Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Sanofi’s High-Stakes Immunology Bet: Duvakitug’s Success & Trump Healthcare Shake-up—What’s the Impact, Outlook, and Key Catalysts?
Sanofi delivered strong Q3 2024 results, with revenue of $14.51B (+16% CER) and adjusted EPS of $1.54, exceeding expectations on robust performance from Dupixent (+30% YoY) and Beyfortus (+26% YoY). Dupixent’s recent COPD approval and durable demand across indications reinforce its low-double-digit CAGR growth trajectory through 2030, while Beyfortus’ real-world efficacy solidifies Sanofi’s leadership in the pediatric RSV market despite intensifying competition. Gross margin expansion (+100 bps YoY to 72.8%) and disciplined SG&A growth underscore operational efficiency, enabling reinvestment in a robust pipeline that has already contributed EUR 3B YTD. The divestment of a majority stake in Opella (EUR 16B EV) highlights Sanofi’s strategic pivot toward pure-play biopharma, creating resources to fuel innovation and potential bolt-on acquisitions. Near-term catalysts include pipeline readouts for amlitelimab and anti-TL1A, while longer-term overhangs such as Dupixent’s 2031 U.S. patent expiry and regulatory uncertainties around Medicare reforms may weigh on sentiment. Despite potential headwinds, Sanofi’s diversified pipeline and strategic focus on biologic innovation enhance its resilience, positioning it to navigate market shifts. With duvakitug’s promising Phase 2b results in inflammatory bowel disease, how can Sanofi effectively counter regulatory and competitive pressures to sustain its leadership in immunology and vaccines?
