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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  GlaxoSmithKline plc    GSK   GB0009252882

GLAXOSMITHKLINE PLC

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French drugmaker Sanofi to cut up to 1,680 jobs in Europe

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06/26/2020 | 12:37pm EDT
FILE PHOTO: Sanofi logo is seen in Paris

By Matthias Blamont

French drugmaker Sanofi, which employs more than 100,000 people worldwide, confirmed on Friday it will axe up to 1,680 jobs in Europe to cut costs and lift profits.

The lay-offs are part of a broader strategy outlined in December by Sanofi CEO Paul Hudson, which includes a cost savings target of 2 billion euros ($2.2 billion) by 2022.

A Sanofi spokeswoman said the cuts, mainly affecting blue-collar workers, would be carried out over three years.

Reuters reported on Thursday that Sanofi was considering hundreds of job cuts and would hold talks with staff representatives on Friday and on June 29.

A source said some 1,000 jobs would go in France, where it has about 25,000 staff.

None of Sanofi's plants will close, a source familiar with its thinking said, but activity at some research centres will cease after it decided last year to end diabetes and cardiovascular research, two areas where it has lost ground.

An internal document seen by Reuters said Sanofi will focus on greater efficiency through digitalisation and IT outsourcing.

A French Finance Ministry source told Reuters that the government will ensure that there are no sites closed and there are no forced lay-offs.

Sanofi has been bulking up in areas where it believes it can secure leading positions, including cancer drugs and last year said it would buy U.S. biotechnology firm Synthorx for about $2.5 billion.

Vaccines are also a priority for Sanofi which is working on two candidates to prevent COVID-19, one with GlaxoSmithKline and another with U.S. Translate Bio.

Sanofi said last week it would invest 610 million euros at two French sites to turn them into a hub dedicated to research, development and production of vaccines. Some 200 new jobs are expected to be created at one of the locations.

"Today's news is hard to digest," Thierry Bodin, an official with the CGT union said.

(Reporting by Matthias Blamont; Additional reporting by Gwenaelle Barzic; Writing by Josephine Mason and Matthieu Protard; Editing by Jan Harvey, Mark Potter and Alexander Smith)

Stocks mentioned in the article
ChangeLast1st jan.
GLAXOSMITHKLINE PLC -0.34% 1642.6 Delayed Quote.-7.23%
SANOFI SA -0.13% 93.4 Real-time Quote.4.52%
TRANSLATE BIO, INC. -2.26% 18.4 Delayed Quote.133.29%
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Financials
Sales 2020 35 274 M 44 277 M 44 277 M
Net income 2020 4 436 M 5 568 M 5 568 M
Net Debt 2020 23 087 M 28 980 M 28 980 M
P/E ratio 2020 16,3x
Yield 2020 4,85%
Capitalization 82 137 M 104 B 103 B
EV / Sales 2019
EV / Sales 2020 2,98x
Nbr of Employees 99 437
Free-Float 91,2%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 1 890,78 GBX
Last Close Price 1 650,40 GBX
Spread / Highest target 39,4%
Spread / Average Target 14,6%
Spread / Lowest Target -6,87%
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NameTitle
Emma N. Walmsley Chief Executive Officer & Executive Director
Jonathan Richard Symonds Non-Executive Chairman
Iain James Mackay Chief Financial Officer & Executive Director
Karenann K. Terrell Chief Digital & Technology Officer
Hal V. Barron Executive Director & Chief Scientific Officer
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