Sanofi shares rally after firm narrows focus on key drugs
Sanofi shares were up 5% in early trading, at 86.01 euros ($94.80) each
Shares in Sanofi rose on Monday after the French drugmaker said it was discontinuing research in diabetes and cardiovascular diseases and would focus on treatments such as its eczema medicine Dupixent to grow sales.
The company, which also announced cost savings targets and a goal to boost margins, is due to set out in detail its strategic plans under new chief executive Paul Hudson on Tuesday in Cambridge, Massachusetts.
Sanofi shares were up 5% in early trading, at 86.01 euros ($94.80) each.
"We are encouraged that Sanofi is prioritizing Dupixent," analysts at Credit Suisse said in a note. The treatment, recently approved in other therapeutic areas such as asthma, could reach over 10 billion euros in sales, Sanofi said.
