Brandicourt's 'Big Reveal' Falls Flat For Sanofi
This article was originally published in Scrip
Seven months into the job and the shine is wearing off Sanofi's new CEO Olivier Brandicourt. His first 'Meet the Management' investor day on Nov. 6 left analysts underwhelmed and shares slipping.
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During third-quarter earnings report, Brandicourt said he remains confident about Sanofi's prospects in oncology despite losing the takeover fight for Medivation, although he didn't rule out another mid-sized bolt-on attempt if the opportunity arose.
Sanofi clearly would benefit from its proposed $9.3bn purchase of Medivation Inc. based on the French company's first quarter earnings, which show a pharmaceuticals business that's suffering from competition, US drug pricing pressures and foreign currency exchange issues.
Following weeks of speculation, Sanofi has gone public with its hostile offer for Medivation. Analysts are all in agreement that the deal would make "strategic sense" for Sanofi, but it's likely other suitors will throw their hats into the ring.