Commenting on the first-quarter results published last Thursday morning, Oddo BHF considers them to have exceeded expectations, showing double-digit growth (+14% at constant exchange rates), driven notably by the strong performance of Dupixent, the laboratory's flagship product, as well as recently launched products.

Regarding guidance, targets were 'only' reaffirmed, as analysts believe the comparison base will be less favorable in the second half of the year.

Oddo BHF met with the laboratory's management, who reiterated the various strategies being considered to extend Dupixent's exclusivity beyond the loss of its initial patent expected in 2031 in the United States. The research firm explained that while legal tactics could not be detailed, 'it should be noted that the product is protected by multiple patents running until 2045'. The development of new formulations is planned, specifically to reduce injection frequency.

According to Oddo BHF, with the arrival of the new CEO Belen Garijo, external growth will remain a key pillar of the strategy. The laboratory has an acquisition capacity of 10 to 20 billion euros, or even more, thanks to strong cash flow generation and the potential divestment of the remaining stake in Opella.

In terms of valuation, analysts believe Sanofi is trading at a 33% discount compared to the pharmaceutical sector, which remains higher than the 10-year average and appears excessive given its medium-term growth prospects. The stock is rated Outperform with a price target of 103 euros.