Berenberg Cuts Sanofi Price Target, Tweaks Estimates After Multiple Sclerosis Drug Updates

04:03 AM EST, 12/22/2025 (MT Newswires) -- Berenberg on Dec. 19 trimmed its price target and adjusted its forecasts for Sanofi (SAN.PA) after the French pharmaceutical company's clinical and regulatory updates for its investigational multiple sclerosis drug tolebrutinib. In separate Dec. 15 releases, Sanofi flagged a delay in the US Food and Drug Administration's decision for tolebrutinib in non-relapsing secondary progressive multiple sclerosis and announced the drug's failure to reduce disability progression in primary progressive multiple sclerosis in the phase 3 study Perseus. "We have updated our forecasts for small changes in [pipeline] timing with minimal impact to forecasts," analysts said. "Sanofi continues to trade significantly below the value of marketed assets, offering the deepest discount in large pharma and implying a significant R&D discount. We view this as overly negative given the pockets of success this year. Our price target demands that this gap is narrowed but not closed." The price target was lowered to 105 euros from 110 euros while the buy rating was maintained as the research firm views the negative share price movement following the tolebrutinib updates as an "attractive" entry point. For 2026, Berenberg eyes several catalysts, including the second late-stage trial for amlitelimab in atopic dermatitis, the Estuary study in the summer for amlitelimab, and the US FDA's decision on tolebrutinib in secondary progressive multiple sclerosis.