Berenberg Trims Sanofi Price Target on Mixed Data for COPD Drug
Berenberg has reduced Sanofi's price target from 120 euros to 118 euros due to mixed late-stage results for its COPD drug, itepekimab. The analysts have removed the drug from their model and lowered the 2030 EPS estimate by 1%. Despite concerns about Sanofi's R&D profile, they maintain a buy rating, highlighting the company's attractive growth potential with a projected sales CAGR of 8% from 2024 to 2028, compared to the large pharma median of 5%.
Berenberg lowered Sanofi's price target while the French drugmaker and its partner Regeneron explore hypotheses for the mixed late-stage results of its investigational drug itepekimab in chronic obstructive pulmonary disease.
The price target was cut to 118 euros from 120 euros on Monday, with the analysts removing itepekimab from their model and trimming their 2030 EPS estimate by 1%.
"While the jury remains out on Sanofi's improving R&D profile, we remain of the view that zero value is assigned to pipeline in Sanofi's share price," the research firm said and affirmed its buy rating on the stock. "Sanofi continues to offer one of the more attractive growth profiles in with a sales CAGR of 8% pa 2024-28 (large pharma median 5% pa)."