SVB Leerink analyst Geoffrey Porges initiated coverage of Sanofi with a Market Perform rating and EUR 105 price target, $58 for the ADR. The analyst notes that his estimates for Sanofi are modestly above recent consensus for the company's total revenue and 1%-2% above consensus for EPS through 2022. Porges has also updated his market forecast for Dupixent to incorporate the many secondary indications now in Phase III. On the other hand, his estimates for other important elements of Sanofi's portfolio are below consensus and offset the "exciting potential" of Sanofi's share of the value of Dupixent.