Sanofi Forms Standalone Consumer Healthcare Unit: Prelude To Spin-Off?
Sanofi Consumer Healthcare is to operate as a standalone unit in a move which is being viewed as a prelude to a potential spin-off. High profile prescription-to-OTC switches are a priority for the revamped business.
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Sanofi will look to offload around 150 OTC brands as part of a radical overhaul of its Consumer Healthcare operation. The new head of the business Julie Van Ongevalle has unveiled a wide-ranging turnaround plan with the goal of transforming Sanofi into the OTC market leader.
Sanofi says slower sales after consumers stockpiled cold and cough products in Q1 combined with OTC Zantac removal US and Canada drove 8% drop in consumer health care sales in Q2 to $1.18bn. Xyzal allergy brand had stellar results in the US and worldwide sales grew 76.9%.
President of Estée Lauder's Origins business Julie Van Ongevalle will take the reins of Sanofi's global Consumer Healthcare business from September. The French firm is banking on Van Ongevalle's digital and brand-building experience to take the business to the next level.