Sanofi: JPMorgan thinks that Sanofi has two promising clinical trials in stock and sees the action take almost 30%

(BFM Stock Exchange) – The American bank has reviewed its opinion on the title of the pharmaceutical group. Nevertheless, switching to “overlap”, equivalent to buying. In addition, The establishment believes that the group will deliver satisfactory clinical results for amlitemab. Therefore, potential treatment against atopic dermatitis, as well as for tolebrutinib in the treatment of multiple sclerosis.

Sanofi hardly shone in the semi -annual results season. Nevertheless, The action of the pharmaceutical group fell 7.8% in the wake of the publication of its accounts for the first six months of 2025. In addition,

Admittedly. Meanwhile, Sanofi had the misfortune to deliver his results during a complicated session, the CAC 40 having then sold almost 3% against the backdrop of worries about the American customs rights. Moreover, But the group had also published a net profit by action significantly lower than sanofi: jpmorgan thinks sanofi two expectations. Therefore,

JPMorgan, however, sent an important trusted signal on action this Friday, August 8. Consequently, The American bank has raised its advice to “neutral” against “overlap”, which amounts to “keep” to “buy” on the title. The establishment also adjusted its course target to 105 euros against 110 euros previously, while bringing its horizon to December 2026. This target gives potential to Sanofi action 29% during Thursday’s closing (80.84 euros).

After winning more than 2% in the first exchanges this Friday, August 8, the Sanofi action gradually lost its momentum. Around 11:40 am it fell 0.15%.

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Too much action

JPMorgan notes that Sanofi has published results of “mixed” clinical trials in the first half, which weighed on its action. The group had notably unveiled disappointing data for a sanofi: jpmorgan thinks sanofi two phase III study (last step before the potential marketing of a treatment) evaluating itepekimab. a drug to treat “chronic obstructive bronchopneumopathy” (BPCO), a disease nicknamed “smoker’s bronchitis”, which takes the form of chronic inflammation of the bronchi.

Problem: during the current course. the multiple valuation of the company (approximately 9 times the profit per share expected in 2026) imply that this trend “continues for the next results of clinical trials in the next six to 12 months”, notes JPMorgan.

On the contrary. the American bank considers that, on the second part of 2025, Sanofi should reveal more encouraging results on its “pipeline”, that is to say its portfolio of drugs under development.

JPMorgan makes more precisely reference to the publication of the first phase III data evaluating amlitemab for the treatment of atopic dermatitis. a disease that causes chronic inflammation of the skin responsible for itching, as well as sanofi: jpmorgan thinks sanofi two data from a new phase III study for the Tolebrutinib, this time for the processing of sclerosis in so -called “Primary Primary”.

It is an extremely disabling disease which, unlike sclerosis in recurrent-remitting plate, generally does not know a remission phase. The appearance of an irreversible handicap is thus twice as high as for sclerosis in recurring-remitting plates.

These next clinical trial results are more able to constitute catalysts for Sanofi action. “each trial being likely to reach its main evaluation criteria and generate assets with a sales potential over 1 billion euros”.

“Although each asset is unlikely to transform Sanofi alone. at these levels (valuation, editor’s note) and with a limited value attributed (by the market, editor’s note) to each asset, we see a risk/positive reward ratio in these results,” continues JPMorgan.

Sanofi: jpmorgan thinks sanofi two

Opportunities of 3 to 4 billion euros

The establishment underlines in sanofi: jpmorgan thinks sanofi two passing that the group accuses a stock market discount of 20% on average compared to its reference sector (the pharmacy. therefore) while its prospects for growth and profits are more favorable, the bank retaining an average annual growth of turnover of 5% for the period 2025-2030 rate which increases to 7% for net profit per share.

In detail, the results for Amlitemab should be published in the third quarter by Sanofi. JPMorgan expects the treatment to achieve efficiency performance close to those of existing treatments (such as the Dupixent of Sanofi. the Ebglyss of Eli Lilly) but with a less restrictive dosage (one dose every four days and not every two weeks). The bank estimates that amlitemab constitutes “an opportunity” of 2 billion to 3 billion euros in income for Sanofi.

We had already detailed in a previous article the criteria that the amlitemab must reach to meet market expectations.

sanofi: jpmorgan thinks sanofi two

For Tolebrutinib. JPMorgan expects the company to publish the results of the “Perseus” study of phase III in September-October, one year after having unveiled the data of two previous studies of phase III (“Hercules” and “Gemini”) which had shown mixed results but appreciated by the market. These two studies evaluated tolebrutinib respectively for sclerosis in so-called “progressive secondary” plates and sclerosis in “recurring-remitting” plates.

JPMorgan believes that these two previous studies contain indications suggesting that the Tolebrutinib will reach its criteria of main. secondary efficiency in the “Perseus” study. The bank estimates the potential revenues of this treatment at around 1 billion euros.

Julien Marion – © 2025 BFM Bourse