The research firm confirms its Buy recommendation and its target price of E115 after the publication of Q3 figures

' Following the performance of Q1, we are raising our sales guidance by +1%-2% for EPS of +3%-4%, with guidance to be raised in Q2 from a modest decline to potential growth, in our view, on the basis of more accurate Beyfortus supply and the approval of Dupixent in the US for chronic obstructive pulmonary disease' says Jefferies.

We believe that the quality of the immunological pipeline remains underestimated, with numerous phase II trials this year to gradually build confidence, although the conclusion of phase III trials for tolebrutinib in Q3 seems uncertain, but is probably still favorable for the risk/reward ratio of the share: +3%-5% versus -2%-3%.

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