Report published October 1, 2026
Sanofi: Immunology Pipeline Boosted by Updated Alliance with REGN – Goldman Sachs Research
Goldman Sachs · October 1, 2026
Sanofi and Regeneron have expanded their immunology alliance to co-develop four new long-acting antibodies, with Sanofi paying $1bn upfront and up to $7bn in milestones. Goldman Sachs sees this as a positive pipeline enhancement and expects short-term outperformance, while maintaining a Neutral rating with a €79 price target.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Sanofi and Regeneron expanded their collaboration to include four new long-acting antibodies targeting IL-13, IL-4xIL-13, IL-4, and IL-4Ra, along with an option to include Sanofi's lunsekimig post-Phase 3 COPD.
- 2.Under the new deal terms, Sanofi will pay $1bn upfront and up to $7bn in development, regulatory, and commercial milestones, sharing costs and global profits 50:50 while existing Dupixent agreements remain unchanged.
- 3.Regeneron will lead R&D while Sanofi will lead global commercialisation; Goldman Sachs views this as positive for Sanofi's long-term pipeline but reiterates a Neutral rating with a 12-month target price of €79.
Table of Contents
- Valuation and Risks
- Upside risks to our view and price target:
- Downside risks:
Report data
Sanofi Valuation and Upside Summary — as of September 30, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Collaboration Upfront Payment | 1.0 USD billion | Sanofi upfront payment to Regeneron under the expanded alliance |
| Collaboration Potential Milestone Payments | 7.0 USD billion | Milestone payments covering development ($1bn), regulatory ($2.5bn), and commercial ($3.5bn) |
| 12-month Price Target | 79.0 EUR | Target price for Sanofi ordinary shares (SASY.PA) |
| 12-month ADR Price Target | 45.0 USD | Target price for Sanofi ADR (SNY) |
| Apogee Acquisition Value by AbbVie | 10.9 USD billion | Comparison acquisition in the immunology landscape for long-acting IL-13 APG777 |
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