Tag

#patent cliff

02Reports

2026-06-29 ·制药 ·内部研究

Sanofi SA: A Pure-Play in Transition, Still Proving Life After Dupixent

Sanofi is a French pure-play biopharma built around immunology, vaccines, and rare disease after ceding control of Opella. Dupixent alone reached 15.714 billion EUR of 2025 sales, about 36% of group revenue, and still grew 30.8% in Q1 2026, yet the market withholds a growth multiple until a post-Dupixent bridge is proven ahead of the roughly 2031 patent cliff. Rating Hold: a cleaner, cash-generative business at a cheapish multiple with 8.089 billion EUR of 2025 free cash flow, but no wide margin of safety on the hard part of the story.

SAN.PA Sanofi SA #Dupixent #immunology #vaccines #rare disease #patent cliff #pure-play biopharma

Hold

2026-06-27 ·制药 ·内部研究

GSK plc: Rebuilt Biopharma, Racing the Patent Cliff

GSK plc is a UK biopharma rebuilt around vaccines and specialty medicines after the 2022 Haleon demerger, with 2025 sales of £32.7bn anchored by Shingrix and the ViiV HIV franchise. Specialty medicines now drive growth (£13.5bn, +14% CER in Q1 2026) and core operating profit rose 11% to £9.8bn, yet the whole story hinges on replacing the dolutegravir HIV cliff in 2028–2030 before it arrives. Rating Hold: a genuinely higher-quality franchise at roughly 11.6x core earnings, but the price already assumes much of the patent-cliff bridge, leaving little margin of safety.

GSK.US GSK plc #pharmaceuticals #vaccines #HIV #Shingrix #oncology #patent cliff #dividend value

Hold