Berenberg Keeps Sanofi at Buy Ahead of Asthma Drug Phase 2b Trial Results

02:38 AM EDT, 08/24/2026 (MT Newswires) -- Berenberg maintained its investment opinion on Sanofi (SAN.PA), saying the upcoming phase 2b data for severe asthma treatment lunsekimig serves as a "new immunology proof point" that could start to ease the pharmaceutical company's valuation discount. "Sanofi's lunsekimig (anti-TSLP/IL-13) needs to show a reduction in asthma exacerbation rate of more than 60% and FEV1 improvement to be competitive. Novel treatments for severe asthma need to differentiate on dosing frequency (incumbents range from 12 to 26 injections pa) and increased efficacy in "all-comers". Other than Tezspire (anti-TSLP), [high-efficacy] injectable drugs for asthma are effective in eosinophilic patients only. Detailed data from the positive lunsekimig P2b AIRCULES study in asthma will be presented on 8 September at ERS in Barcelona," analysts said Monday, adding they see upside potential to their 3 billion-euro peak sales forecast. Elsewhere, the research firm expects "limited" catalysts, as Berenberg believes mergers and acquisitions are required to rebuild Sanofi's late-stage pipeline. Key upcoming events include potential updates to the Regeneron collaboration, along with phase 3 multiple sclerosis data for frexalimab and phase 2 hidradenitis suppurativa data for brivekimig, both expected in the second half of 2027. The stock remains rated at buy, with an unchanged price target of 105 euros.