Sanofi considers job cuts in cost-cutting plan

June 26, 2020

Sanofi is considering cutting hundreds of jobs, as part of a restructuring plan aimed at cost-cutting, says Reuters sources.

Reuters, citing five sources familiar with the matter, said the cuts could affect all the divisions of Sanofi except the vaccines and rare diseases unit Genzyme. Around 1,000 jobs in France are at risk.

The cuts are part of a restructuring strategy — delayed by COVID but still proceeding, according to Reuters — announced by Sanofi CEO Paul Hudson in December of last year. Hudson unveiled a cost-efficiency initiative of $2.2 billion and strategic growth plan with an emphasis on certain key commercial products and pipeline candidates. 

Vaccines remain a top priority and will not be affected. Sanofi is currently working on two candidates to prevent COVID-19, one in partnership with GSK and another with U.S. Translate Bio.

Sanofi said the updated strategy matters would be discussed at two meetings convened for June 26-29.

Read the Reuters exclusive