Sanofi shares fall 19% after cut to profit outlook
Shares in Sanofi fell 19 per cent on Friday after the French pharmaceutical group announced a lower profit outlook and a spinout of its consumer care unit as it seeks to focus on drug research.
Sanofi reaffirmed its earnings per share guidance this year but projected a decline in the low-single digits in 2024 partly due to increased R&D investment. The group abandoned a target of 32 per cent operating margin in 2025 in order to focus on “long-term profitability.”
“We understand there is short-term disappointment and that the market wants certainty, but that would mean not maximising the company’s value,” chief executive Paul Hudson told analysts on Friday.
Shares in the Paris-based company were briefly suspended after the market opening, declining to €81.44 a share and a market value of €103bn, putting pressure on Hudson.

