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Sanofi cut to “neutral” at BofA on CEO change, shares drop over 6%
Sanofi cut to “neutral” at BofA on CEO change, shares drop over 6%
Navamya Acharya
Thu, February 12, 2026 at 8:22 PM GMT+9 1 min read
In this article:
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Investing.com – Sanofi was downgraded to “neutral” from “buy” by BofA Securities, which also cut its price objective to €92 from €102, citing limited catalysts and uncertainty following a change in chief executive, sending shares down more than 6% on Thursday.
BofA said Sanofi announced that chief executive Paul Hudson will leave on Feb. 17 and will be succeeded by Belén Garijo, the former chief executive of Merck KGaA .
The brokerage said that while a management change had been anticipated by investors as a potential catalyst, the transition introduces another period of uncertainty.
BofA said it expects limited pipeline catalysts in fiscal 2026 and flagged what it described as a light catalyst path extending into 2027=.
The brokerage said key data over the next 12 months include further Phase III results for amlitilimab in the AQUA study and persistence data from ESTUARY in the second half of 2026. It added that efficacy data from the COAST-2 and SHORE studies underwhelmed expectations, increasing caution around upcoming readouts.
The brokerage also cited uncertainty around tolebrutinib in secondary progressive multiple sclerosis following a recent complete response letter, and noted upcoming competitive Phase II data in atopic dermatitis in 2026.
BofA lowered its price objective to €92, equivalent to $54.50 for the ADR, from €102, or $59.16, and said the new target is based on about 10x 2027 earnings per share, down from a prior 12x multiple. The brokerage said the revised multiple reflects uncertainty in the outlook.
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