Sanofi(US:SNY) 第一财经·2026-02-13 09:18Core Viewpoint - Sanofi has appointed Belén Garijo as its new CEO, marking the first time a woman has held this position in the company's history. The market reacted negatively to this news, with Sanofi's stock price dropping by 4.5% on the announcement day [3][4]. Group 1: CEO Appointment and Market Reaction - Sanofi announced that Paul Hudson's term as CEO will not be extended, and Belén Garijo, currently the CEO of Merck, will take over on April 29, 2026 [3]. - The market expressed confusion over the appointment, as there were expectations for a more aggressive leader, contributing to the stock price decline [4]. Group 2: Background of Belén Garijo - Garijo has been the CEO of Merck since 2021 and has experience on the board of L'Oréal. Prior to her role at Merck, she worked at Sanofi for 15 years, focusing on integrating the rare disease drug division in the U.S. [4]. - During her tenure at Merck, Garijo faced challenges in new drug development, with only three new drugs reaching the market, raising concerns about her ability to enhance Sanofi's R&D capabilities [4][5]. Group 3: Challenges Facing Sanofi - Sanofi's stock has dropped over 25% in the past year due to stagnation in its drug development pipeline and the impact of U.S. anti-vaccine policies [5]. - The company is under pressure as its leading drug, Dupixent, which contributes over 30% to its revenue, will face patent expiration in about five years, and no significant replacement has been identified [5]. - Vaccine sales, which account for nearly one-fifth of Sanofi's revenue, are also declining due to a more hostile attitude from U.S. health authorities [5]. Group 4: Investor Sentiment - Some investors view Garijo's appointment as a transitional role, emphasizing her operational experience over scientific expertise, which may help maintain company operations under pressure [5].