Sanofi SNY reported first-quarter results that fell short of both our and consensus expectations, but we don’t expect any significant changes to our fair value estimate for the company. Further, Sanofi’s wide moat divisions of diabetes, vaccines, consumer, and rare disease drugs posted solid gains, reaffirming our overall wide moat rating for the firm. Within diabetes (the company’s largest drug franchise), Lantus once again drove … Continue reading Sanofi Posts Slightly Weak First Quarter, but Wide-Moat Segments Continue to Perform Well