Core Points - The document provides information regarding the total number of voting rights and shares for Sanofi as of October 31, 2025 [1] - Sanofi has a registered share capital of €2,454,937,946 and is registered at the Paris Commercial and Companies Registry [1] Summary by Category Total Number of Shares and Voting Rights - The total number of issued shares is 1,227,469,992 [1] - The theoretical number of voting rights, excluding treasury shares, is 1,348,747,993 [1] - The theoretical number of voting rights, including treasury shares, is 1,361,720,228 [1] Regulatory Compliance - The information is provided in accordance with article L. 233-8 II of the French Commercial Code and article 223-16 of the Regulation of the French stock market authority [1] - Additional information is available on Sanofi's official website under "Regulated Information in France" [2]

Core Viewpoint - Openbank, Santander's digital lender, has launched a cryptocurrency trading service in Spain, following the lead of rival BBVA [1] Company Summary - Openbank is expanding its service offerings by introducing cryptocurrency trading, indicating a strategic move to enhance its digital banking capabilities [1] - The launch of this service positions Openbank competitively within the growing digital finance sector, particularly in the cryptocurrency market [1] Industry Summary - The cryptocurrency trading service launch reflects a broader trend among banks in Spain to embrace digital assets, highlighting the increasing acceptance of cryptocurrencies in traditional banking [1] - The move by Openbank and BBVA signifies a shift in the banking industry towards integrating cryptocurrency services, potentially attracting a new customer base interested in digital currencies [1]

Core Insights - The article discusses the current market concentration, particularly focusing on the performance of the "Mag 7" stocks compared to the broader S&P 493, highlighting a significant bifurcation in earnings and profit margins [2][3][5] - It emphasizes the importance of diversification in investment strategies, noting that investing solely in the Mag 7 stocks does not provide adequate diversification within the S&P 500 [5] Market Analysis - Torsten Slok, chief economist at Apollo Global Management, noted that the 2025 EPS consensus estimates for the Mag 7 have increased, while those for the S&P 493 have decreased, indicating a concentration of earnings growth in the Mag 7 [2][3] - The Mag 7 stocks now account for over 40% of the total market capitalization of the S&P 500, which is considered an unusually high concentration [4] Investment Strategy - The article presents a list of the 14 best undervalued stocks to buy under $50, selected based on a forward P/E ratio below 15 and the number of hedge fund holders [7] - The methodology for selection is based on hedge fund sentiment, with the aim of outperforming the market by following top stock picks from leading hedge funds [8] Company Highlights - **Banco Santander, S.A. (NYSE:SAN)**: - Stock Price: $10.29, Forward P/E: 10.40, Hedge Fund Holders: 18 - Reported stable revenue of €46.3 billion and a record net fee income, up 4% year-over-year [11] - Attributable profit for the first nine months of 2025 reached €10.337 billion, an 11% increase from the previous year [12] - Added over seven million new customers, bringing the total to 178 million [13] - **Equinor ASA (NYSE:EQNR)**: - Stock Price: $24.04, Forward P/E: 8.68, Hedge Fund Holders: 19 - Received a Hold rating with a price target of $22 [15] - Awarded new framework agreements valued at approximately NOK 17 billion for insulation and scaffolding services at its onshore plants in Norway [17]

Core Insights - The latest investment trends show that top mutual funds are increasingly investing in AI-related stocks, with Nvidia and Palantir joining the ranks of major companies like Alphabet and Apple [8][10]. Investment Highlights - Banco Santander led the list with a significant investment of $16.12 billion, followed by Ormat Technologies at $14.31 billion, AAR Corp at $8.89 billion, and Nextracker at $1.96 billion [2][4][6]. - Ormat Technologies has seen its stock price rise significantly, nearing an all-time high due to strong demand from mutual funds [4]. - AAR Corp is also performing well, with a capital inflow of $8.89 billion, and is currently testing its 50-day moving average [5]. - Nextracker, after a slump post-IPO, has rebounded with a $1.96 billion investment, reaching a record high before recent market pressures [5]. Additional Notable Investments - Other companies that attracted substantial investments include Celestica with $734 million, Seagate Technology with $669 million, GSK with $288 million, and TE Connectivity with $202 million [7]. - Despite lower investment amounts compared to previous months, Nvidia, Palantir, Alphabet, and Apple still made the list of new buys, indicating continued interest in these tech giants [8][10]. - IBM has also emerged as a strong investment choice, with its stock performing well following a positive earnings report [11].

Core Insights - The pivotal LIBERTY-AFRS-AIMS phase 3 study of Dupixent (dupilumab) showed significant improvements in allergic fungal rhinosinusitis (AFRS) symptoms, meeting all primary and secondary endpoints [1][5][6] - The FDA has accepted the supplemental biologics license application (sBLA) for Dupixent in treating AFRS, which could become its ninth approved indication [2][5] Study Results - The study demonstrated a 50.0% improvement in sinus opacification scores for Dupixent compared to 9.8% for placebo at 52 weeks, with a significant reduction observed at 24 weeks [6] - Patient-reported nasal congestion improved by 66.7% at 24 weeks and 80.6% at 52 weeks in the Dupixent group compared to 25.3% and 11.1% in the placebo group, respectively [6][13] - Nasal polyp size reduced by 60.8% at 24 weeks and 62.5% at 52 weeks in the Dupixent group compared to 15.2% and 3.6% in the placebo group [13] Safety Profile - The overall rates of adverse events were 70% for Dupixent and 79% for placebo, with serious adverse events reported in 0% of Dupixent patients compared to 7% for placebo [7] - Common treatment-emergent adverse events included COVID-19 and nosebleeds, with similar rates between Dupixent and placebo [7] Background on AFRS - AFRS is a chronic type 2 inflammatory disease of the sinuses caused by allergic hypersensitivity to fungi, primarily affecting individuals in warm, humid climates [3][5] - Current treatment options are limited, often involving surgery and prolonged systemic steroids, with a high rate of disease recurrence [3][4] Dupixent Overview - Dupixent is a fully human monoclonal antibody that inhibits IL4 and IL13 signaling pathways, showing significant clinical benefits in various type 2 inflammatory diseases [10][11] - The drug has received regulatory approvals in over 60 countries for multiple indications, with more than one million patients treated globally [11][12]

Core Insights - Santander Bank has launched Navigator Global, a digital platform aimed at assisting small and mid-sized U.S. businesses in expanding into international markets [1][2][3] Group 1: Platform Features and Offerings - Navigator Global provides step-by-step market-entry and expansion guidance across over 30 international markets and 28 industry subsectors, including food and beverage, retail, technology, life sciences, and manufacturing [2] - The platform offers curated content, real-time global insights, verified service providers, and tailored tools for navigating international trade complexities [2][5] - Membership options include a standard subscription available at no cost for 12 months for Santander clients, and premium tiers that provide deeper market intelligence [2] Group 2: Strategic Goals and Market Reach - The platform aims to connect clients to a global network of partners and solutions, enhancing Santander's support for businesses expanding internationally [3][4] - Navigator Global is set to launch in both the U.S. and the U.K., with plans to expand to all Santander markets by the end of 2026, reflecting the bank's international reach [3][6] - A successful pilot in the U.K. supported over 2,500 businesses and resulted in double-digit increases in product opportunities for clients [3] Group 3: Development and Collaboration - The platform was developed in collaboration with Dentsu, combining Santander's banking expertise with Dentsu's capabilities in data and innovation [6][8] - Navigator Global will continuously introduce new data insights, market intelligence, and relationship management tools to assist businesses in making informed decisions [4][6]

Core Insights - Spanish lender Santander is preparing to appoint an insider as the next UK chief executive, indicating a preference for internal candidates [1] - The shortlisted candidates include Mahesh Aditya, the group chief risk officer, and Enrique Alvarez Labiano, the head of UK retail and business banking [1]

Core Insights - Santander has launched a new platform, Navigator Global, aimed at assisting businesses in expanding internationally by connecting them with verified providers, local experts, and real-time insights [2][4] - The platform is designed to reduce risks associated with global trade and offers guidance for businesses looking to export or enter new markets [2][4] - The updated platform builds on a previous version that supported over 2,500 businesses in the UK and is now available in more than 40 markets [3] Industry Context - Research indicates that 65% of goods firms have experienced operational disruptions due to uncertainty, with this figure rising to 83% among companies facing high regulatory changes [5] - The evolving regulatory frameworks and compliance obligations are complicating risk management for firms, as they deal with both rising input costs and shifting rules [6] - Companies that perform well are effectively managing uncertainty by investing in scenario planning, adjusting cash flow forecasts monthly, and diversifying logistics providers [7]

Core Viewpoint - The executive chair of Spain's Santander, Ana Botin, cautioned against overregulation in Europe, highlighting it as a potential risk that could negatively impact economic growth on the continent [1] Group 1 - Ana Botin emphasized the importance of avoiding excessive regulatory measures in Europe [1] - The warning reflects concerns about the balance between regulation and economic growth [1] - The statement indicates a broader industry sentiment regarding the implications of regulatory frameworks on financial institutions [1]

Core Viewpoint - Banco Santander maintains a positive outlook despite recent challenges in the UK market, with an "Overweight" rating and an increased price target from EUR 9.50 to EUR 10 by Morgan Stanley [2][6]. Company Performance - In the recent quarter, Santander UK experienced a net loss of 23,000 accounts, attributed to over 33,000 account closures and just over 10,000 new accounts opened [3][6]. - The current stock price of SAN on the NYSE is $10.28, reflecting a slight decrease of 0.72% with a change of $0.075 [3]. - The stock has shown volatility, with a daily trading range between $10.13 and $10.33, and over the past year, it reached a high of $10.50 and a low of $4.43 [4]. Market Position - Banco Santander's market capitalization is approximately $152.79 billion, with a trading volume of 2,632,778 shares, indicating strong investor interest [4][6]. - While Santander UK faced account losses, competitors like Nationwide Building Society and the Co-operative Bank gained customers, highlighting a shift in consumer preferences [5].