Sanofi, Novo Slump as Diabetes Moves on From Insulin Tradition
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Sanofi offered a bleak assessment of its outlook for diabetes sales on Thursday while rival Novo Nordisk A/S sounded a more upbeat note. Both stocks took a beating.
Paris-based Sanofi, whose best-seller Lantus ranks as the world’s most prescribed insulin, saw shares drop as much as 5.5 percent after it cut its sales outlook, saying diabetes revenue will probably drop between 4 percent and 8 percent in the next three years. Novo of Denmark slid 4.9 percent despite boosting its forecast for sales growth this year and pointing to its new Tresiba insulin as one of the causes of Lantus’s future troubles.