2025-06-05-Jefferies-赛诺菲（SAN）_杰富瑞纽约医疗会议_聚焦OX40L_慢性阻塞性肺疾病和人工智能_7页_192kb

Analysis Summary:

Sanofi maintains a "BUY" rating with a price target of €120 (up 38% from €87.12). The company remains optimistic about the potential of amlitelimab, an anti-OX40L drug that offers safety advantages and a favorable dosing schedule over competitors like Amgen's rocatinlimab. Amlitelimab is being developed for atopic dermatitis and asthma, with Phase IIa data in asthma showing promise, and Phase III studies are planned. Sanofi also advanced brivekimab, a TNFα/OX40L inhibitor for hidradenitis suppurativa, due to its differentiated profile in a crowded market. Itepekimab, targeting IL-13 for COPD, saw mixed results in AERIFY-1/2 studies, but Sanofi continues to collaborate with Regeneron to de-risk the data and remains committed to the COPD space due to high unmet need. Efforts are ongoing with lunsekimig, a dual-acting IL-13xTSLP inhibitor, showing efficacy superiority. Sanofi leverages AI across all R&D programs, improving experiment design, data retrieval, and early development of innovative medicines like bispecifics. Risks include regulatory, clinical, and competitive factors for pipeline drugs, while valuation is based on P/E, NPV, and growth assumptions. Analysts emphasize AI's role in enhancing science and decision-making.