Berenberg Bank Remains a Buy on Sanofi (SNY), Sets a 118 Price Target

Sanofi (NASDAQ:SNY) is one of the 11 Best Drug Stocks to Buy According to Hedge Funds. Berenberg Bank analyst Luisa Hector maintained a Buy rating on Sanofi (NASDAQ:SNY) on June 12, setting a price target of €118.00.

The rating followed the company’s presentation at the Goldman Sachs 46th Annual Global Healthcare Conference on June 10, highlighting various growth drivers within Specialty Care that bring an optimistic light to its operations.

Brian Foard, Head of Specialty Care at Sanofi (NASDAQ:SNY), stated that the product dupilumab is expected to undergo double-digit CAGR growth between 2023 and 2030, delivering an estimated EUR 22 billion by the end of the forecast period.

He said that Sanofi’s (NASDAQ:SNY) recently launched assets, such as ALTUVIIIO and Qfitlia, further add to this positive outlook. This also includes SARCLISA, the first FDA-approved treatment for adults with newly diagnosed multiple myeloma, which is continuing to expand its indications from both oncology and multiple myeloma perspectives.

The company thus presented a growth story at the conference, including in neurology, where it anticipates a reentry into the MS space through the upcoming launch of tolebrutinib.

Sanofi (NASDAQ:SNY) ranks 11th on our list of the best drug stocks to buy according to hedge funds. It researches, produces, and distributes pharmaceutical products. The company’s operations are divided into the Pharmaceuticals, Consumer Healthcare, and Vaccines segments.

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