NEW YORK (TheStreet) -- Shares of Sanofi (SNY) are down 0.37% to $46.07 in pre-market trade after it was reported that the company's new CEO will continue its strategy of diversifying beyond new drug development, possibly through acquisitions, the French drugmaker's interim chief executive said, according to the German daily Handelsblatt, Reuters reports.
"We want to have businesses like consumer healthcare, veterinary medicine and vaccines that are less strongly driven by innovation but grow continuously and are more stable," Handelsblatt quoted Serge Weinberg as saying in an interview published today.
He said if there were opportunities, Sanofi would be "prepared and able" to make acquisitions in those areas, without being more specific. Weinberg said, though, that Sanofi was not interested in German peer Bayer's (BAYRY) diabetes device business.
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TheStreet Ratings team rates SANOFI as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SANOFI (SNY) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its expanding profit margins over time. We feel these strengths outweigh the fact that the company has had sub par growth in net income."