Sanofi Shares Post Healthy Gains After New CEO News
07 June 2019 - 9:44PM
Dow Jones News
By Anthony Shevlin
Shares in Sanofi SA (SAN.FR) rose Friday after the French drug
maker named Novartis AG's (NOVN.EB) pharmaceutical unit head Paul
Hudson as its new chief executive.
Sanofi said Mr. Hudson will replace outgoing chief executive
Olivier Brandicourt who has decided to retire. Mr. Hudson's
incorporation is effective September 1.
At GMT 1055, shares in Sanofi traded 5.1% higher at
EUR78.85.
"Key questions for the new CEO will be group structure--remain
diversified or explore options for the consumer division--and
capital allocation," said Citi analysts, who anticipated a positive
market reaction.
Analysts at Bryan Garnier expect Mr. Hudson to push the drug
maker to accelerate its transformation.
"We expect Paul Hudson to form with the new CFO a very dynamic
and productive tandem that will convince the investment community
about its strategy and present a new roadmap, hopefully by the end
of the year," the bank says.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
June 07, 2019 07:29 ET (11:29 GMT)
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