Sanofi (SNY): Berenberg Expects 2017 To Be A Tough Year For Diabetes
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Berenberg analyst, Alistair Campbell, reiterated his Hold rating on shares of Sanofi-Aventis (NYSE: SNY) after the company reported Q2 results and is guiding towards stable EPS at constant exchange rates. The analyst has reduced his expectations for Lantus sales in 2017 following recent news on contracting. This lower bar is partially offset by a more optimistic outlook for Toujeo and the multiple sclerosis portfolio, both of which are performing well. The net result is a 4%/1% cut to 2017/18 EPS figures, with later forecasts largely unchanged.
The analyst stated "At Q2 results we gained the first insight into the 2017 contracting cycle in the basal insulin space. Negotiations were described as being “relatively intense”, although a blanket exclusion of Lantus from formularies was “hard to imagine”, according to management. We have since seen signs that exclusions will, in fact, likely be a feature of key formularies in 2017. CVS has opted to exclude glargine products from its main plan, and Express Scripts may well follow suit".
No change to the price target of $93.00
Shares of Sanofi-Aventis closed at $40.16 yesterday.
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