REGENERON PHARMACEUTICALS, INC.

(REGN)
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Sanofi shares down despite $13 billion Regeneron payday

05/26/2020 | 07:54am EDT
FILE PHOTO: Sanofi logo is seen in Paris

Shares in Sanofi fell on Tuesday despite the French drugmaker's impending $13 billion payday from selling most of its 20.6% stake in U.S. partner Regeneron.

By 1111 GMT, shares in Sanofi were down 1%, in line with the broader European health index.

The stake sale, part of a major overhaul under new CEO Paul Hudson, will see Regeneron repurchase $5 billion of its stock with the rest set for a public offering. Sanofi will keep some 400,000 Regeneron shares -- a stake of less than 1%.

Its existing collaborations with the company will continue.

The partnership goes back to 2003 and helped Sanofi to return to profits with the development of several key medicines including eczema treatment Dupixent, which has become a star product for both companies.

Based on Regeneron's closing share price of $569.91 on Friday, the transaction translates into proceeds of around 12 billion euros ($13.15 billion).

"We believe it is a good strategic decision to free up financial resources and to exit from a minority stake with no real strategic value," said Bryan Garnier analyst Jean-Jacques Le Fur in a note.

In recent months, Sanofi has simplified its structure and ended research efforts in diabetes and cardiovascular drugs to focus on more lucrative treatments in rare diseases and cancer.

"The head of research and development John Reed has often said that he would like the group to be more involved in the gene therapy space for example," said Le Fur.

The companies' rheumatoid arthritis drug Kevzara is being tested for treating Covid 19.

Although it will discontinue accounting for its ownership in Regeneron and restate its 2019 earnings, Sanofi said it was still expecting earnings per share to grow by around 5% at constant exchange rates this year.

The guidance from this new base however implies 2020 earnings per share of 5.83 euros, JPMorgan wrote in a note, 6% below its estimates.

(Reporting by Matthias Blamont; Editing by Josephine Mason and Carmel Crimmins)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BASE CO., LTD. -5.14% 5720 Delayed Quote.40.56%
JPMORGAN CHASE & CO. 0.70% 125.49 Delayed Quote.-25.90%
REGENERON PHARMACEUTICALS, INC. -0.36% 679.48 Delayed Quote.7.98%
SANOFI -0.08% 103.62 Real-time Quote.17.07%
All news about REGENERON PHARMACEUTICALS, INC.
05/23SVB Securities Initiates Regeneron Pharmaceuticals at Outperform with $738 Price Target
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05/23Fda approves dupixent (dupilumab) as first treatment for adults and children aged 12 an..
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05/23Evkeeza (evinacumab) phase 3 trial demonstrates 48% ldl-c reduction in children with ul..
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05/23FDA approves Dupixent« (dupilumab) as first treatment for adults and children aged 12 ..
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05/23SVB Securities Initiates Regeneron Pharmaceuticals at Outperform With $738 Price Target
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05/23Regeneron's Phase 3 Trial Data Shows Positive Results for Potential Treatment of Rare H..
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05/21Evkeeza« (evinacumab) Phase 3 Trial Demonstrates 48% LDL-C Reduction in Children with U..
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05/20Regeneron, Sanofi Receive US FDA Approval of Dupixent for Eosinophilic Esophagitis
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05/20Sanofi's Dupixent wins U.S. approval for bigger use
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05/20FDA Grants Regeneron Approval for Dupixent in Inflammatory Disorder Treatment
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Analyst Recommendations on REGENERON PHARMACEUTICALS, INC.
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Financials (USD)
Sales 2022 11 835 M - -
Net income 2022 4 041 M - -
Net cash 2022 8 670 M - -
P/E ratio 2022 18,4x
Yield 2022 -
Capitalization 73 473 M 73 473 M -
EV / Sales 2022 5,48x
EV / Sales 2023 4,84x
Nbr of Employees 10 492
Free-Float 81,0%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 681,91 $
Average target price 691,67 $
Spread / Average Target 1,43%
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Managers and Directors
Leonard S. Schleifer Chairman, Co-President & CEO
George Damis Yancopoulos Co-President, Director & Chief Scientific Officer
Robert E. Landry Chief Financial Officer & Executive VP-Finance
P. Roy Vagelos Chairman
Neil Stahl SVP-Preclinical Development
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