inwit (Buy, €11.8, +56%) Both upgraded to BU...
Yesterday, we published our sector lookahead for EU telecoms names for 2026. There is a lot of material in the report, but as part of the review, we upgraded Cellnex and Inwit to Buy for the first time since 2017 and 2023 respectively.
- Research Department
IBERIAN DAILY 18 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS HOMES, AENA, AMADEUS, CIE AUTOMOTIVE, EBRO FOODS, NATURGY, NEINOR HOMES, TELEFÓNICA. Awaiting new drivers Most European indices, with the exception of peripheral markets, ended with slight corrections in a session without macroeconomic data. In the STOXX 600, almost all sectors (16/20) ended with gains, led by Basic Resources and Telecommunications vs. the bigger drops of Technology and Construction. On the macro side, in the euro zone, November’s final inflation was cut one...
- Research Department
INFORME DIARIO 18 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, AENA, AMADEUS, CIE AUTOMOTIVE, EBRO FOODS, NATURGY, NEINOR HOMES, TELEFÓNICA A la espera de nuevos catalizadores Poco movimiento en Europa en una jornada descargada de datos macro que terminó con tímidas pérdidas en la mayoría de los índices salvo para la periferia. En el STOXX 600, casi todos los sectores (16/20) terminaron con ganancias, lideradas por R. Básicos y Telecomunicaciones frente a las mayores caídas de Tecnología y Construc...
Press release: Availability of the Q4 2025 Aide memoire
Press release: Availability of the Q4 2025 Aide memoire Availability of the Q4 2025 Aide memoire Paris, France – December 17, 2025. Sanofi announced today that its Q4 2025 Aide memoire is available on the "Investors" page of the company's website: As for each quarter, Sanofi prepared this document to assist in the financial modelling of the Group's quarterly results. This document includes a reminder on various non-comparable items, as well as the foreign currency impact and share count. Sanofi's fourth quarter & full year 2025 results will be published on January 29, 2026. About Sanof...
Communiqué de presse : Mise en ligne du document «Q4 2025 Aide mémoire...
Communiqué de presse : Mise en ligne du document «Q4 2025 Aide mémoire » Mise en ligne du document «Q4 2025 Aide mémoire » Paris, France, le 17 décembre 2025. Sanofi annonce la mise en ligne sur l'espace Investisseurs du site internet de la société, d'un document intitulé « Q4 2025 Aide mémoire ». Comme chaque trimestre, ce document vise à assister la communauté financière dans la modélisation des résultats trimestriels de la société. Ce document contient un rappel de divers éléments non récurrents, l’effet des variations monétaires et le nombre d’actions. Les résultats du quatrième tri...
Press Release: Sanofi’s efdoralprin alfa earns orphan designation in t...
Press Release: Sanofi’s efdoralprin alfa earns orphan designation in the EU for alpha-1 antitrypsin deficiency related emphysema Sanofi’s efdoralprin alfa earns orphan designation in the EU for alpha-1 antitrypsin deficiency related emphysema Additional orphan designation reinforces Sanofi’s commitment to developing treatments for rare diseasesEfdoralprin alfa, an investigational restorative recombinant therapy, recently met all primary and key secondary endpoints in phase 2 head-to-head study versus a plasma-derived standard of care Paris, December 17, 2025. The European Medicines Agency...
Communiqué de presse : L’efdoralprine alfa de Sanofi obtient la désign...
Communiqué de presse : L’efdoralprine alfa de Sanofi obtient la désignation de médicament orphelin dans l’UE pour l’emphysème lié au déficit en alpha-1-antitrypsine L’efdoralprine alfa de Sanofi obtient la désignation de médicament orphelin dans l’UE pour l’emphysème lié au déficit en alpha-1-antitrypsine Une désignation de médicament orphelin supplémentaire renforce l’engagement de Sanofi à développer des traitements pour les maladies raresL’efdoralprine alfa, un traitement recombinant de restauration expérimental, a récemment satisfait à tous les critères d’évaluation principaux et secon...
- Bruno Cavalier
- Charlotte Vaisse
- Jean Danjou
- Maxime Kogge
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ZGN ERMENEGILDO ZEGNA NV
- Bruno Cavalier
- Charlotte Vaisse
- Jean Danjou
- Maxime Kogge
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ZGN ERMENEGILDO ZEGNA NV
- Martial Descoutures
- Research Department
INFORME DIARIO 15 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GREENING, REPSOL, TALGO. EUROPA: SANOFI. La Fed sigue apoyando el mercado El mensaje dovish de la Fed apoyó a las bolsas en la semana, transmitiendo confianza a los mercados en que habrá tipos más bajos en 2026 y más liquidez con la compra de activos a corto plazo. No obstante, las dudas en torno a las tecnológicas provocaron tomas de beneficios en la recta final. Así, en el STOXX 600, los mejores sectores fueron Bancos y Seguros seguido ...
Press Release: Sanofi provides update on tolebrutinib in primary progr...
Press Release: Sanofi provides update on tolebrutinib in primary progressive multiple sclerosis Sanofi provides update on tolebrutinib in primary progressive multiple sclerosis PERSEUS phase 3 study in primary progressive multiple sclerosis did not meet its primary endpoint in delaying time to onset of 6-month composite confirmed disability progression compared to placeboThe safety profile of tolebrutinib was consistent with previous studies Paris, December 15, 2025. Results from the PERSEUS phase 3 study (clinical study identifier: ) showed that tolebrutinib did not meet its primary end...
Communiqué de presse : Sanofi fait le point sur le tolébrutinib dans l...
Communiqué de presse : Sanofi fait le point sur le tolébrutinib dans la sclérose en plaques primaire progressive Sanofi fait le point sur le tolébrutinib dans la sclérose en plaques primaire progressive L'étude de phase 3 PERSEUS dans la sclérose en plaques primaire progressive n'a pas atteint son critère d'évaluation principal de retarder le délai d'apparition de la progression confirmée composite du handicap à 6 mois par rapport au placeboLe profil de sécurité du tolébrutinib était cohérent avec les études précédentes Paris, le 15 décembre 2025. Les résultats de l'étude de phase 3 PERSE...
- Dominic Rose
- Naresh Chouhan
Thematic - 2026 Outlook - "5 More Years" (55pgs)
For access to the full note, please contact Naresh Chouhan ( ) With EU Pharma (ex-Novo) now having reached decade high valuations vs EuroStoxx600, we believe the sector has broken out & the sustainability of the growth profile will now generate continued strong performance. Consensus 5yr sales & EPS CAGR’s stand at 4% & 7% for 15x 2026 PE. We show there is upside to this from underestimated pipelines where cons. rarely fully models “monster” drugs & from M&A which we expect to be strong at JPM ...
Press Release : Sanofi provides update on tolebrutinib regulatory subm...
Press Release : Sanofi provides update on tolebrutinib regulatory submission in non-relapsing secondary progressive multiple sclerosis Sanofi provides update on tolebrutinib regulatory submission in non-relapsing secondary progressive multiple sclerosis Ongoing discussions with the FDA regarding nrSPMS application have indicated regulatory decision for tolebrutinib is anticipated to be delayed Paris, December 15, 2025. Sanofi anticipates that the review process for the ongoing US regulatory review of tolebrutinib in non-relapsing secondary progressive multiple sclerosis (nrSPMS) will exte...
Communiqué de presse : Sanofi fait le point sur la soumission réglemen...
Communiqué de presse : Sanofi fait le point sur la soumission réglementaire du tolébrutinib dans la sclérose en plaques secondaire progressive non-récurrente Sanofi fait le point sur la soumission réglementaire du tolébrutinib dans la sclérose en plaques secondaire progressive non-récurrente Les discussions en cours avec la FDA concernant la demande pour la SEPSPnr indiquent que la décision réglementaire pour le tolébrutinib devrait être retardée Paris, le 15 décembre 2025. Sanofi anticipe que le processus d'examen de la révision réglementaire américaine en cours du tolébrutinib dans la s...
- Research Department
IBERIAN DAILY 12 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, FERROVIAL, GRUPO SANJOSE, REPSOL, TELEFÓNICA, VIDRALA. The Ibex near 17,000 points European stock markets climbed near 1% yesterday after the Fed’s rate cut and despite doubts surrounding the technology sector after the poor reception of Oracle’s results. In the STOXX 600, Construction (that rallied after being the worst-performing sector last Wednesday) and Leisure, closely followed by Banks led the gains whereas Utilities and Energy were almost the only sectors ending w...
- Research Department
INFORME DIARIO 12 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, FERROVIAL, GRUPO SANJOSE, REPSOL, TELEFÓNICA, VIDRALA. EUROPA: BNP PARIBAS. El Ibex enfila los 17.000 puntos Las bolsas europeas avanzaron ayer cerca de un 1% tras la bajada de tipos por parte de la Fed y pese a las dudas en las tecnológicas tras la mala acogida de los resultados de Oracle. En el STOXX 600, los mejores sectores fueron Construcción (rebotó tras ser el miércoles el peor sector) y Ocio seguido de cerca por los Bancos mientras...
Press Release: Sanofi’s Qfitlia and Cablivi approved in China, expandi...
Press Release: Sanofi’s Qfitlia and Cablivi approved in China, expanding care for rare diseases Sanofi’s Qfitlia and Cablivi approved in China, expanding care for rare diseases Qfitlia, the first antithrombin-lowering therapy for hemophilia, can offer consistent protection with as few as six injections a yearCablivi, the first Nanobody medicine, targets acquired/immune-mediated thrombotic thrombocytopenic purpura — a rare, life-threatening blood clotting disorder Paris, December 11, 2025. The National Medical Products Administration (NMPA) in China has approved two innovative Sanofi medi...
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