SNY - Sanofi's Cost-Cutting Could Mean Big Job Losses
Reuters is reporting biopharma giant Sanofi (NASDAQ: SNY) will discuss job cuts with staff representatives tomorrow and Monday that could reduce its headcount by up to 1,000 people. The possible reorganization is part of plans announced in December to eliminate $2.24 billion in spending by 2022.
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One largest biopharma companies in the world by sales, Sanofi's come under pressure following the launch of generic alternatives to its blockbuster diabetes drug, Lantus, a long-lasting insulin. In the first quarter, Lantus sales declined 6.6% year over year, weighing down Sanofi's total revenue growth in the period.