Sanofi Kept at Buy as BofA Notes Sanofi's Multiple Sclerosis Drug Setbacks, 'Very Light' FY26 Catalysts

09:13 AM EST, 12/15/2025 (MT Newswires) -- BofA Global Research on Monday noted a "very light catalyst path" ahead for Sanofi (SAN.PA), following setbacks related to the drugmaker's tolebrutinib drug for multiple sclerosis. In a statement released the same day, the company reported that tolebrutinib failed to meet its primary endpoint for delaying time to onset of six-month composite confirmed disability progression in patients with primary progressive multiple sclerosis. Sanofi is also facing a delay in the expected US regulatory decision for the drug in non-relapsing secondary progressive multiple sclerosis to the first quarter of 2026 from Dec. 28, 2025. "[We maintain] Buy mostly on valuation (c9x 27E PE undervalues c13% 27-30E EPS CAGR), with EPS 26/27 largely underwritten. That said: 1) next 12m is light on catalysts. We see further amlitelimab data, especially post-biologic/JAKi AQUA & persistence ESTUARY, as important, but may need launch to convince investors and; 2) has some remaining risks," analysts said. "Notably, tolebrutinib SPMS approval into FY26 unclear post PDUFA delay, though only c2-3% EPS delta on approval/non-approval." The research firm added that it sees Sanofi's amlitelimab phase 3 data in atopic dermatitis due in the first half of 2026 as a key catalyst for the company. The French stock's price target stands at 102 euros.