While the Q3 results were not much short of expectations, the markets were disappointed with the management’s 2024 guidance of lower earnings, which triggered a sell-off. However, going into details, the near-term earnings pain comes from the increasing focus on R&D which, along with the 2024-25 cost savings program, should bode well for Sanofi’s longer-term organic growth and margins. Overall, investors need to sit tight, since the value lost today should soon be recouped, as was the case after ....
