Sanofi, one of the largest pharmaceutical companies in the world, has taken a $186 million write-down on Zantac after recalling the drug back in October. Sanofi is part of a growing list of companies who’ve been hurt by the mass recall.
This past quarter, Sanofi’s consumer health sales dropped 12.8% in the US, 11.7% in Europe, and 5.2% worldwide. The company attributes the decline to Zantac but expects to recover by mid-to-late 2020.
Two years ago Sanofi bought Bioverativ for $11.6 billion, but the investment cost them $1.31 billion in a matter of months. The Bioverativ and Zantac losses have new CEO Paul Hudson focusing his attention on Dupixent, an eczema drug, as well as certain cancer medications.
The following companies have now recalled a version of Zantac:
- Golden State Medical Supply
- Novitium Pharma
- Northwind Pharmaceuticals (a.k.a. Denton Pharma)
- Sandoz (pharma division of Novartis)
- Appco Pharma
- Lannett Company
In addition, Walgreens and CVS no longer sell Zantac.