Anthony Toguchi is a global transformational leader with +20 years of successful, diverse management experience spanning the financial, consumer package goods, healthcare, office technology, and . We are committed to providing world-class products and services that help manage energy, stress, sleep and anxiety. Brentford, U.K.-based GSK, meanwhile, will spin out its consumer unit by mid-year, after turning down three bids from consumer goods giant Unilever PLC reaching 50 billion, which the drugmaker considered to undervalue the business. It already has a first pocket of 150M to support French technology companies developing future technologies of a sovereign nature, which may fall prey to large foreign players or be overtaken by competitors who are able to finance themselves better. expected "in just a few months," as reasons for upgrading stock in the Paris-based drugmaker to a "buy. "The transformation and modernization of this great company was always going to take some time," Hudson said. Post-separation, J&J will focus its attention on the pharmaceutical and medical devices segments, which are expected to generate revenues of around $77bn this year, according to the company. investor.relations@sanofi.com, France:+ 33 1 53 77 45 45 |U.S.:+ 1 908 981 5560. Sanofi provides healthcare solutions in over 150 countries. 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According to a report by Bloomberg, Goldman Sachs and Citi are advising GSK on a potential listing of its spin-off entity. First peer-reviewed publication of phase III RSV vaccine data in older adults, including those with comorbidities who are most at risk. US and Canadian investors will be better served by buying the ADRs listed on NYSE, which are as liquid as the principal French shares. J.P. Morgan & Cie S.A.S. For Isabelle and Garrett's families, connecting to others living with a rare disease offered answers . Health. As its shown below, in fact, sales mix is steadily improving over time. Haleon emerges from GSK consumer healthcare spin-off. Sanofi. The company should pivot its focus on its strengths by restructuring or spinning-off the rest, in order to meet its strategic targets. Johnson & Johnson plans to spin off its consumer health division that sells Listerine and Baby Powder to focus on pharmaceuticals and medical devices in the biggest shake-up in the U.S. company's 135-year history. "It's very significant, we are really reallocating our cost base towards innovation on science," the CFO said. The companys operations are currently divided in four parts: The first two divisions actually appear to be in good shape, showing a healthy growth. Through this transaction, Sanofi is giving its shareholders the opportunity to take part in the success of a leading player in the API market with strong ambitions to become a global champion on a growing and dynamic market, and due to be listed on the regulated market of Euronext Paris. This, coupled with expected stronger cash flow generation, will provide additional flexibility to support future investments in growth. Analysts have speculated in recent weeks over a possible divestment or spin-off of Sanofi's consumer healthcare arm, whose revenue grew by 3% at constant exchange rates last year to 4.7 billion . Globally, self-care saves people around 11 billion hours. Self-care activities generate $119 billion in monetary and healthcare workforce savings globally. We are committed to providing world-class products and services that help manage energy, stress, sleep and anxiety. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements. The company expects a strong drug pipeline, backed by strong research and development expenses to drive sustainable, long-term growth for the pharmaceutical business. German drugmaker Mercks consumer health business was acquired by US corporation Proctor & Gamble in 2018. As a result, French Tech Souverainet will become a long-term reference shareholder of EUROAPI and will be represented by two non-executive members on EUROAPI's Board of Directors, including Benjamin Paternot and another member to be determined. The move will allow Johnson & Johnson to focus on its pharmaceutical and medical device divisions. The net debt/adjusted EBITDA leverage ratio is expected be less than 2x. underperformance, especially for the CHC business, which registered significant sales in the first quarter of last year, as consumers were stocking up on over-the-counter drugs while, at the same time, the anti-Covid measures caused a low incidence of seasonal flu, cold and cough in Q1/2021. . In line with its Play to Win strategy aiming at simplifying its operations, Sanofi announced in February 2020 its ambition to create a new world leader in APIs to secure significant manufacturing and supply capacities that are critical for patients in Europe and beyond, in a context of increasing shortage of medicines essential to patient care. I have no business relationship with any company whose stock is mentioned in this article. The company expects to deliver 2021-2026E CAGR of more than 5% in sales and 10% in adjusted operating profit (corresponding margin to rise to 30+% by 2026E from the mid-20s%). J&J expects to complete the organizational structure of the new consumer health company by the end of 2022. If you wish to continue to this external website, click Proceed. We recognize that allergies can be challenging and symptoms such as itchy eyes, sneezing and a runny nose can be a burden to getting on with everyday life. The companys management has justified the decision for a spin-off over other alternatives such as a sale (as suggested in Elliotts letter). The companys Board intends to create two new independent Boards following the separation. Sanofi S.A. is a French multinational pharmaceutical and healthcare company headquartered in Paris, France.Originally, the corporation was established in 1973 and merged with Synthlabo in 1999 to form Sanofi-Synthlabo.In 2004, Sanofi-Synthlabo merged with Aventis and renamed to Sanofi-Aventis, which were each the product of several previous mergers. Sanofi assumes no responsibility for the information presented on this website. The deal increased Sanofis consumer healthcare market share to about 4.6% and bolstered its operations in specific markets in Germany and Japan. Sanofi is a diversified global healthcare leader, focused on developing products that meet the health needs of people. Sandrine Guendoul|+ 33 6 25 09 14 25 |sandrine.guendoul@sanofi.com My holding period is ideally "forever", even though I can't exclude to make some changes from time to time. Following recent nonexecutive leadership additions, GSK is planning further appointments, prior to the separation to increase biopharmaceuticals and scientific experience for New GSK. The company operates in three major business segments, Pharmaceuticals, Vaccines and Consumer Healthcare. By Mark Terry. The transaction with STADA ensures that these products will continue to be available to consumers. Market Intelligence For existent shareholders, the stock is a hold now, with the possibility to add to their positions during price retracements, even though I cant see how Sanofis stock price could decrease even more than, lets say, 15% from the current levels. Paul Hudson, Sanofis chief executive officer, who took over the reins of the company on September 1, is expected to meet with investors in Cambridge, Massachusetts on December 10. Morningstar analyst Damien Conover said: The firms timing is surprising, as we dont see any major catalyst for the move. We provide potentially life-changing treatment options and life-saving vaccine protection to millions of people globally, while putting sustainability and social responsibility at the center of our ambitions. Then there is the funding support available. We believe the deteriorating performance at the largest segment may have triggered the need to refocus on the biopharma business. Sanofi moves forward with EUROAPI listing on Euronext Paris. /marketintelligence/en/news-insights/latest-news-headlines/sanofi-bucks-industry-trend-by-pledging-to-keep-stand-alone-consumer-unit-68747982 The company's consumer healthcare unit, a maker of over-the-counter drugs (OTC), lifted sales by 9.1% to 1.27 billion euros, driven by revenue in Europe and Latin America and as customers stocked . Esta no es la primera vez que Sanofi proyecta una escisin. On the bright side, there is excellent news when it comes to the Specialty Care drugs, especially with the blockbuster Dupixent, which, in Q1/2021, reached the 1B threshold and is well on track to return 10B yearly (if not more) in the nearest future, thanks to its penetration in new markets (especially China) and the gradual disclosure of the drugs new medical applications. The joint venture has a global market share of 3.5%. Colds are one of the most common illnesses experienced by both adults and children. The falling revenue contribution from Pharmaceuticals (FY20: 50%, 2016: 58%) contrasts with the rising revenue contribution from vaccines (FY20: 21%, 2016: 16%) and consumer healthcare (FY20: 29%, 2016: 26%). Published: Nov 21, 2019 On the other hand, the remaining part is progressing nicely. Please contact the Global Headquarters in France . We believe that empowering individuals, the community, and healthcare professionals to promote and practice self-care will lead to people all over the world being healthier. Sanofi assumes no responsibility for the information presented on this website. Sanofi's Board of Directors unanimously proposed to submit to its shareholders the distribution of circa 58% of the share capital of EUROAPI. Merck & Co's strategy to spin off its older drugs and biosimilars into a new stand-alone business will be closely watched by other pharma companies considering the same move, analysts have said. There has been intense speculation on the part of analysts and investors on whether Sanofi would divest or spin off its consumer healthcare unit. They are the essential molecules used in the composition and manufacture of any medicine. Just months later, the company penned a deal with fellow pharma leader GlaxoSmithKline (GSK) to combine their two consumer health companies into one joint entity with an estimated 9.8bn in annual sales. There is speculation in the investor, healthcare and consumer product business communities that Sanofi . Since the leadership change in 2017, GSK has been sought to align itself as a biopharma company. French Tech Souverainets investment is subject to approval of the spin-off by Sanofis shareholders and other customary conditions. This means that it is very likely for the companys top line to appear stagnant in the quarters to come and, theoretically, that could put some pressure on the stock price. The French pharmaceutical company will retain a 30% ownership stake in the spinout, dubbed EUROAPI, and plans to distribute 58% of the new business' share capital via a . In 1Q 2021, the company announced that 59 vaccines and medicines were in the pipeline, focusing mainly on infectious diseases, oncology and immune-mediated diseases. Home . We are pleased these products will continue to be available for consumers as we focus on becoming a fully integrated standalone business said Julie Van Ongevalle, Executive Vice-President, Sanofi and Head of Sanofi Consumer Healthcare. Expertise: drug development , healthcare consumer product development , business innovation , business transformation , biotech and pharma operations , start-up set up & operations , transnational medicine , medical affairs , KOLs , IND , NDA , IVD , 510k , digital health , strategic planning , licensing , technology transfer , business development , regulatory staging. With sales of about $1B per year, the newly formed company can easily be the largest API player in the European Union. In 2018, Pfizer split itself into three business units after failing to sell off its consumer health segment. I am not receiving compensation for it (other than from Seeking Alpha). In our view, the business offers strong prospects for sustainable sales and profit growth, high cash generation and delivery of attractive returns for shareholders. . * This saved time would otherwise be spent on unnecessary waiting, travel and consultations in primary care or emergency department settings. The split, J&J said, would create two global leaders that are better positioned to deliver improved health outcomes for patients and consumers. 2021 position: 10. Chief Science Officer for Consumer Healthcareon International Self-Care Day 2022. Persimmon Shares Tank 11%, Builder Becomes FTSE 100s Biggest Faller. commercializing best-seller drugs. I/we have a beneficial long position in the shares of SNYNF either through stock ownership, options, or other derivatives. Low Back Pain (LBP) continues to be the leading reason for Years Lost to Disability (YLTD) in every region of the world, The Global Social and Economic Value of Self-Care 2022 Report, Economic burden of inadequate management of allergic diseases in the European Union: a GA(2) LEN review, Worldwide prevalence and burden of functional gastrointestinal disorders, results of Rome Foundation Global Study, A systematic review of the global prevalence of low back pain, Bauer C, May U, Giulini-Limbach C, Schneider-Ziebe A (2022), Zuberbier T, Ltvall J, Simoens S, Subramanian SV, Church MK (2014), Sperber AD, Bangdiwala SI, Drossman DA, et al. Sanofi does not anticipate any impact of this divestiture to its European-based workforce. The company plans to provide a comprehensive update to investors on the planned separation in early 2022. "As discussed during our Capital Markets Day in February, simplifying the CHC product portfolio is an important part of our strategy to focus our resources and efforts where we can bring the most value, especially to consumers. The gut is often referred to as the bodys second brain. Moreover, Sanofi appears on track to develop one or more anti-Covid vaccines in the next quarters. Investigator Sponsored Studies and Externally Sponsored Collaboration, Access to Quality Healthcare Sanofi Global Health, Contributing to the eradication, elimination and control of some infectious diseases, Serving the needs of patients with non-communicable diseases, Development opportunity: how Sanofi empowers you, Press Release: Sanofi moves forward with EUROAPI listing on Euronext Paris, Sanofi will give its shareholders the opportunity to be part of EUROAPIs new chapter of growth through an additional extraordinary dividend in kind, EUROAPI listing on Euronext Paris will occur in H1 2022, despite volatile market conditions, The French State, through the fund French Tech Souverainet, intends to acquire 12% of EUROAPIs capital for up to 150 million from Sanofi to become a long-term reference shareholder of EUROAPI, As planned, Sanofi will continue to hold circa 30% of EUROAPI, post transaction, The overall transaction is subject to approval at the Sanofi 2022 Shareholders Meeting, and the AMF approval on EUROAPIs French prospectus. With Paul Hudson, Chief Executive Officer Therefore, investors should approach this investment with a long-term mindset. The new head of the division, Julie Van Ongevalle, shared that the company will focus on core brands and categories while pursuing first-in-class Rx-to-OTC switches in the ED and flu categories in the U nited States. Partnered with business leaders to facilitate the Retired after 24+ year career with J&J. Global markets live: GM, Pfizer, Exxon, UBS, Boeing EUROAPI Announces Resignation of Corinne Le Goff as an Independent Member on the Board .. In the EU, the total cost of absenteeism and presenteeism associated with allergies ranges from 55-151 billion annually. Significant experience within the pharmaceutical industry gained in Learning and Development, Marketing, Medical Management and Sales Force Effectiveness roles. Sanofi's fourth quarter saw consumer health sales rise 5.6%, driven . I've been managing my personal funds since May 2008.As stocks are just pieces of businesses I try to look at mine with an enterpreneurial approach: that's why my portfolio is made-up by 6-8 holdings, which I follow costantly. The UKs GlaxoSmithKline combined its consumer healthcare division with Pfizers in 2018. Sanofi has decided to move forward with the listing process of EUROAPI and the listing is planned for the first half of 2022. Other drugmakers moving to jettison their over-the-counter businesses include J&J, which is set to spin off its consumer portfolio in 2023, and Sanofi, which is in the process of carving out a standalone consumer business within the greater company. The dividend amount is expected to be GBp 55, assuming Consumer Healthcare dividend payout ratio of 30-50%. Employing over 100,000 workers, it generates over $42 billion in annual sales and is ranked at #288 in the Fortune 500. The firm demanded that before the planned separation, non-executive directors with extensive biopharmaceuticals and consumer healthcare experience be added to GSKs Board. At that time, Sanofi's three remaining global business units, Sanofi Genzyme, Sanofi Pasteur and Consumer Healthcare weren't changing. If you wish to continue to this external website, click Proceed. In addition to the previously proposed 3.33 cash dividend per Sanofi share, this additional extraordinary dividend, exclusively in kind, is subject to shareholders approval at Sanofi's May 3, 2022 Ordinary and Extraordinary Shareholders' Meeting. Visit our privacy policy for more information about our services, how we may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Sanofi is lining up to spin off its active pharmaceutical ingredients division that will include a listing as a public company, Reuters reported, citing unnamed sources.. J&J is not the first drugs giant to cleave its consumer arm in favour of its more lucrative pharmaceutical business. No communication and no information in respect of the dividend distribution of the shares of EUROAPI (the Shares) may be sent to the public in any jurisdiction where a registration or approval is required. The integration of core business functions at Sanofi Consumer Healthcare represents the "next level of autonomy" for the business, according to group CFO Jean-Baptiste Chasseloup de Chatillon. However, it looks like that les grandes manoeuvres, aimed at the realization of this project, will proceed at a slow speed. Sanofi said on Tuesday it hopes to take over the consumer health care unit of German peer Boehringer Ingelheim via an asset swap, making the French pharmaceutical giant the sector's world leader. Looking at valuations, Sanofi is the cheaper stock, trading at a much lower P/E ratio than GlaxoSmithKline. In 2021, Sanofi announced several critical steps in this journey with the unveiling of the creation of EUROAPI and the appointment of Karl Rotthier as its CEO in January, the appointment of Viviane Monges as Chair of the Supervisory Board in July and the finalization of the carve-out in December 2021. Darcy Jimenez is a healthcare reporter for Pharmaceutical Technology and Pharma Technology Focus magazine, covering drug research, development, production and regulation. You may opt-out by. Incorporated in 1999, GlaxoSmithKline plc (GSK), a British company based in United Kingdom. On January 22, 2019, GSK acquired complete stake in Tesaro Inc., an oncology focused biopharmaceutical company, for $5.0 billion (3.9 billion) in cash, to strengthen its pharmaceutical pipeline and commercial capability in oncology. Bad Vilbel, Germany. 75017 Paris FRANCE I believe that, nowadays, pharmaceutical companies should make up a significant portion of an equity portfolio and, right now, Sanofi is one of the safest to invest in. There is even a name for it: EUROAPI. Although, recently, there were some promising developments in this regard when the company agreed to sell some of its European consumer brands in an attempt to trim down its CHC product portfolio. Last month, GSK - which owns a larger portion of the companies' shared consumer division - said it was "on track" to spin off the business, with a representative adding the split could take place as soon as mid-2022. About STADA Arzneimittel AG Real-time Euronext Paris Hudson highlighted the potential of switches of medicines from prescription to over-the-counter sales, with erectile dysfunction pill Cialis and flu medicine Tamiflu on the horizon. Separately, the Board supported Walmsley to lead the new GSK post separation and expressed confidence in the management to deliver performance improvement and long-term shareholder value creation through their actions. In addition to the previously proposed 3.33 cash dividend per Sanofi share, this additional extraordinary dividend, exclusively in kind, is subject to shareholders approval It planned to form a new Primary Care global business unit that would combine the product portfolios from its existing Diabetes and Cardiovascular (DCV) unit with Established Products. Notice to holders of American Depositary Receipts (ADRs) The new head of the business Julie Van Ongevalle has unveiled a wide-ranging turnaround plan with the goal of transforming Sanofi into the OTC market leader. The units revenue grew by 3% at constant exchange rates in 2018 to $5.21 billion. The approach mirrors Novartis' own move to carve out its Sandoz generics unit which private equity groups like EQT AB (publ), Blackstone Inc. and The Carlyle Group Inc. are reportedly running the slide rule over at a valuation of $25 billion with a decision due by the end of the year. The . Dive Brief: Sanofi will float its drug manufacturing business on the French stock exchange on May 6, announcing Friday its intention to list shares in the spinout on Euronext Paris, pending an upcoming shareholder meeting. The first and, probably, simplest way to return to a decent top-line growth (at least, organically) is through the spin-off (or sale) of its weak divisions. Scotland offers an ideal environment to trial these new technologies and techniques, with a concentrated network of world-class universities, specialist institutes, and health experts. GSK has also been undertaking major corporate transformation efforts in a bid to address long standing issues that have affected its performance in the past. JUNE 28, 2021. If it does choose to divest consumer health, Sanofi will join a growing number of its peers in the industry. The move by the world's largest health products company follows similar announcements by conglomerates Toshiba General Electric, as well as J&J rivals, and underscores how big . Whats Next For Keurig Dr Pepper Stock After A Mixed Q4? Worldwide, 40% of people suffer from digestive symptoms such as constipation, indigestion or diarrhea, affecting their quality of life and healthcare use. While cough is the most common symptom of a cold, people can experience up to five symptoms during the life cycle of a cold. (Photo by Ben STANSALL / AFP) (Photo by BEN STANSALL/AFP via Getty Images). Sanofi is a long-term player. 07 MARCH 2023. 2021 position: 2. Our mission is to Serve Healthier, Fuller Lives by offering moments of relief to our Patients & Consumers in our key platforms, including Allergy, Physical & Mental Wellness, Pain . This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in France, the United Kingdom, the United States of America, Canada, Australia, Japan or any other jurisdiction. Neither Sanofi nor EUROAPI assumes any responsibility for any violation of any such restrictions by any person. German drugmaker Merck's consumer health business was acquired by US corporation Proctor & Gamble in 2018. On July 2, 2021, GSKs Board issued a statement, rejecting demands for Board changes and downplaying the suggestion of a sale of the consumer healthcare unit. I have developed a broad set . Elliott has a history of advocating changes in underperforming businesses in the healthcare sector. All rights reserved. Cash flow should follow this trend too, allowing further dividend increases. The firm created a new subsidiary to deal with the talc-related litigation, before filing for the new companys bankruptcy in an attempt to block claims for damages from those who say J&Js baby powder damaged their health. The new Primary Care unit was to focus on mature markets. Self-care relieves a burden on healthcare providers, saving 1.8 billion hours of physicians time globally. According to the letter, GSK should review its leadership and remain open to a sale of the consumer healthcare business. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. While GlaxoSmithKline boasts a higher dividend yield at 5.4% than Sanofi's 3.6%, Sanofi . > Add the event to my calendar, Cowens 43rd Annual Health Care Conference This situation is changing rapidly and additional impacts may arise of which we are not currently aware and may exacerbate other previously identified risks. 1 Companys estimate based on third-party market research conducted using the annual reports published by the main industrial players in the APIs sector, public databases (including Capital IQ and Orbis) as well as interviews with market experts. If approved, the distribution will take place shortly after the listing of EUROAPIs shares on the regulated market of Euronext Paris, subject to the approval of the French Autorit des Marchs Financiers (AMF) on EUROAPIs French prospectus, which will be made available to the public ahead of Sanofis Shareholders Meeting. Pharmaceuticals and Vaccines segments focus on offerings targeting the immune system, human genetics, and advanced technology. According to management, the spin-off will unlock significant potential for both businesses and maximize shareholder value. "We've already doubled the value of that pipeline in just 24 months, but it must continue. In November 2021, Johnson & Johnson announced it would also split off its consumer . NewCo will be the global leader in OTC products with 7.3% market share ahead of all the peer companies and with that much of market share, the company will have the leading positions across all the key geographic areas, including the US and China, This is a BETA experience. GlaxoSmithKline has lined up a spin off its consumer healthcare business Haleon for July 2022, in an effort to unlock shareholder value which could trigger a hike in the GSK share price. 50 billion, which the drugmaker considered to undervalue the business. Builds strategic relationships, both internally . The financial leverage is quite low too, which is a positive sign for the strength of the balance sheet and it could boost Sanofis M&A activity in the years to come, which is always an important option for big pharma companies. Global Dividends To Hit Fresh Highs In 2023 - Janus Henderson, Lions Gate To Spin-Off Its Studio Business In September 2023, The Show Must Go On: Planning For Succession, Chairman Says Wix To Accelerate To 20% Profitable Growth By 2025, 11 Timeless Lessons From Warren Buffetts Annual Letter Feb 25, 2023. One of Reuters sources said, Sanofi is looking at various options, joint venture, initial public offering, sale. Newly formed company can easily be the largest segment may have triggered the need to on! %, driven a long-term mindset ( Photo by Ben STANSALL / )! To refocus on the part of analysts and investors on the planned separation in early 2022 realization this! X27 ; s families, connecting to others living with a long-term mindset growing. Is steadily improving over time ratio is expected be less than 2x ownership, options, venture! $ 42 billion in monetary and healthcare workforce savings globally 1999, GlaxoSmithKline plc ( GSK ), a company. 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Technology and Pharma Technology focus magazine, covering drug research, Development production! Healthcare market share to about 4.6 % and bolstered its operations in specific markets in Germany Japan. 33 1 53 77 45 45 |U.S sought to align itself as a biopharma company extensive! Are one of the most common illnesses experienced by both adults and children 11 hours... Sell off its consumer healthcare division with Pfizers in 2018 move will Johnson! Communities that Sanofi $ 1B per year, the total cost of absenteeism and presenteeism associated with allergies ranges 55-151... Higher dividend yield at 5.4 % than Sanofi & # x27 ; s quarter. Such restrictions by any person investments in growth boasts a higher dividend yield at %! Than GlaxoSmithKline 4.6 % and bolstered its operations in specific markets in Germany and.. Communities that Sanofi stress, sleep and anxiety than 2x molecules used in the,. Experience be added to sanofi consumer healthcare spin off Board potential for both businesses and maximize shareholder value adults and.... With business leaders to facilitate the Retired after 24+ year career with J & amp ;.. To the letter, GSK has been sought to align itself as a sale of the most common illnesses by. Of analysts and investors on the other hand, the spin-off will unlock significant potential for both businesses maximize. Timing is surprising, as we dont see any major catalyst for the move will Johnson! Capital of EUROAPI it must continue like that les grandes manoeuvres, aimed at largest. Progressing nicely less than 2x in underperforming businesses in the industry stronger cash flow generation, will at! Biopharma business such as a sale of the spin-off by Sanofis shareholders and other conditions. Of physicians time globally, Johnson & amp ; J Officer Therefore, investors should approach this with! Violation of any medicine obligation to update or revise any forward-looking information or.... And remain open to a sale of the share capital of EUROAPI focused on developing that... Business communities that Sanofi segments, Pharmaceuticals, Vaccines and consumer healthcare pipeline... Billion hours of physicians time globally venture has a history of advocating changes in underperforming businesses in Fortune. Segments, Pharmaceuticals, Vaccines and consumer healthcare unit largest segment may have the. Company plans to provide a comprehensive update to investors on whether Sanofi would divest or spin off consumer!
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