Sanofi, a healthcare company, engages in the research, development, manufacture, and marketing of therapeutic solutions in the United States, Europe, and internationally. It operates through Pharmaceuticals, Vaccines, and Consumer Healthcare segments. The company provides specialty care, such as DUPIXENT, neurology and immunology, rare diseases, oncology, and rare blood disorders; medicines for diabetes and cardiovascular diseases; and established prescription products. In addition, it offers poliomyelitis, pertussis, and hib pediatric vaccines; influenza, booster, meningitis, and travel and endemic vaccines, which includes hepatitis A, typhoid, cholera, yellow fever, and rabies vaccines. The company also provides cough, cold, and flu, allergy, and pain care products, as well as physical, mental, and digestive wellness products; and offers products for itching, hydration, aging, cracking, overnight, and specialty skincare needs like eczema. Further, it has a collaboration and license agreement with Exscientia to develop up to 15 novel small-molecule for oncology and immunology; ABL Bio, Inc. to develop ABL301, a treatment for alpha-synucleinopathies; Blackstone Life Sciences to develop pivotal studies and clinical development program; and Seagen Inc. to design, develop, and commercialize antibody-drug conjugates for cancer. Additionally, the company has a collaboration agreement with IGM Biosciences, Inc. to develop, manufacture, and commercialize IgM antibody; Skyhawk Therapeutics, Inc to discover and develop novel small molecules; and Adagene Inc., for the discovery and development of antibody-based therapies. It also has collaborations with Scribe Therapeutics Inc. to develop genome editing technologies; and co-promotion service agreement with Provention Bio, Inc. for the commercialization of teplizumab. The company was formerly known as Sanofi-Aventis and changed its name to Sanofi in May 2011. Sanofi was founded in 1973 and is headquartered in Paris, France.

Sanofi appears to be a large and relatively inexpensive pharmaceutical company, but the quality of earnings and liquidity are currently noticeably weaker than its scale would suggest. On the valuation multiples, the picture broadly supports the thesis: P/E, P/S, and P/B are significantly below the industry median, which usually indicates a discount to the sector and limits the risk of a sharp downside revaluation. At the same time, P/FCF is above the industry median, meaning free cash flow is not priced as cheaply by the market as earnings and revenue. The debt burden looks comfortable: debt/equity is low, which reduces financial risk and supports the investment profile. However, liquidity is weak—quick ratio and current ratio are below 1, indicating limited short-term balance sheet strength. Profitability has also deteriorated: ROE, ROA, and ROI are noticeably below industry benchmarks and have weakened compared with stronger levels last year. It is especially important that net profit margin has declined, and net income in TTM looks weaker than in previous periods, which points to pressure on net profit. Operationally, the picture is better: operating margin is above the industry median and remains at a reasonable level, while operating income remains stable. Gross margin is close to the market average, so the issue is not pricing power as such, but rather the lower part of the income statement and the conversion of revenue into net profit. Revenue and gross profit are still large and confirm the scale of the business, and equity remains very substantial. Dividend yield has increased and looks attractive for an income-oriented investor, but it does not fully offset weak liquidity and declining profitability. Overall, the fundamentals give a moderately negative signal for a target price revision: the valuation discount and strong balance sheet partly support the stock, but the deterioration in earnings quality and weak short-term liquidity call for caution. For an investor, this is more a story of a stable large-cap issuer with yield and defensive characteristics than a candidate for an aggressive valuation rerating.

Sanofi

Сильный индекс, значительно упал. Оптимистичный взгляд на свои позиции резко сменился на неуверенность.

Strong index, significantly down. An optimistic view of his position suddenly changed to uncertainty.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. The market is on the bulls' side.

Слабый индекс, незначительно вырос. Приток средств в лонги остается на невысоком уровне.

Weak index, slightly up. The inflow of funds into longs remains at a low level.

Sanofi looks inexpensive on P/E, P/S, and P/B, but weak liquidity and declining profitability limit the potential for revaluation.

Key Points
Regeneron's latest financial results were strong.
The company is finding ways to overcome a recent patent cliff.
Despite more challenges on the horizon, the biotech's prospects look bright.
Regeneron Pharmaceuticals' (NASDAQ: REGN) shares climbed well above $1,000 two years ago, reaching all-time highs. However, they have dropped significantly from those levels over the past 24 months and now sit slightly below $800 apiece. What has happened to Regeneron? Is the stock a great buy at current levels? Let's find out.
Recent financial results
In the second quarter, Regeneron's revenue increased by 17% year over year to $4.3 billion. That was a strong performance for the biotech, largely driven by its biggest growth driver, Dupixent, a medicine it co-markets with Sanofi (NASDAQ: SNY). Dupixent's global net sales (recorded by Sanofi) jumped 38% year over year to $6 billion.
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Dupixent is one of the leading medicines in the eczema market, but newer indications, including in COPD, are contributing as well. Dupixent should remain Regeneron's most important growth driver until the early 2030s, when it could potentially lose patent exclusivity. However, Regeneron and Sanofi have a plan to defend their empire, notably by developing a newer, higher-dose (HD) formulation of Dupixent that could earn approval in some of Dupixent's existing indications and retain many of its patients.
Can this strategy work? It's worth noting that Regeneron took the same approach with its other growth driver, Eylea, which treats several eye-related disorders. Eylea started facing biosimilar competition in late 2024. Even before that, it faced a more competitive landscape, especially since Roche's (OTC: RHHBY) Vabysmo was approved in January 2022. But the launch of HD Eylea, which earned approval in 2023, is helping mitigate the losses from the original version.
In the second quarter, combined U.S. sales of Eylea and Eylea HD were about $1 billion, down 12% year over year. U.S. revenue from Eylea HD came in at $596 million, up 52% year over year, while sales of the original version in the country declined 45% year over year. Eylea HD will likely continue to gain traction, thanks to its friendlier dosing schedule. And as the impact of declining Eylea sales on Regeneron's financial results weakens, the company could maintain robust top-line growth.
New products could contribute, too
Eventually, Regeneron will have to develop new blockbuster products. The company has several interesting candidates, including an investigational weight loss medicine called olatorepatide. This therapy mimics the actions of the gut hormones GLP-1 and GIP, just like the current market leader, Zepbound. That doesn't guarantee approval, not by a long shot, but there is another important fact to know: Regeneron licensed olatorepatide from a China-based biotech, and the anti-obesity treatment has already posted strong phase 3 study results in China. In a late-stage trial enrolling 604 patients, the medicine led to a weight loss of up to 19% over 48 weeks. Zepbound recorded an average weight loss of 20.2% in one 72-week clinical trial.
Does that mean olatorepatide is the superior medicine? Not necessarily. There are several caveats to keep in mind, including the difficulty of comparing across clinical trials and the fact that the olatorepatide study was in China. Still, the medicine looks highly promising and could become a notable player in the already large and fast-growing weight-loss market. Of note, Regeneron is also developing a medicine that could be administered alongside GLP-1s to help patients maintain muscle mass as they lose weight.
And beyond this promising therapeutic area, Regeneron is working on products in other fields, including oncology, immunology, and more.
The company could have a much stronger lineup of approved drugs by the end of the decade.
Is the stock a buy?
Regeneron's shares have lagged broader equities over the past two years, largely due to its Eylea-related problems. But the company's financial results have improved significantly in recent quarters; Eylea HD continues to gain steam; it has a long-term plan to keep its Dupixent empire mostly intact; and it is developing several promising pipeline candidates, such as olatorepatide. Even with the very real possibility of clinical and regulatory setbacks, my view is that Regeneron's shares look very attractive at current levels -- with its shares trading below $800 apiece -- especially once we factor in its dividend and share buyback programs.
Should you buy stock in Regeneron Pharmaceuticals right now?
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Is Regeneron Stock a Bargain Below $800?

Shares of Moderna MRNA rose 12% yesterday, even climbing to a new 52-week high of $176.86. The rally came as investors digested the company’s announcement that it will present detailed data from the phase III INTerpath-001 study on intismeran autogene, its personalized mRNA cancer therapy, at the European Society for Medical Oncology (“ESMO”) Congress next month. The therapy is being developed in collaboration with Merck MRK.
The findings will be presented on Oct. 24 in a Presidential Symposium, a session at ESMO that highlights cutting-edge and potentially practice-changing clinical research. The presentation is expected to provide investors with detailed data beyond the top-line results Moderna reported last month.
Why Detailed Results on Moderna’s Cancer Therapy Matter
The ESMO announcement has given investors another reason to focus on a program that has already emerged as a key driver of Moderna’s recent stock momentum. Last month, Moderna and Merck reported positive results from INTerpath-001, which evaluated intismeran in combination with Merck’s Keytruda in patients with high-risk (Stage IIB-IV) melanoma whose tumors had been surgically removed. The study met its primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival. Although the companies did not report any numerical data to support the results, they stated that the improvements were statistically significant and clinically meaningful.
With the detailed results now scheduled for a high-profile ESMO presentation, attention is turning to what the full data could reveal about the magnitude and durability of the treatment benefit and whether the melanoma success can support the broader oncology opportunity.
MRNA Oncology Opportunity Goes Beyond Melanoma
If the detailed INTerpath-001 data confirm a meaningful and durable benefit, it could provide an important proof point for Moderna and Merck as they seek to extend the personalized mRNA approach into additional cancers. The companies are advancing intismeran across nine phase II and phase III studies spanning multiple tumor types, including non-small cell lung cancer (NSCLC), bladder cancer and renal cell carcinoma. The goal is to determine whether the approach that showed promise in melanoma can be replicated across different tumor types.
Moderna itself has described oncology as a potential major long-term value driver, with intismeran positioned as a key part of that opportunity. The broader oncology pipeline extends beyond intismeran, with the company developing separate mRNA-based cancer antigen therapies, a T-cell engager and a cell-therapy enhancer. These programs provide additional opportunities for its mRNA platform to gain a foothold in cancer treatment.
Oncology Could Diversify Moderna’s Seasonal Vaccine Business
The potential expansion into oncology could also help Moderna diversify beyond its seasonal vaccine business. Although the company's respiratory vaccine portfolio currently spans COVID-19, RSV and influenza, it faces stiff competition from larger and more established players like Pfizer PFE, Sanofi SNY and GSK.
A successful oncology franchise could provide Moderna with another source of revenues with a different demand profile. If approved, intismeran could help diversify the company’s revenue base and reduce its reliance on seasonal respiratory vaccines. A commercial launch of the therapy is targeted as early as next year.
MRNA’s Price Performance, Valuation & Estimates
Shares of Moderna have skyrocketed nearly 500% year-to-date, significantly outperforming the industry’s 6% growth.
From a valuation standpoint, the company is currently trading at a premium to the industry. Based on the price-to-sales (P/S) ratio, the stock trades at 27.74 times forward 12-month sales, higher than the industry average of 1.91 times.
Estimates for Moderna’s 2026 and 2027 loss per share have improved over the past 30 days.
Moderna currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Sanofi (SNY) : Free Stock Analysis Report

MRNA Hits 52-Week High: How Melanoma Study Results Keep Rally Going

(RTTNews) - Danish biopharmaceutical company Bavarian Nordic A/S (BAVA.CO) on Thursday announced the appointment of Tarja Stenvall as President and Chief Executive Officer, effective October 15, 2026.
Stenvall has more than 20 years of experience in the pharmaceutical industry, with roles spanning vaccines, commercial operations and business management. She will succeed Paul Chaplin, who is stepping down as CEO after 12 years in the role and 27 years with the company.
Stenvall most recently served as Senior Vice President and Head of the Global Franchise for Diabetes and Cardiovascular Diseases at Sanofi. Before joining Sanofi, she held commercial positions at AstraZeneca and Pfizer.
Bavarian's Chair of the Board, Anne Louise Eberhard, said Stenvall's experience across global pharmaceuticals and vaccines was a key factor in her appointment, as the company continues to focus on infectious diseases and public-health preparedness
Bavarian Nordic develops vaccines for infectious-disease and operates across Public Preparedness and Travel Health. Its portfolio includes vaccines against mpox, smallpox, chikungunya, tick-borne encephalitis and rabies. Its pipeline also includes vaccines targeting equine encephalitis, Lyme disease and Epstein-Barr virus (EBV).
Recent Financial & Stock Quote
Bavarian's Q2 2026 revenue rose 23% to DKK 2,034 million, compared to DKK 1,652 million in Q2 2025.
The company raised its full-year 2026 guidance, now expecting revenue of about DKK 5,700 million compared with full-year 2025 of DKK 6,244 million revenue.
Bavarian shares are trading up 1.89% at DKK 205.20.

Bavarian Nordic Appoints Stenvall As President & CEO

(RTTNews) - Sanofi (SNY) announced the inauguration of the Charles Best Building, a new influenza vaccine manufacturing facility in Toronto, Canada, following a C$925 million investment to expand the country's domestic vaccine manufacturing capacity.
The facility will manufacture Fluzone High-Dose, Sanofi's influenza vaccine indicated for adults 65 years of age and older.
The expansion was developed in partnership with the Government of Canada, the Province of Ontario and the City of Toronto and is intended to strengthen Canada's vaccine biomanufacturing capabilities and preparedness for future influenza pandemics.
The C$925 million investment includes C$415 million in support from the Government of Canada and C$55 million from the Government of Ontario, making it the largest investment in a biomanufacturing facility in Canadian history.
The Charles Best Building broke ground in 2021 and is now fully operational. Subject to regulatory approval, production is expected to begin in early 2027 in preparation for the 2027-28 influenza season.
The new facility adds end-to-end vaccine manufacturing capacity to Sanofi's Toronto campus, which has developed into a major vaccine research, development and manufacturing hub.
Vaccines produced at the campus are distributed to more than 60 countries worldwide.
The expansion is also expected to create approximately 300 highly skilled jobs in advanced biomanufacturing, supporting Canada's life sciences and vaccine manufacturing capabilities.
Fluzone High-Dose contains four times the amount of antigen found in standard-dose influenza vaccines and is designed specifically for adults aged 65 years and older.
Sanofi is the largest biopharmaceutical manufacturer in Canada, with more than 2,000 employees and operations spanning research and development, manufacturing and delivery of vaccines and medicines.
The company said it is on track to deliver more than $2 billion in new infrastructure investments in Canada by 2028, including a recently announced $294 million investment to expand its AI Centre of Excellence in Toronto.
Sanofi is a research-driven biopharmaceutical company focused on developing medicines and vaccines, with operations across multiple therapeutic areas and markets globally.
Sanofi's shares are currently trading at $42.82, up 0.99%.

Sanofi's C$925M Facility To Support 2027-28 Flu Vaccine Season

Key Points
Vertex Pharmaceuticals is slowly but surely expanding beyond its highly successful core therapeutic area.
Regeneron has successfully rebounded after facing biosimilar competition for a key growth driver, and it boasts several attractive pipeline candidates.
One of these stocks has a stronger core business.
The biotech industry is experiencing a strong rebound in 2026 after lagging the market in recent years. Based on several ongoing developments -- including breakthroughs in oncology and chronic weight management -- we may see a sustained run from the industry over the next few years. Even if we don't, several individual biotech companies look like strong medium-term options right now, including Vertex Pharmaceuticals (NASDAQ: VRTX) and Regeneron (NASDAQ: REGN). There is a lot to like about both of these drugmakers, but which one is the better buy? Let's find out.
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Vertex's core area is the backbone of a healthy business
Vertex Pharmaceuticals doesn't have a long list of products like many of its similarly sized peers in the biotech industry. That's because it doesn't need to. The company famously dominates the market for cystic fibrosis (CF) drugs, a rare disease that causes difficulty breathing and recurrent infections.
Vertex makes consistent revenue and earnings thanks to its portfolio in this field. There is always the risk that another drugmaker will launch competing medicines and challenger Vertex. But so far, no one has been able to. Sionna Therapeutics (NASDAQ: SION), a small-cap biotech, recently added yet another name to the long list of candidates that have tried -- and failed -- to challenge Vertex's core franchise.
Here's the best part. Vertex Pharmaceuticals won't lose patent exclusivity for its most important CF products until the late 2030s. In the meantime, the company is diversifying its lineup. It has earned approval for Journavx, a non-opioid medicine for acute pain, and Casgevy, a gene-editing therapy for two rare diseases.
It should also earn approval for povetacicept, a drug for IgA nephropathy (a kidney disease), by the end of November. Further, Vertex has several promising mid and late-stage candidates. As the company continues to generate significant sales in its core area and launches new products, it could deliver solid returns.
Regeneron's rebound is in full swing
Regeneron faced some challenges a couple of years ago due to biosimilar competition for Eylea, a medicine for several eye-related disorders that was one of its main growth drivers. However, the company has largely moved past that headwind thanks to a new, higher-dose (HD) version of Eylea that can be administered fewer times per year. The convenience of the new formulation is attracting many patients. Sales of the original Eylea are still dropping, but Eylea HD is making up for that.
Elsewhere, Regeneron's most important growth driver is Dupixent, a medicine for COPD and eczema that it co-markets with Sanofi (NASDAQ: SNY). This therapy continues to post solid sales growth. Although it could lose patent exclusivity in the U.S. in 2031, Regeneron and Sanofi plan to extend its patent life, notably by developing an HD version, just as Regeneron did with Eylea.
Regeneron also has several attractive pipeline candidates. Perhaps the most important are in the weight loss area. Regeneron is developing olatorepatide, a dual GLP-1 and GIP agonist that posted excellent phase 3 clinical trial results in China. Regeneron also has a highly differentiated weight loss medicine it is developing to help patients maintain muscle mass while they lose weight on GLP-1 drugs. Since the weight-loss market is one of the fastest-growing segments in the industry, investors should closely monitor Regeneron's progress. Between the drugmaker's current approved portfolio and pipeline, the future looks bright.
Which is the better buy?
My view is that Vertex Pharmaceuticals is the better buy between the two, even though Regeneron typically generates higher revenue. Here's why.
First, Vertex edges Regeneron when we consider margins and free cash flow.
Second, Vertex's core business has a much stronger competitive advantage. It has been defending its lead in the CF market for years, is still basically the only game in town, and benefits from substantial pricing power as a result. Dupixent is also a strong performer, but it operates in a much more competitive space, as does Eylea.
Third, although Regeneron's weight-loss candidates look promising, a clinical setback will significantly depress the stock price. And the company's strategy over the next decade also depends a lot on its ability to defend its Dupixent empire, which will be challenging.
Of note, even with Eylea HD's success, Regeneron faces stiff competition in this niche from Vabysmo, a medicine with overlapping indications and a friendlier dosing schedule than the original Eylea. Similarly, breakthroughs in immunology could pose a major challenge to Regeneron's long-term plans, even if it manages to extend Dupixent's patent life.
Meanwhile, Vertex's diversification plans are well underway, and it should make substantial progress over the next couple of years. Vertex isn't going after the weight-loss market (at least not yet). Instead, it is mostly targeting smaller areas with high unmet needs, where it will face little competition. Its success in the CF market shows the potential of this strategy. That's another reason Vertex is a better option.
Should you buy stock in Vertex Pharmaceuticals right now?
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Prosper Junior Bakiny has positions in Vertex Pharmaceuticals. The Motley Fool has positions in and recommends Regeneron Pharmaceuticals and Vertex Pharmaceuticals. The Motley Fool has a disclosure policy.

Vertex vs. Regeneron: Which Biotech Giant Is the Better Buy Right Now?

Moderna MRNA recently secured FDA approval for mFlusiva, the first mRNA-based seasonal flu vaccine. The decision is a significant milestone for the company, which gets an opportunity to establish a foothold in another multibillion-dollar market while further diversifying its revenue base beyond COVID-19 vaccines.
However, even before Moderna has had much time to establish its newly approved vaccine in the market, a new competitive challenge has emerged. GSK plc GSK recently announced plans to advance its investigational mRNA-based flu vaccine into late-stage development later this month, following positive phase II study results.
GSK’s Move Reinforces Confidence in Moderna’s mRNA Platform
Moderna has recently undergone a significant shift in investor sentiment following the positive late-stage results for its personalized mRNA cancer therapy developed with partner Merck MRK. The results have helped reinforce the potential of Moderna’s mRNA technology beyond infectious diseases, particularly oncology, providing another indication that the platform could support growth across multiple therapeutic areas.
GSK’s decision to advance an mRNA-based flu vaccine into phase III development could also be viewed as another sign that large pharmaceutical companies increasingly see mRNA as a viable next-generation technology. Rather than being viewed solely as a competitive development, GSK’s investment in the technology could further strengthen confidence in the broader mRNA platform and its potential across vaccine applications.
GSK’s Vaccine Could Also Raise the Competitive Bar for Moderna
GSK’s candidate is important not simply because it uses mRNA, but because it is designed to target two proteins on the surface of the flu virus — hemagglutinin (HA) and neuraminidase (NA). HA helps the virus attach to and enter cells, while NA facilitates the spread of newly formed virus particles from infected cells. By targeting both proteins, GSK is pursuing a potentially broader approach to flu prevention.
That distinction matters for Moderna because, like most existing flu vaccines, mFlusiva is based on targeting HA. GSK’s advancement of the mRNA vaccine is supported by results from a phase II study, which showed that its flu vaccine generated higher immune responses than standard-dose vaccines in younger adults and high-dose vaccines in older adults.
This could potentially position GSK’s candidate as a differentiated competitor to Moderna once it reaches the market. However, GSK’s vaccine is still at least a couple of years away from reaching the market and is subject to phase III results, where its efficacy will be tested. This gives Moderna valuable time to establish mFlusiva in the market and build awareness before GSK potentially arrives.
Meanwhile, Moderna’s mFlusiva will compete for market share against established non-mRNA-based flu vaccines marketed by GSK, Sanofi SNY and CSL Seqirus, all of which have a significant presence in the seasonal influenza market.
MRNA’s Price Performance, Valuation & Estimates
Shares of Moderna have skyrocketed more than 400% year to date, significantly outperforming the industry’s 10% growth.
From a valuation standpoint, the company is currently trading at a premium to the industry. Based on the price-to-sales (P/S) ratio, the stock trades at 24.28 times forward 12-month sales, higher than the industry average of 1.94 times.
Estimates for Moderna’s 2026 and 2027 loss per share have improved over the past 30 days.
Moderna currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Does Moderna's mRNA Flu Shot Face a New Challenge From GSK?

(RTTNews) - Owkin, an AI-driven company focused on transforming drug discovery and development, announced a license agreement with Boehringer Ingelheim for its K Pro AI Scientist platform, along with multimodal oncology and immunology patient data. The collaboration aims to accelerate discovery across multiple therapeutic areas by combining advanced AI reasoning with deep biological datasets.
The agreement builds on a 2025 pilot project in which Owkin provided Boehringer with spatial insights into the tumor microenvironment of a gene target using its MOSAIC dataset. Under the new deal, Owkin will license multimodal oncology data and generate additional immunology datasets through its global patient data network.
Boehringer's teams will access and analyze the data through K Pro, which offers a single environment for reproducible analyses, hypothesis generation, and prioritization. The AI platform supports both human-led and autonomous campaigns, enabling faster and more strategic decision-making in research.
The deal adds Boehringer to a growing list of drugmakers using Owkin's K Pro technology. AstraZeneca (AZN) licensed the platform in May, while Sanofi (SNY) expanded its partnership with a five-year agreement in June.
Thomas Clozel, CEO and co-founder of Owkin, said the agreement demonstrates how cutting-edge AI can enable data-driven pharmaceutical research. He emphasized that the next decade of drug development will be defined by access to multimodal patient data and AI scientists capable of reasoning over that data.
Owkin, headquartered in New York and Paris, has built K Pro on its multimodal patient data, state-of-the art AI for biology, and a decade of collaboration with pharmaceutical partners.
This partnership strengthens Boehringer Ingelheim's research capabilities in oncology and immunology while positioning Owkin's K Pro as a key AI platform for accelerating drug discovery.
Source: Business Wire

Owkin Licenses K Pro AI Scientist And Multimodal Data To Boehringer Ingelheim

Eli Lilly LLY announced that it has entered into a definitive agreement to acquire clinical-stage biotech Merida Biosciences in an all-cash transaction for up to $2.875 billion.
Though the deal includes an upfront payment as well as additional payments contingent on achieving specified development and regulatory milestones, neither company provided a breakdown of the consideration.
Upon completion of this acquisition, Lilly will add Merida’s antibody-engineering platform as well as a pipeline of biologics designed to target a range of immune-mediated conditions. This includes the lead drug, MER511, which is in phase I development for Graves' disease and thyroid eye disease (TED). Initial data have shown that the drug achieved robust reductions in pathogenic thyroid-stimulating antibodies, offering early evidence of its potential to address the underlying drivers of these diseases.
The deal will also add a couple of preclinical candidates to Lilly’s pipeline. This includes MER769, which is focused on food allergy, asthma, chronic spontaneous urticaria and other antibody-driven allergic diseases. Another candidate is MER683, which the company is developing to target kidney diseases, such as primary membranous nephropathy (PMN) and other immune-mediated conditions.
The transaction is expected to close in the fourth quarter of 2026.
LLY Stock Performance
Year to date, shares of Lilly have risen about 8% compared with the industry’s 14% growth.
Image Source: Zacks Investment Research
Merida Deal Extends Lilly's 2026 M&A Push
Unlike some of its peers, such as Bristol Myers BMY and Sanofi SNY, which have been facing investor pressure to pursue acquisitions to offset looming patent expirations, Lilly is entering this acquisition cycle from a position of financial strength. Strong demand for its blockbuster GLP-1 medicines Mounjaro and Zepbound has significantly boosted revenues and cash generation, giving the company greater flexibility to invest in external growth opportunities.
While obesity and diabetes remain Lilly's key growth drivers, the company has been steadily diversifying its pipeline into other therapeutic areas. Its recent acquisitions and deals across inflammation, oncology, neuroscience, cell therapy and infectious diseases highlight this strategy.
The latest example was Lilly's agreement last month to acquire AtaiBeckley for up to $3.8 billion, expanding its pipeline into novel treatments for mental health disorders. The proposed acquisition of Merida Biosciences fits into the same broader strategy, giving Lilly exposure to promising immunology assets and further reducing its reliance on the cardiometabolic franchise for future growth.
Lilly has been particularly active on the M&A front in 2026, with deals involving Ventyx Biosciences, Orna Therapeutics, Centessa Pharmaceuticals, Kelonia Therapeutics and Ajax Therapeutics, among others. The Merida transaction would likely mark Lilly’s 10th deal of the year, underscoring the company’s aggressive push to build a broader and more diversified pipeline of potential future growth drivers.
Eli Lilly and Company Price
LLY Zacks Rank
Eli Lilly currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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Sanofi (SNY) : Free Stock Analysis Report

Eli Lilly to Buy Immunology Biotech Merida Biosciences in $2.9B Deal

Friday, August 28, 2026
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including NVIDIA Corp. (NVDA), ExxonMobil Holdings Corp. (XOM) and HSBC Holdings plc (HSBC). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Jackson Hole Welcomes Warsh, Next Week Is "Jobs Week"
Today's Featured Research Reports
Shares of NVIDIA have gained +22.4% over the year-to-date period against the Zacks Semiconductor - General industry’s gain of +28.5%. The company continues to benefit from broad demand for accelerated computing as customers build AI factories across hyperscalers, AI clouds, enterprises and sovereign buyers. Blackwell Ultra is supporting growth while Vera Rubin broadens the platform across GPUs, CPUs, networking and software.
Customer diversification, rising system content and recurring usage-linked opportunities extend the long-term runway, while cash generation supports substantial capital returns.
However, the investment case carries greater balance-sheet and execution exposure as NVIDIA expands supply commitments, customer credit support and long-dated guarantees. China remains largely closed to data center compute, while customer concentration, rising operating investment and competition add uncertainty. These offsetting forces support a balanced risk-reward profile.
(You can read the full research report on NVIDIA here >>>)
ExxonMobil’s shares have gained +32.9% over the year-to-date period against the Zacks Oil and Gas - Integrated - International industry’s gain of +33.4%. The company’s investment case remains balanced between advantaged upstream growth and persistent market risk. Record Permian output, continued Guyana development and LNG expansion support long-duration production and cash flow, while structural cost savings and low leverage strengthen financial flexibility and shareholder returns.
However, earnings remain exposed to volatile oil, gas, refining and chemical markets, with Middle East disruptions adding operating uncertainty. The pause of the Baytown blue hydrogen project due to insufficient demand also highlights weaker commercial visibility for emerging businesses and greater policy sensitivity.
Product Solutions results can swing sharply with market conditions, while returns from newer investments depend on execution, customer adoption and durable demand over time.
(You can read the full research report on ExxonMobil here >>>)
Shares of HSBC have outperformed the Zacks Banks - Foreign industry over the year-to-date period (+36.6% vs. +19.6%). The company’s second-quarter 2026 results were aided by higher revenues. Wealth momentum in Asia continues to benefit from higher customer activity, rising balances and net new money, while the completed Hang Seng Bank privatization and ongoing business divestitures will simplify operations and support medium-term efficiency.
A robust capital position and global footprint will likely support its financials. However, the company has guided for higher expected credit losses (ECL) this year because of overlays tied to Middle East events and absorption of an idiosyncratic fraud-related charge.
Operating expenses are expected to remain elevated as the company invests in technology and distribution capabilities. Further, revenue visibility will depend on volatile rates and activity.
(You can read the full research report on HSBC here >>>)
Other noteworthy reports we are featuring today include Sanofi (SNY), The Travelers Companies, Inc. (TRV) and W. P. Carey Inc. (WPC).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
NVIDIA (NVDA) Rides on Strong Adoption of GPUs, Partnerships
ExxonMobil's (XOM) Permian Basin & Guyana Assets Aid Growth
Expansion Efforts, Restructuring Aid HSBC Holdings (HSBC), Costs Ail
Featured Reports
Dupixent to Remain Sanofi's (SNY) Key Top-Line Driver
The Zacks analyst expects Dupixent to remain Sanofi's key top-line driver as it enjoys strong demand. Weak influenza vaccine sales and regular pipeline setbacks are key headwinds.
Lease Strength Aids W. P. Carey (WPC), Funding Risks Remain a Concern
Per the Zacks analyst, W. P. Carey benefits from long leases, rent escalations and a solid acquisition pipeline. However, tenant credit issues and high refinancing costs remain a key risk to earnings.
Beverage-Can Demand Aids Crown Holdings (CCK) Amid Mixed Volume Trends
Per the Zacks analyst, Crown Holdings' margins will gain from a global surge in beverage cans demand. However softer volumes in Latin American and Transit Packaging segments remain a headwind.
Strategic Investments, Rate Recovery Aid Essential Utilities (WTRG)
Per the Zacks analyst, Essential Utilities benefits from strategic investments aimed at improving infrastructure, while rate filings support the recovery of qualifying spending.
Assisted Tax Drives H&R Block's (HRB) Revenue Amid Volume Softness
Per the Zacks analyst, H&R Block's assisted tax preparation drives core revenue via higher fees, better client economics and stable share, while volume weakness heightens dependence on pricing.
TriMas (TRS) Bets on Cost Saving Actions Amid Mixed Demand Trends
Per the Zacks analyst, TriMas will benefit from cost-saving initiatives and portfolio simplification. However, uneven Packaging demand and margin pressures temper its growth outlook.
Arhaus' (ARHS) Brand Strength Supports Continued Sales Momentum
Per the Zacks analyst, Arhaus' differentiated offerings and broad-based demand support continued written sales momentum and scalable long-term growth.
New Upgrades
Strong Renewal Rate Change, Retention Aid Travelers (TRV)
Per the Zacks analyst, Travelers is set to gain from continued strong renewal rate change and retention and increase in new business. Underwriting excellence, solid investment income drive earnings.
New Contracts Amid Healthy Demand Environment to Drive Itron (ITRI)
Per the Zacks analyst, Itron's long-term demand is supported by utility investments in grid expansion, reliability and resiliency; while recurring offerings strengthen its business model.
Drilling Tools (DTI) to Benefit from ClearPath Technology Adoption
The Zacks analyst believes that Drilling's differentiated drilling tools are gaining traction across international and offshore markets, while higher utilization and new awards support growth ahead.
New Downgrades
WATCHMAN Demand Softness, Weak Solvency Ail Boston Scientific (BSX)
The Zacks analyst is worried about the sharp U.S. market slowdown for Boston Scientific's WATCHMAN, as clinical evidence compounds and hurt referral patterns. Debt exceeding cash levels pose worry.
AECOM (ACM) Faces Project Losses and Cash Flow Pressure
Per the Zacks analyst, AECOM faces heightened execution risk, weaker cash flow expectations and rising interest costs as Construction Management losses and slower project starts weigh on its outlook.
Ecolab (ECL) Faces Margin Pressure Amid Rising Costs and Soft Demand
Per the Zacks Analyst, Ecolab faces near-term pressure from rising costs and soft industrial demand, but productivity gains and steady organic growth should support its longer-term outlook.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
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Sanofi (SNY) : Free Stock Analysis Report
W.P. Carey Inc. (WPC) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).

Top Stock Reports for NVIDIA, ExxonMobil & HSBC

Sanofi’s SNY stock is trading above its 50-day and 200-day simple moving averages (SMAs).
A stock trading above both its 50-day and 200-day SMAs is generally viewed as technically bullish, as it indicates positive short- and long-term price momentum. That said, bullish technical indicators alone do not guarantee further upside. A stock’s long-term performance ultimately depends on the strength of its underlying fundamentals, including earnings growth, product portfolio, pipeline execution and valuation.
To make an investment decision, it is important to weigh the company’s key strengths against the risks that could influence its future performance. Let’s take a closer look.
Dupixent Sales Hit Record High as Demand Drives Growth
Sanofi and Regeneron’s REGN immunology drug, Dupixent, holds the number one new-to-brand prescription market share across all its approved indications in the United States.
Dupixent is approved in several countries in one or more indications, covering nine distinct diseases, driven partly by type II inflammation, namely severe chronic rhinosinusitis with nasal polyposis, severe asthma, moderate-to-severe atopic dermatitis, eosinophilic esophagitis, prurigo nodularis, chronic obstructive pulmonary disease, chronic spontaneous urticaria, bullous pemphigoid and allergic fungal rhinosinusitis.
Dupixent generated sales of €9.3 billion in the first half of 2026, up 28.6% year over year. Second-quarter sales jumped 37.6% to €5.2 billion, crossing the €5 billion quarterly threshold for the first time. Dupixent’s strong sales growth is being driven by demand across all geographies, newly approved indications and demographics. Sanofi expects Dupixent to achieve around €25 billion in sales in 2030.
However, Sanofi expects Dupixent’s volume growth to moderate in the second half as recent launches annualize and year-over-year comparisons become more challenging.
Sanofi and Regeneron aim to sustain long-term value creation for Dupixent through a three-pronged strategy of defending its patent portfolio, extending the product’s lifecycle via improved dosing options, and innovating with new molecules leveraging its existing alliance infrastructure.
New Medicines Strengthen Sanofi’s Growth Outlook
Sanofi is seeing a good uptake of its new medicines like novel recombinant factor VIII therapy, Altuviiio and cancer drugs, Ayvakit and Sarclisa.
Sales of its new and acquired drugs rose 48.3% to €1.3 billion in the quarter led by Altuviiio, Ayvakit and Sarclisa. Beyfortus [in partnership with AstraZeneca AZN] achieved blockbuster sales in its first full year of sales in 2024 and continues its expansion into new geographies. Altuviiio achieved blockbuster sales in 2025, and Ayvakit, added from the Blueprint Medicines acquisition, is expected to become the next blockbuster drug in 2026.
Key new products approved in 2025 were Wayrilz (rilzabrutinib), for immune thrombocytopenia and Qfitlia (fitusiran) to prevent or reduce the frequency of bleeding episodes in patients with hemophilia A and B. Cenrifki (tolebrutinib) was approved for treating non-relapsing secondary progressive multiple sclerosis in the EU in June 2026 while in the United States, Sanofi’s regulatory application seeking approval of tolebrutinib was issued a complete response letter (CRL) in December 2025. Sanofi’s new drug application (NDA) seeking approval for venglustat for Gaucher Disease is under the FDA’s priority review, with a decision expected in November. Venglustat is also under regulatory review in the EU.
Sanofi expects its new and acquired products to generate approximately €10 billion in sales by 2030.
Sanofi’s Vaccine Business Set for a Weak Second Half
In the first half of 2026, Sanofi’s total vaccine sales declined 1% while influenza vaccine sales declined 42.1% at CER primarily because of unusually strong influenza sales in 2025 and the seasonal nature of the business with the bulk of influenza vaccine sales typically concentrated in the second half of the year. However, sales of new products, AstraZeneca-partnered Beyfortus and Heplisav-B remain strong.
Sanofi expects overall vaccine sales growth to be slightly negative in 2026, with the decline concentrated in the second half due to seasonal trends. In the third quarter, sales are projected to fall low-to-mid teens, In July, Sanofi also lowered its long-term vaccine sales expectations to around €9 billion by 2030 from prior expectations of €10 billion due to currency headwinds and unfavorable market dynamics.
Sanofi’s Pipeline Suffers Several Setbacks in 2026
In 2026, Sanofi announced some notable pipeline setbacks. In July, Sanofi decided not to advance amlitelimab to regulatory submission after determining that its efficacy and safety profile did not offer a meaningful improvement in atopic dermatitis. The company also discontinued itepekimab’s development in chronic obstructive pulmonary disease and chronic rhinosinusitis, along with balinatunfib studies in Crohn’s disease and ulcerative colitis as they failed to meet the company’s internal efficacy expectations. Additionally, Sanofi announced that two phase III Dupixent studies in lichen simplex chronicus failed to meet their primary endpoints.
In June, Sanofi discontinued the phase III MOBILIZE study evaluating riliprubart in treatment-refractory chronic inflammatory demyelinating polyneuropathy.
These setbacks resulted in more than €200 million of wind-down costs and a €952 million impairment related to amlitelimab, which hurt reported earnings in the second quarter.
SNY’s Price, Valuation & Estimate Movement
Sanofi’s stock has declined 7.5% year to date compared with an increase of 16.0% for the industry. The stock has also underperformed the sector and the S&P 500, as seen in the chart below.
SNY Stock Underperforms Industry, Sector and S&P 500
Image Source: Zacks Investment Research
From a valuation standpoint, Sanofi appears attractive relative to the industry. Going by the price/earnings ratio, the company’s shares currently trade at 8.7 forward earnings, lower than 19.09 for the industry. The stock is also trading below the stock’s 5-year mean of 11.16. The stock is much cheaper than other large drugmakers like Lilly, Novo Nordisk, AstraZeneca, J&J, Merck, AbbVie and others.
SNY Stock Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings has risen from $4.96 per share to $5.01 per share over the past 30 days.For 2027, earnings estimates have risen from $5.19 per share to $5.23 per share over the same timeframe.
SNY Estimate Movement
Image Source: Zacks Investment Research
Stay Invested in SNY Stock
Sanofi faces headwinds like heavy reliance on one blockbuster drug, Dupixent, weak influenza vaccine sales and regulatory and pricing pressure. Importantly, Sanofi has discontinued or deprioritized several pipeline programs recently.
However, the biggest reason investors have been willing to look beyond recent pipeline disappointments is Dupixent. Also, along with the second-quarter results, Sanofi raised its sales growth expectations for the year based on a strong performance in the first half and an optimistic outlook for the second half. Sanofi now expects 2026 sales to grow around 10% at CER, up from its previous forecast for high-single-digit growth.
Moreover, Sanofi has increased R&D investments and is achieving significant progress with its pipeline. It has also been active on the business development and M&A front.
The fact that the stock trades above both its 50-day and 200-day SMAs reflects improving investor confidence in the company's near- and long-term outlook
Investors may continue retaining this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Sanofi (SNY) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).