Posted 10/27/2023, 3:01:46 PM
Sanofi Stock Plunges 15% as Drugmaker Drops 2025 Profit Target, Boosts R&D Spending
- Sanofi stock plunges 15.5% on Friday, loses $21 billion in market value after company drops 2025 profit target
- Decision to increase spending on drug development leads Sanofi to abandon 32% profit growth target for 2025
- Share price falls to 8-month low due to profit outlook changes and higher R&D spending plans
- CEO Paul Hudson expresses confidence in innovation pipeline and need for higher investment despite stock drop
- Sanofi reviewing potential separation of consumer health business through capital markets transaction