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Euroapi Shares Nosedive As It Takes Axe To 2023 Guidance Late In The Year

18-Month Old Firm Sees Customer Destocking For APIs, Biotech ‘Funding Crisis’

 
• By Dean Rudge

Investors voted with their feet after Sanofi’s spunoff standalone API manufacturing and CDMO business announced a radical downshift in expectations for 2023, while pausing longer term targets.

Vintage inscription made by old typewriter, warning
• Source: Shutterstock

Euroapi, Sanofi-spunoff standalone active pharmaceutical ingredient manufacturing business, has heavily rowed back its financial expectations for 2023 and hit pause on its longer-term targets, citing several external challenges as it announced plans to launch a fresh strategic review to adapt to the new environment it sees.

The French firm’s announcement spooked investors, sending Euroapi shares crashing by almost 60% from more than €12 ($12.64) per share to slightly less than €5

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