Sanofi's New CEO Might be Done with Major Portfolio Pruning

Dow Jones07-30 16:44

0843 GMT - Sanofi's major portfolio pruning might be over after the French drugmaker dropped several experimental drugs since the appointment of Belen Garijo as CEO, Bernstein analysts say in a research note. "Whilst the new CEO's overall pipeline assessment is still ongoing, we understand that no additional large phase 3 discontinuations--beyond what have already been announced since the new CEO joined in early May--are now planned," the analysts say. Sanofi's 2030 sales targets suggest consensus estimates could be upgraded by mid-single digit percentages, according to Bernstein. Shares fall 3.4%.

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