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Morningstar’s Analysis

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Undervalued Sanofi Posts Solid Q3, Buoyed by Well-Positioned Dupixent and Developing Pipeline

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

Undervalued Sanofi reported solid third-quarter results that were slightly better than our expectations, but we don’t expect any change to our fair value estimate based on the minor outperformance. We believe the market continues to underappreciate the strength of immunology drug Dupixent and the developing pipeline that fortifies the firm’s wide moat.

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Company Profile

Business Description

Sanofi develops and markets drugs with a concentration in oncology, immunology, cardiovascular disease, diabetes, and vaccines. However, the company's decision in late 2019 to pull back from the cardio-metabolic area will likely reduce the firm's footprint in this large therapeutic area. The company offers a diverse array of drugs with its highest revenue generator, Lantus, representing just under 8% of total sales. About 30% of total revenue comes from the United States and 25% from Europe. Emerging markets represent the majority of the remainder of revenue.

Contact
54, Rue La Boetie
Paris, 75008, France
T +33 153774000
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 99,412

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