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.
