Sanofi CFO says stock price pummelling grossly overdone
2022.08.17 14:30
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FILE PHOTO: Sanofi logo at the company’s headquarters during the annual results news conference in Paris, France, February 4, 2022. REUTERS/Benoit Tessier
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FRANKFURT (Reuters) – Sanofi (NASDAQ:SNY)’s finance chief said on Wednesday that a decline in the French company’s share price in response to litigation threats and a cancer drug development setback was strongly exaggerated and posed a buying opportunity for savvy investors.
Sanofi earlier said it would stop further work on amcenestrant, once seen to have large potential against breast cancer, triggering a 5% drop in the share price. That compounded similar losses last week amid litigation concerns over an alleged cancer causing effect of heartburn drug Zantac.[L8N2ZT106]
Sanofi’s share price was already not reflecting its earnings growth potential before last week, CFO Jean-Baptiste de Chatillon told Reuters.
“And now there’s just a strong, strong disconnect. So I think some people will see it, and some investors will say that they will come back,” the CFO added.
