12:40 AM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We adjust our target price by $3 to $57, reflecting 13.9x our 2024 earnings per ADS or 12.4x our 2025 earnings per ADS (in line with its 5-year mean). We continue to expect lower earnings in 2024 given Sanofi's ( SNY ) plan to increase R&D spending, but we anticipate recovery post-2024 and see the long-term growth to continue being driven by a strong uptake of Dupixent as well as new launches. Q1 2024 net sales grew 6.7% Y/Y at constant exchange rates (CER, reported: 2.4%), driven by Dupixent (+25%, on track to reach EUR13 billion for the full year) and key new launches Altuviiio and Beyfortus. The business operating income margin was lower, as expected, due to unfavorable product mix and higher R&D. Sanofi ( SNY ) kept its 2024 outlook of low single digit EPS decline at CER, but with larger estimated currency impact of -5.5% to -6.5% (previously -3.5% to -4.5%). We adjust our 2024 earnings per ADS estimate to EUR3.83 (EUR3.92) to account for larger currency headwind and our 2025 estimate to EUR4.30 (EUR4.20).