05:16 AM EDT, 09/09/2026 (MT Newswires) -- RBC Capital Markets commenced its coverage of Sanofi (SAN.PA) at sector perform, as the French pharmaceutical company progresses with its management turnaround while facing a "light" catalyst path over the near term. "Sanofi is navigating a pivotal transition amid near-term challenges: limited catalysts, Dupixent's patent cliff, and skepticism about delivering [greater than] EUR10bn pipeline sales. However, the thesis is evolving under CEO Belen Garijo. Portfolio reshaping M&A is likely, while aggressive Dupixent lifecycle management and potential REGN collaboration expansion could offer upside. At 9x 2027E EPS, Sanofi trades at a steep discount, reflecting doubts around 2030 growth visibility and pipeline execution," analysts said Tuesday. "Despite Dupixent's strength, the market demands proof of diversified growth. We view Sanofi as a 'show-me' story requiring tangible progress before re-rating." The research firm sees Sanofi's catalysts for the remainder of 2026 as "light" compared with industry peers, following a string of recent pipeline failures. The next potential major catalysts include the late-stage data readouts for frexalimab in relapsing multiple sclerosis, the 21-valent pneumococcal conjugate vaccine in 2027, and duvakitug in inflammatory bowel disease in 2028, among others. The stock's price target was set at 80 euros.

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