Results and outlook shock Sanofi investors as shares slide 19%

In a third-quarter2023 financial results season when most pharma companies have pleased shareholders with better-than-expected figures, the reaction to Sanofi’s presentation on Friday has provided a stark contrast.

Shares in the French drugmaker were down by around 19% as the trading day neared its end in Paris, as markets mulled over results that had missed estimates, a lower profit outlook and a spinout of Sanofi’s consumer care unit.

Sales for the quarter were more than 4% lower than in the same period a year ago, at 11.96 billion euros ($12.66 billion), while business operating income dropped by 10% to 4.03 billion euros, slightly below consensus estimates published on its website.