Jefferies Keeps 100-Euro Target on Sanofi as India Ownership Shift and Regeneron Alliance Take Shape

Jefferies kept its buy rating and EUR 100 target on Sanofi, citing immunology prospects after an expanded Regeneron antibody partnership.

Sanofi's stock found firmer ground on Monday, trading at EUR 71.53 for a gain of 1.2% on the day, as analysts at Jefferies reiterated their buy rating and a EUR 100 price target on the French drugmaker. The endorsement, issued Thursday, rests chiefly on the company's widening prospects in immunology — a field where Sanofi has just deepened its long-running partnership with Regeneron.

That alliance now covers four next-generation, long-acting antibodies discovered by Regeneron. Under the terms both sides agreed, Regeneron leads research and development of the drug candidates, while Sanofi takes charge of worldwide commercialization once regulatory approval is secured. Development and marketing costs are split evenly, as are any future profits. Sanofi is putting up a firm upfront payment of USD 1 billion to Regeneron, with success-based milestone payments of as much as USD 7 billion to follow. The two companies also settled earlier legal disputes, while their existing arrangement covering the already-marketed medicine Dupixent stays untouched by the new terms.

Market Digests the Price Tag

Reuters reported that Sanofi shares initially climbed after the announcement before running into selling pressure later in the session. According to media accounts, market participants were reassessing the scale of the payment commitments, while pipeline worries and a subdued tone across the wider French market added to the drag.

Beyond the research push, Sanofi is simultaneously reworking its corporate holdings in key overseas markets. Sanofi India disclosed that Sanofi Healthcare India Private Limited acquired 3,500,000 shares of Sanofi India from Hoechst GmbH on September 24 — a transfer carried out within the promoter group. The package, equal to a 15.20% stake, was valued at ?10,68,20,00,000.

Days later, tax matters at the Indian unit came into view. On September 29, Sanofi India said it had received a formal hearing notice from tax authorities in the state of Gujarat, raising a total claim of ?16.40 crore covering taxes, interest and penalties tied to alleged discrepancies in its filings for the 2022–2023 financial year (FY2022–23). Sanofi is reviewing the matter and made clear it expects no adverse effect on its finances, ongoing operations or other activities.

Industry Letter and a Looming Results Date

Sanofi's leadership also joined a collective effort by major pharmaceutical manufacturers, signing an open letter alongside peers including AstraZeneca, Boehringer Ingelheim, the Chiesi Group, Ipsen and GSK, as well as executives from Novo, Novartis and Roche. Sanofi characterized the publication as a media update.

Attention among shareholders now turns to the next reporting date. On October 30, 2026, Sanofi will present its third-quarter 2026 results, with a broadcast for the financial community and a question-and-answer session with management. The financial weight of the recent moves and the progress of the expanded pipeline are likely to be front and center.