Les valeurs à suivre demain à la Bourse de Paris – Jeudi 18 août 2022

Les valeurs à suivre demain à la Bourse de Paris - Jeudi 18 août 2022



Sanofi’s title fell 5.68% to 81.67 euros on the Paris Stock Exchange, the biggest drop in the CAC 40 index after that of Alstom (-6.66%). The pharmaceutical group has announced that it is ending the global clinical development program for amcenestrant, an oral treatment intended for the treatment of patients with advanced or metastatic breast cancer. In a note published a few weeks ago, Jefferies estimated that the amcenestrant could represent up to $2 billion in revenue a year for Sanofi after a launch in 2025.


Key points

– 5


world pharmaceutical group, created in 1994, first in Europe, and 1


worldwide in vaccines;

– Balanced sales of 37.8 billion euros from 4 divisions: general medicine for 34%, specialized medicine (immunology, neurology and oncology) for 35%, vaccines for 20% and consumer health;

– Growing share of emerging countries (34% of sales) behind the United States (38%) and Europe (28%);

– 4-point business model: a streamlined organization, a restructured portfolio containing more organic products, transformed R&D, and strong ambitions in terms of profitability and financial strength; –

– Divided capital (excluding L’Oréal: 9.48% of the shares and 16.95% of the voting rights), Serge Weinberg chairing the 16-member board of directors, with Paul Hudson as CEO;

– Healthy balance sheet with net debt reduced to €8.8 billion and free cash flow of €8.1 billion.


– Plan 2020-2025 “Play to win” aimed at creating an agile group and the No. /25 in the world: reduction of 1/3 of product families and productivity driven by R&D and digital in factories, operating margin of 32 %;

– Innovation strategy: 5 research areas: immunology and inflammation, oncology, neurology (particularly sclerosis), rare hematological diseases and rare diseases, vaccines / 91 ongoing projects, including 29 in phase 3 and 5 awaiting approval by the authorities / developed in collaboration -Kymera for immunology, Translate Bio in RNA for vaccines- or through acquisitions -Kiadis, Biopharma, Kymab for oncology / supported by technological platforms: small molecules, antibodies, hemogenetic proteins, genomics;

– Planet Mobilization environmental strategy with the goal of carbon neutrality by 2030, 100% sustainable electricity consumption compared to 50% in 2021 and 100% sustainable car fleet compared to 22% / in 2027, elimination of plastic packaging for vaccines / in 2025, eco-design of all new products / launch of lines of credit indexed to sustainable development;

– Impact of the 5 “priority” drugs: Amcenestrant (breast cancer), Fitusiran (RNA for hemophilia), Efanesoctocog (hemophilia), Nirsevimab and Nisevimab (respiratory viruses) and Tolebrutinib (multiple sclerosis):

– After Origimm, specialized in skin disease research, Kadmon and Owkin, agreement to acquire Amunix in immuno-oncology, reinforcing the R&D portfolio of biological agents.


– Image tarnished by the delay of the vaccine against Covid 19;

– IPO of EUROAPI, a group created from the activities of the group in the production of active pharmaceutical ingredients or APIs in Europe, the shareholders receive 1 EUROAPI share for 23 shares and the capital is divided between Sanofi for 30% and BPIFrance for 12%;

– 2022 target of growth of at least 10% in earnings per share;

– 2021 dividend of €3.33.

An inevitable race for new blockbusters

The patent for Merck’s flagship product, the cancer drug Keytruda, which accounts for more than 35% of its sales, expires in 2028. Despite the loss, since 2019, of the patents for its three flagship products (Avastin, Herceptine, Rituxan) Roche was able to renew its portfolio by bringing new molecules to market. However, the discovery and launch of new drugs are becoming more expensive. AstraZeneca spends about $6 billion a year on R&D in a pharmaceutical industry where the life of a patent is only ten to fifteen years. This leads laboratories to withdraw from certain activities. Thus J&J, Pfizer, GSK and, no doubt, Novartis soon prefer to refocus on specialty drugs and abandon any ancillary activities.

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