Sanofi: Berenberg reiterates buy rating, with E105 TP

(CercleFinance.com) - On Tuesday, Berenberg reiterated its Buy recommendation on Sanofi shares, with a target price of E105, following the Phase III results published the previous day in multiple sclerosis.


While noting that the 'Gemini' trial had failed, the analyst stressed that the 'Hercules' clinical trial had exceeded investors' expectations, as tolebrutinib succeeded in slowing the progression of the disease in its secondary progressive form.

As a result, Berenberg has raised the intrinsic value assigned to this molecule, which it sees as having a better chance of coming to market, albeit with lower potential sales.

The broker, which points out that Sanofi's management team considers these results to be 'significant' clinically, says that investors will be given a clearer picture on 20 September, when the final conclusions of the trials will be unveiled.

In the meantime, Berenberg says it sees several potential catalysts in the group's portfolio of drug projects ('pipeline'), both for 2024 and 2025.


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