Drug Stocks Keep Falling on Earnings. It Could Be a Long Week.

Investors have been hating what drugmakers have to say about their financial results and their corporate strategies.

All of those drops were just bumps in the road compared with the rout in Sanofi shares on Friday. The company reported earnings, with financial guidance that was lower than expected, while announcing plans to separate from its consumer-health division. The company’s American depositary receipt dropped 19%, erasing more than $20 billion in market value.

“Pharma… again showcased its unreliability as a defensive” play, Asad Haider, head of U.S. healthcare research and sector strategist at Goldman Sachs, wrote in a Monday note.

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