Sanofi's recent stock rout underscores the pressure on the French drug maker to redouble its efforts in the hunt for new medicines.
After problems with two of the company's most important development projects, Manns said he would have welcomed signals from management that efforts or deals to improve drug prospects would now be intensified.SVB Securities analysts said the twin blow was "negative for sentiment for the company's R&D productivity and topline growth prospects," cutting their price target though maintaining the view that the beaten down stock could yet outperform.
Guggenheim analyst Seamus Fernandez thought the market reaction to the Zantac legal threat was overdone but said investors buying into the dip may need patience. "These types of selloffs often present an opportunity for disciplined, long-term investors," he wrote on Thursday. Zantac, a once-popular antacid, has drawn a flurry of US lawsuits alleging it causes cancer. Sanofi, GSK and a number of generic drug makers are accused in the lawsuits of failing to properly warn users about health risks. The first court trials begin early next year.Register now for FREE unlimited access to Reuters.
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