After Relypsa entered into an exclusive partnership with Vifor Fresenius Medical Care Renal Pharma to commercialize Patiromer ex-US and ex-Japan and entered into a U.S. partnership deal with Sanofi (SNY), Oppenheimer is impressed by the experience of the partners. The firm thinks the financial terms of the deals are favorable. It keeps a $55 price target and Outperform rating on Relypsa.

Reports business EPS of EUR 1.78, down 17.6% reported and 7.4% at CER. Reports Q1 IRFS net sales EUR 10.464B, up 2.4%. Paul Hudson, Chief Executive Officer, commented: "We are off to an excellent start in 2024, delivering on our strategic priorities and a transformation of our portfolio of medicines and vaccines to become a development-driven, tech-powered biopharma company committed to serving patients and accelerating growth. Continued strong performance by Dupixent and our new launches drove sales growth of seven percent. In parallel, we are delivering on our promise of increased investments in our late-stage pipeline to fully realize its value for patients and Sanofi. We are awaiting regulatory decisions for Dupixent in COPD, a progressive disease with limited effective treatment options. If approved, Dupixent will be the first biologic treatment in COPD. With the robust progress in our portfolio transformation, we reaffirm our financial guidance for 2024."