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Despite only a slight miss in the Q3 vs. consensus, Sanofi’s shares were hammered today, as markets were disappointed with the 2024 outlook. Even the intention to separate CHC and a rebound guided in 2025 backed by the newly-announced cost saving plan could not lift investors’ spirits. However, given that the near-term earnings pain is due to an increasing R&D focus which is a sensible strategy for the longer-term, the sell-off was clearly an over-reaction and Sanofi’s attractiveness as a medium
Companies: Sanofi (SAN:EPA)Sanofi (SAN:PAR)
AlphaValue
While the Q3 results were not much short of expectations, the markets were disappointed with the management’s 2024 guidance of lower earnings, which triggered a sell-off. However, going into details, the near-term earnings pain comes from the increasing focus on R&D which, along with the 2024-25 cost savings program, should bode well for Sanofi’s longer-term organic growth and margins. Overall, investors need to sit tight, since the value lost today should soon be recouped, as was the case after
Away from the limelight captured by Novo Nordisk, AstraZeneca and Eli Lilly in the last five years, Sanofi has been growing steadily in valuation and profitability terms, despite facing various challenges. Going forward, while its lynchpin drug Dupixent has plenty of room to grow, there are promising drugs in other areas also. Overall, with the shares trading at a material discount to their historical multiples, despite numerous operating virtues and a strong balance sheet, Sanofi offers an attr
Sanofi’s Q2 results disappointed investors, which saw most other AV Big Pharmas exceeding the street’s expectations in this quarter. Nonetheless, for Sanofi, Specialty Care and Vaccines compensated for the subdued CHC and a decline in General Medicines. Consequently, management upgraded its 2023 guidance. Overall, a strong momentum for Dupixent, a dominant position in Vaccines, promising R&D developments of late and a healthy balance sheet support our BUY recommendation for the attractively-pric
Sanofi’s Q1 results were ahead of expectations, with growth largely being driven by Dupixent, along with positive contributions from Vaccines and Consumer Healthcare. Still, 2023 guidance was maintained. Overall, we re-iterate our positive stance on Sanofi, drawing comfort from Dupixent’s robust growth prospects, strong position in Vaccines, a healthy balance sheet and expectations of improvement in R&D execution, especially given the recent successes and the change of R&D head. The re-rating th
Feature article: 2022 Pharma Statistics - 8.7% growth – but worrying signs An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2022, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2022. 2022 was characterised by 8.7% underlying growth, offset by a large forex impact (-12%), due to USD stren
Companies: PIN HAT ME AVO APAX 4503 BHC 4568 FCSS GLXO HLUNB HIK HZNP IBT JAZZ JAZZ JNJ JNJ 4578 REGN REGN STX 4507 4506 4502 TEVA UTHR UTHR VRTX VRTX VTRS UCB UCB SAN SAN PFE PFE PFIZ NOVOB NOVOB NOT MRNA MRNA MRK
Hardman & Co
Q4 sales fell short of expectations. Dupixent remained the key growth driver, supported by a good performance from Consumer Healthcare and somewhat offset by a weaker showing in Vaccines. Moreover, the 2023 guidance was weak. Nonetheless, given the healthy prospects of Dupixent, the strong positioning in Vaccines and the robust balance sheet, the firm has enough leeway to look for further growth opportunities. Sanofi looks attractively priced at the current levels, especially given the dissipati
Q3 exceeded expectations, driven by a strong run for Dupixent and Vaccines, and resilient Consumer Healthcare. Consequently, the 2022 guidance was revised upwards. While some recent R&D setbacks in oncology, in addition to Zantac woes, could put more pressure on the CEO, our positive stance on the stock is supported by Dupixent’s sustained growth momentum – also backed by various newer indications in the pipeline, a dominance in vaccines and a healthy balance sheet.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Sanofi. We currently have 64 research reports from 4 professional analysts.
Companies: Warpaint London PLC
Shore Capital
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r
Companies: Avon Protection PLC
Edison
15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio
Companies: GTC SAV FAB KRM BOOM
Hybridan
Companies: SCE HVO VLG
Cavendish
Companies: IGP RUA BOOM
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue processing, manufacturing capacity and strong commercial partners, together with its “4S” strategy, has generated six consecutive reporting periods of strong growth, with TRX turning EBITDA-positive in 2023. Further growth in 202
Companies: Tissue Regenix Group plc
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
Companies: Cambridge Nutritional Sciences PLC
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
Companies: BILN IGP RBN SBTX
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY
Companies: Diaceutics Plc
Capital Access Group
Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar
Companies: Zoetis (ZTS:NYSE)Zoetis, Inc. Class A (ZTS:NYS)
Baptista Research
Companies: NTQ KMK JNEO DCTA
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