FRANKFURT (Reuters) – Sanofi’s 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.[L8N2ZT106]
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)