Sanofi CFO says stock price pummelling grossly overdone
FRANKFURT, Aug 17 (Reuters) - Sanofi's (SASY.PA) 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. read more
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.