Sanofi Kept at Buy as Berenberg Notes 'Simply Too Low' Valuation

07:00 AM EDT, 08/03/2026 (MT Newswires) -- Berenberg affirmed its investment case on Sanofi (SAN.PA), arguing that the market's widening discount on the French pharmaceutical company's research and development pipeline left the stock at "simply too low" a valuation. "At Q2, Sanofi's new CEO [underpinned] the 2030 outlook, reinforcing the strength of Dupixent. Management is aware of the need to [rebuild] trust with Regeneron and [reset] the collaboration for the next phase. In addition, the need for deals, which bring late-stage/commercial assets as well as early pipeline, was acknowledged. Until the weakness in clinical development is fixed, [phase 3-ready] assets should not be the target," according to a Monday note. "The shares are deeply [undervalued] given the strength of the on-market portfolio and the durability of franchises such as vaccines and rare disease. We reiterate our Buy rating and price target of EUR105," the research firm added. Analysts noted September's presentation of phase 2b lunsekimig data in asthma as one of the few "limited" catalysts. Against this backdrop, Berenberg lifted its sales, EBIT and EPS assumptions for Sanofi for full-year 2026 to 2028.