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ICICI Securities Report
Sanofi India Ltd.’s CY23 annual report reiterates its commitment towards Indian market and the developments across its four pillars of growth, viz., diabetes, consumer healthcare, innovation and go-to-market.
Price cut (20% value decline in CY23) is helping its Lantus brand gain volume market share while the company is on course to launch Soliqua, an fixed ratio combination of basal insulin and GLP 1 (Glucagon-Like Peptide) analog in CY24.
Sanofi India is on track to demerge the consumer arm in H2 CY24. Further, it has entered into partnerships with domestic companies like Cipla Ltd. and Emcure to enhance distribution of its CNS and cardiac brands and rationalise own field force.
The stock trades at attractive 27 times FY26E earnings. Upgrade to Add with an unchanged target price of Rs 9,170.
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