Sanofi: New R&D head a step forward but starts new turnaround and unclear track record

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Sanofi: New R&D head a step forward but starts new turnaround and unclear track record

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Sanofi

New R&D head a step forward but starts

new turnaround and unclear track record

Maintain Rating: NEUTRAL | PO: 92.00 EUR | Price: 74.14 EUR

SAN announces Fontoura replacing Ashrafian as R&D head 22 June 2026

Sanofi announced a new head of R&D with Paulo Fontoura replacing Houman Ashrafian Equity

which looks to be the first larger move from new CEO, Garijo. Investors are likely to see

Sachin Jain, CFA >>

Fontoura’s appointment as a positive given recent spate of SAN R&D failures Research Analyst

(itepekimab, tolebrutinib, mixed amlitelimab), as it at least brings a possible new episode MLI (UK) s.jain@bofa.com

and investors know him well from prior time at Roche. However Fontoura comes with a

Charlie Haywood >>

mixed track record and likely starts a new multi-year R&D turnaround project. We know Research Analyst

Fontoura well from his time at Roche. While his role was broad towards end (CNS, MLI (UK) charlie.haywood@bofa.com

immunology, rare), his background was in CNS. Focus assets towards end of his tenure

Alexander Moore >>

were gantenerumab (failed Alzheimer’s), prasinezumab (progressed to PIII in Parkinson’s Research Analyst

post mixed PII), astegolimab (failed IL33), Elevidys (we believe heavily involved in the MLIalexander.moore2@bofa.com(UK)

deal with Sarepta), and Ocrevus high dose (failed benefit vs standard dose). In our Keilah Carbonel-Deere >>

opinion, he brings an unclear track record for investors to immediately get behind. Research Analyst

MLI (UK)

Key focus for 2Q call; new CEO strategy, R&D and M&A keilah.carbonel-deere@bofa.com

The 2Q call will be the first outing for new CEO, Belen Garijo and we expect focus on