Make Kitco Your Homepage

Sanofi CFO says stock price pummelling grossly overdone

Kitco News

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.

Reporting by Ludwig Burger Editing by Paul Carrel
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.