Business Maverick: Sanofi, GSK Shares Routed as Investors Wake Up To Zantac Woes

Sanofi fell as much as 13% on Thursday in trading volumes nearly 10 times the average, taking its two-day decline to 20%, the steepest drop ever over that timeframe. GSK slid as much as 12% in London, while its recent spinoff Haleon slumped 13%. GSK shares were at one point showing their worst one-day retreat since February 1998, before paring losses.Zantac was a once-popular antacid that has drawn a flurry of US personal-injury lawsuits alleging it causes cancer.

Indeed, the damages from Zantac litigation could possibly reach $10.5 billion to $45 billion, according to analysts at Morgan Stanley, based on similar litigation settlements in the past. “There is considerable uncertainty at this stage surrounding the potential total financial impact of the Zantac litigation,” they wrote in a note to clients.

Pfizer Inc., which owns more than a quarter of Haleon, fell as much as 3.5% at the New York market open. Several Zantac-related lawsuits have been filed against Pfizer in various federal and state courts, according to a recent company filing. Highlighting an upcoming Illinois case on Aug. 22 and some key court trials in early 2023, Deutsche Bank analyst Emmanuel Papadakis warned on Thursday that the issues are likely to act as a short-term headwind for both GSK and Sanofi shares.

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