Meeting Provided Some Visibility On Path Forward; Model Updated

Research evidence excerpt

Meeting Provided Some Visibility On Path Forward; Model Updated

Pharmaceuticals/Major

Sanofi

TD SECURITIES (USA) LLC ESTIMATE CHANGES

June 29, 2026

Price: $42.95 | €75.07 (06/26/2026) Meeting Provided Some Visibility On Path

Price Target: $57.00 | €99.00 Forward; Model Updated

HOLD (2)

Steve Scala, R.Ph., CFA THE TD COWEN INSIGHT

617 946 3923

Last week, we met w/ SNY's CFO and Head of Franchise & Product Strategy Vaccines. We

stephen.scala@tdsecurities.com

spoke about the tone of existing business and when investors will learn more about the path

Michael Nedelcovych, Ph.D. forward. Much news is on tap to provide clarity. Separately, we updated our model post recent

617 946 3744 news & in advance of Q2 results. Through 2032, we continue to project 2% sales & 4% EPS

michael.nedelcovych@tdsecurities.com

growth; both are below industry average.

Chris LoBianco

617 946 3734 Initial Visibility On Sanofi's Path Forward To Be Provided At Q2, More Possible At YE

chris.lobianco@tdsecurities.com

Sanofi's new CEO has been in the role for approximately 6–7 weeks and is expected to make

Paul Kuhn, Ph.D. her first major public commentary during the Q2 results call. Management may hold a Capital

646 562 1328

Markets Day in December 2026, which would provide a deeper strategic review and potentially

paul.kuhn@tdsecurities.com

update on long-term ambitions. The senior leadership team has initiated a portfolio review and

Key Data strategy assessment. A second strategic session is scheduled within the next two weeks, with

Symbol NYSE: SNY | NXT PA: SASY.PA management indicating that important decisions could emerge from those discussions.

Beta: 0.31 | 0.49

New R&D Leader To Bring Greater Operation Discipline

52-Week Range: $52.34-$41.33 | €90.44-€72.49