Sanofi, which has been one of the best-performing drug stocks over the past year, is getting hit today because the company said that earnings in 2013 will be somewhere between flat and down 5%. That's a big deal because Sanofi had previously said that 2013 would be a "trough year," the low point before it returns to growth after facing patent expirations for Plavix, once one of the biggest selling medicines in the world, and other drugs. The company reiterated its guidance out to 2015, despite pointed questions from analysts, but the stock is still trading down almost 6% on the New York Stock Exchange.
Sanofi, which has been one of the best-performing drug stocks over the past year, is getting hit today because the company said that earnings in 2013 will be somewhere between flat and down 5%. That's a big deal because Sanofi had previously said that 2013 would be a "trough year," the low point before it returns to growth after facing patent expirations for Plavix, once one of the biggest selling medicines in the world, and other drugs. The company reiterated its guidance out to 2015, despite pointed questions from analysts, but the stock is still trading down almost 6% on the New York Stock Exchange.