Sanofi Shares Plunge 3.26% at Close Following Two Setbacks with Tolebrutinib
Sanofi's stock closed on Monday, December 15, at 80.60 euros, down 3.26% from the previous day's 83.32 euros. The French pharmaceutical company thus recorded the sharpest decline in the CAC 40 for the session, amid two unfavorable announcements regarding its experimental drug tolebrutinib intended for the treatment of multiple sclerosis. The company announced that the phase 3 Perseus study did not meet its primary endpoint in primary progressive multiple sclerosis and that the U.S. regulatory review process for tolebrutinib for non-recurring secondary progressive multiple sclerosis will extend beyond the target action date of December 28, 2025, with further FDA guidance expected by the end of the first quarter of 2026. Capital turnover remained contained at 0.31% of the capital traded on the day. Over a longer horizon, the stock has fallen 5.18% over seven days and shows a negative performance of 9.61% over one year, against a rise of nearly 10% for the Paris index over the same period.
Technically speaking, the relative strength index stands at 33, a level indicating an oversold zone and reflecting sustained selling pressure without signaling a marked excess. The stock is now significantly below its three key moving averages: 85.48 euros for the 20-day average, 86.15 euros for the 50-day average, and 87.87 euros for the 200-day average. This gap of more than 7 euros between the current price and the long-term average illustrates the stock's difficulty in regaining a favorable underlying trend. The Bollinger Bands frame the price between 82.20 and 88.77 euros, placing the current quotation in the lower part of the channel, confirming the weakness of the momentum. The technical support identified at 82.68 euros was breached during the session, paving the way for a potential test of the September lows around 77.50 euros. Monthly volatility stands at 4.42%, reflecting contained nervousness despite the day's announcements.
The phase 3 Perseus trial, which evaluated tolebrutinib for primary progressive multiple sclerosis, did not meet its primary endpoint, prompting Sanofi not to pursue regulatory registration for this indication. Furthermore, the target review date by the FDA for non-recurring secondary progressive multiple sclerosis, already postponed from September 28 to December 28, 2025 due to requests for additional analyses, has been further delayed beyond this deadline. In response to an FDA request, Sanofi submitted an expanded access protocol for tolebrutinib in this indication, highlighting the company's commitment to providing eligible patients access to this experimental treatment. While analysts at Jefferies believe that the commercial opportunity remains focused on the secondary progressive form, JP Morgan remains cautious about the potential approval of the product. These setbacks are part of a series of clinical disappointments for the group in 2025, while consensus at the beginning of the year was betting on more favorable trial results. The stock now displays an average price target of 100 euros at HSBC and 95 euros at JP Morgan, which recently downgraded its recommendation from overweight to neutral on December 8.
