Sanofi Maintained at Buy as Berenberg Notes R&D Transformation

08:13 AM EST, 11/04/2026 (MT Newswires) -- Berenberg reiterated its buy rating on Sanofi (SAN.PA), along with the price target of 105 euros, noting the visible changes resulting from the company's efforts to improve its research and development. "We hosted the Sanofi executive committee in London this week. The message was solid and clear - the board is aligned with the new strategy which will be discussed in more detail on a mid-December investor call. The R&D transformation is already visible with pipeline adjustments and changes to clinical trials," analysts wrote in a note published Wednesday. "However, the greatest task at hand is to supplement with late-stage/commercial assets which will support growth into the next decade whilst topping up the early-stage pipeline as before." The research firm also said catalysts for the French pharmaceutical group are "limited," with mergers and acquisitions seen as necessary to refill its late-stage pipeline of assets. Key upcoming readouts include phase 3 data for its pneumococcal conjugate vaccine candidate PCV21, phase 2b data for lunsekimig in high-risk asthma and phase 2 data for brivekimig in hidradenitis suppurativa, all expected in the second half of 2027. "Dupixent remains the key growth driver but sales in 2027 will moderate with tougher comps given the 340B benefit which has accrued this year," Berenberg added, as it upwardly revised its sales and EPS forecasts for Sanofi for 2026 through 2028.