SNY - 2 Bear Market Defying Stocks to Buy in May
2023-05-22 07:45:00 ET
Equities experienced a bear market in 2022, and although things have improved significantly over the past few months, it's impossible to say whether we are out of the woods. However, some corporations have managed solid performances throughout this period. This group of companies includes Sanofi (NASDAQ: SNY) and Axsome Therapeutics (NASDAQ: AXSM) . These drugmakers also have excellent prospects that should allow them to keep their momentum for a while, making both stocks attractive. Let's dig in a little deeper.
France-based Sanofi is a biotech giant with a diversified portfolio of medicines and vaccines, although it is perhaps best known for being one of the leaders in the insulin market. The company grabbed headlines in this space earlier this year when it decided to cut the price of its top-prescribed insulin product, Lantus, by 78% and limit out-of-pocket costs to $35. The changes will go into effect next year.
Sanofi hardly had a choice. Its only real competitors in this market made similar moves. But this initiative should do little to affect the company over the long run. Even within the diabetes care area, Sanofi can rely on other medicines such as Toujeo, an insulin product whose sales are still growing. Toujeo's revenue came in at 289 million euros in the first quarter, 4.4% higher than the prior-year quarter.
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2 Bear Market Defying Stocks to Buy in May