Sanofi cut to to sell at Deutsche Bank on Q1 results, outlook

• Deutsche Bank has downgraded Sanofi (NASDAQ:SNY) to sell from hold saying the French pharma's recent Q1 2023 results "confirmed...limited chance of management overdelivering on the numbers this year."
• The firm has a EUR 90 price target (10% downside based on Friday's close on the Euronext.).
• Analyst Emmanuel Papadakis noted that Dupixent (dupilumab) will soon face competition both in the US and Europe in the second half of the year with the likely approval of Eli Lilly's lebrikizumab.
• That candidate has a Dec. 16 FDA action date for an atopic dermatitis indication.
• "That leaves the near-term risk reward looking more challenging in our view," Papadakis wrote.
• He added that another near-term risk is what he called "struggling pipeline productivity."

More on Sanofi

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