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Antipodes Global Value Strategy exits Sanofi after pipeline setbacks
Antipodes said it exited Sanofi after confidence was hit by pipeline disappointments tied to uncertainty around Dupixent’s loss of exclusivity.
Antipodes Partners said it exited Sanofi from its Antipodes Global Value Strategy, citing repeated pipeline disappointments that reduced confidence in Sanofi’s ability to manage Dupixent loss of exclusivity, according to the firm’s second-quarter 2026 investor letter.
The letter also notes that Sanofi’s shares closed at $42.78 per share on August 5, 2026. It added that the stock fell 2.6% over one month and declined 9.8% over the past 52 weeks, with a market capitalization of $102.5 billion.
In the same investor letter, Antipodes described the quarter as one of the strongest equity recoveries in recent history, with global equities up 14.9% in US dollar terms. It attributed the rebound to renewed AI enthusiasm, strong corporate earnings, and easing tensions with Iran, while highlighting that the strategy lagged its benchmark due to returns concentrating in a narrow group of semiconductor and hardware stocks.
Antipodes said it remains cautious on expensive memory companies because pricing and supply are cyclical despite AI demand, while the Strategy continues to favor valued infrastructure, specialty semiconductors, resilient software, and quality businesses.