Sanofi is losing ground in Paris (-1.36% at 78.99 euros) amid a particularly cautious market (-0.01% for the CAC 40) and is heading toward a second consecutive session of declines.

While UBS confirmed its Neutral rating on the French pharmaceutical giant's stock with a price target of 88 euros, analysts indicated they expect a solid first-quarter performance but do not anticipate results to beat expectations.

They specifically focused on the continued growth of Dupixent, the group's flagship product, which generated nearly 40% of total sales over the first three months of the year. The treatment has now reached an annual sales run rate of 17 billion euros, illustrating its sustainable potential in atopic dermatitis and the benefit of recently expanded indications. However, analysts expect growth to moderate in the coming quarters.

According to UBS, following disappointing news regarding the R&D pipeline, improving renewal capacity is essential for restoring investor confidence. Conversely, a genuine market rerating will likely require further clarity on future strategic direction, particularly pipeline momentum, whether organic or through external growth operations. The new CEO is set to take office on April 29.

The analysts noted they have made negligible changes to their forecasts, specifically regarding average 'core' earnings per share (EPS) estimates for 2026-2031 (-1%) to reflect higher SG&A investments, partially offset by strong short-term Dupixent sales and lower financial expenses.