Sanofi: Berenberg again raises its price target

(CercleFinance.com) - Berenberg announced on Tuesday that it had raised its target price for Sanofi from E105 to E115, praising the pharmaceutical group's recent investments in research and development (R&D).


The research firm - which is maintaining its buy recommendation on the stock - has already described as a "success" the transformation of the group's pipeline of drug projects.

For example, it points out, Sanofi plans to increase its R&D investments by more than 700 million euros this year.

According to Berenberg's calculations, nine times as many patients should be enrolled in Phase 3 clinical trials this year, whether in immunology or vaccines.

Thanks to a well-executed acquisition policy, the Group is well on the way to reinventing its business after the incredible success of Dupixent, he adds.

Explaining that the company's strong balance sheet could enable further buyouts, Berenberg says it expects a solid return on R&D investment (RORI) of around 8% this year.

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