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Brandicourt set to continue Sanofi restructure

Published on 28/09/15 at 10:03am
Sanofi reception
Olivier Brandicourt is restructuring the Sanofi business

Sanofi chief executive Olivier Brandicourt is considering sales or spin-offs of a number of the company’s divisions, as part of a wider five-year strategic plan, it is reported.

Brandicourt took the helm at Sanofi in February and just a few months later set about restructuring the global business to make ‘necessary changes’ – including creating three new business units that will come into effect in January 2016.

He is due to present his strategic vision for the company to investors in November. Ahead of the presentation, Bloomberg reports that sources are speculating that Brandicourt is considering a number of options, including selling Sanofi’s bio-surgery and renal units.

Brandicourt is also said to be considering options for Sanofi’s animal health unit, Merial. The options include either finding a partner for, or spinning-off, the company which has annual sales of about €2.1 billion a year, and currently operates as an independent business. “No final decision has been made and Sanofi may choose to keep the assets”, the sources told Bloomberg, while a spokesman for Sanofi declined to comment.

The bio-surgery business, which the company obtained through its 2011 purchase of Genzyme, has annual sales of about €200 million. It is reported that the company may also look at options for Oenobiol, the maker of nutritional, health and beauty supplements that it bought in 2009.

Sanofi had second quarter revenues of €9.38 billion in 2015, up 4.9%. It has had recent boosts from the FDA approval for Praluent, one of a new class of cholesterol-lowering drugs it developed with Regeneron, which is expected to achieve blockbuster sales. But with pressure on its diabetes franchise from new drugs and biosimilar competitors, the company is keen for Brandicourt to drive it forward and identify where cost savings can be made.

Lilian Anekwe

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