Sanofi (SASY.PA): Searching for reasons to be more positive, but pipeline rebuild will take time and valuation is insufficient; remain Neutral

研报英文原文证据摘录

Sanofi (SASY.PA): Searching for reasons to be more positive, but pipeline rebuild will take time and valuation is insufficient; remain Neutral

upporting a

recovery in investor sentiment and valuation.

n What are we looking at to become more positive/negative: The following would

make us more positive on the stock: (a) Progress is made on Dupixent lifecycle

management, particularly through an extension of market exclusivity beyond the

currently anticipated 2033–34 biosimilar entry window and evidence that

longer-acting formulations provide meaningful clinical benefits beyond dosing

convenience. (b) Pipeline execution improves, supported by positive and

differentiated data from key assets including lunsekimig (detailed Phase 2 results

expected at European Respiratory society conference in Sep 2026), frexalimab

(Phase 3 readouts in Relapsing Multiple Sclerosis (RMS) expected in 2H27) and

duvakitug (Phase 3 data in Ulcerative Colitis (UC) and Crohn’s disease (CD) are

expected in 2H28 and 2H29 respectively). Other positive developments would be

successful regulatory progress for efdoralprin alpha (2H26 US submission) and

encouraging early-stage developments in immuno-oncology (PD-1/IL-15) and gene

therapy. (c) Management executes disciplined, value-accretive M&A, strengthening

Sanofi’s growth outlook beyond Dupixent and demonstrating an ability to deploy

capital effectively into attractive commercial or bolt-on clinical-stage opportunities.

We would become more negative on the stock if: (a) Shares re-rate materially

without fundamental support, such as improvements in earnings expectations,

pipeline de-risking or meaningful commercial catalysts, increasing the risk of future

disappointment. (b) Further pipeline setbacks emerge, particularly in late-stage

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