FRANKFURT (Reuters) – Sanofi said it would spend close to 700 million euros ($754 million) more on drugs development next year, specifying for the first time an increase in costs that roiled investors and triggered a sell-off in the stock in late October.
Speaking on a media call ahead of an R&D investor event in New York on Thursday, CEO Paul Hudson said that a “steady state” of longer-term development expenses was likely between 700 million and 1 billion euros above the 2023 level.
($1 = 0.9287 euros)
(Reporting by Ludwig Burger; Editing by Mark Potter)
