Sanofi: Oddo BHF remains positive after Opella announcement

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on and E119 target price for Sanofi shares, following the announcement of a partial exit from its consumer business, with the sale of a 50% stake in Opella to CD&R, along with an increased guidance for 2024.


The total valuation of this business reaches E16bn (i.e. around 14x 2024 EBITDA), which is slightly better than the figure that had been circulating in the market until then (E15bn, the analyst says.

The broker considers this exit to be logical, pointing to increasingly less obvious synergies with specialty pharma, and stresses that it will enable Sanofi to reallocate its capital wisely to research and business development.

However, analysts believe that Sanofi's first priority will be to use part of its capital to offset the mechanical dilution of this activity through a share buyback.


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