We Study Billionaires - The Investor’s Podcast Network TIP767: Mastermind Discussion Q4 2025: Sanofi, Remitly & Crocs w/ Stig Brodersen, Tobias Carlisle, and Hari Ramachandra
Nov 9, 2025
Hari Ramachandra, a savvy investor and analyst, advocates for Sanofi, highlighting its promising pipeline in vaccines and immunology. He addresses potential concerns like patent cliffs while touting Sanofi as a defensive play. Tobias Carlisle, a value investor, passionately pitches Crocs, discussing its attractive valuation, strong free cash flow, and the implications of its Hey Dude acquisition. The hosts also delve into Remitly's competitive edge in digital payments and explore the strategic challenges it faces in expanding its services.
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Vaccines As Recurring Revenue Engine
- Sanofi combines a recurring vaccines business with blockbuster biologics like Dupixent to create stable, diversified revenue.
- Hari frames vaccines as a subscription-like engine providing predictable cash flow alongside R&D-driven upside.
Valuation Discount After Patent Hit
- Sanofi trades at a lower PE than many peers after patent-driven EPS declines and heavy R&D spending.
- Hari argues much of the bad news is baked in, making it a lower-volatility value parking spot with a ~5% yield.
Size Pharma Positions For Preservation
- Treat large pharma as capital-preservation plays rather than high-return bets and size positions accordingly.
- Expect modest growth plus yield (Hari suggests ~7–10% total) and hold through market turmoil.
