Sanofi Stock Plummets as Earnings Miss and Profit Target Dropped
Sanofi's stock crashed by 19% after the company reported lower-than-expected third-quarter earnings and announced plans to spin off its consumer health division. The company's earnings per share fell 11.5% year over year and were 2% below expectations, while sales slipped 4.1% to 11.96 billion euros. Sanofi also issued disappointing guidance for 2024 and 2025, with a projected earnings slide in 2024 due to a higher tax rate. Despite this, the company reiterated its long-term sales targets for immunology drugs and vaccines.
