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Simon P. Baker

Partner and Head of Global Biopharma Research at Redburn at Redburn Atlantic

Simon P. Baker is a Partner and Head of Global Biopharma Research at Redburn Atlantic, specializing in biopharmaceutical equity research with deep coverage of leading companies such as AstraZeneca, Novo Nordisk, Roche Holding AG, Abbott Laboratories, Hologic, Qiagen, BioNTech, and Moderna. His track record includes 17 ratings with a 33% success rate and an average return of -6.4%, ranking him #7,833 out of nearly 10,000 Wall Street analysts, with notable profitable calls like a +11.8% return on BioNTech. Baker began his finance career at Lehman Brothers in 2000, followed by roles at Credit Suisse, Occitan Capital Partners, Oriel Securities, and Exane, before joining Redburn in March 2019. He holds a Ph.D. in Organic Chemistry from Imperial College London and is a CFA charterholder, reflecting his rigorous professional credentials.

Simon P. Baker's questions to Sanofi (SNY) leadership

Question · Q3 2025

Simon P. Baker asked about the magnitude of Dupixent's gross margin improvement from manufacturing efficiencies in Q3. He also inquired about the potential for rosibutinib in Graves' disease and Sanofi's current interest in CMV vaccination following recent industry news.

Answer

CFO François-Xavier Roger clarified that Dupixent's C3 manufacturing had a very limited impact on Q3 gross margin, with the overall gross margin increase driven by volume growth, product mix (Ayvakit being more significant), and industrial restructuring. Head of R&D Houman Ashrafian expressed optimism for rosibutinib in Graves' disease, citing its autoimmune nature and success in other disorders. Head of Vaccines Thomas Triomphe acknowledged the recent CMV news but stated Sanofi had discontinued its own CMV program decades ago due to efficacy concerns, despite recognizing the need for a vaccine.

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