(AOF) – Chemours is expected to rise by more than 17% in pre-market trading on Wall Street. The American chemist saw its share price plunge on February 29 after the postponement of the presentation of results and the announcement of the placing on “administrative leave” of CEO Mark Newman, financial director Jonathan Lock and chief accountant Camela Wisel, accused of fraud. An internal audit established that they had manipulated certain payments and debt collections in the fourth quarter, in particular to achieve the free cash flow objectives on which their remuneration was indexed.
Chemours announces that this will not affect preliminary results for 2023.
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Oncology, priority of pharmaceutical giants
Sanofi’s stock market disappointment recorded at the end of October 2023 underlines the new direction for the group, which has now set oncology as its number 1 priority. Efforts in this segment, where therapies are advancing the fastest, notably involve investments in R&D which weigh on profitability. Sanofi therefore announced a drop in its earnings per share in 2024 and the abandonment of its objective of an operating margin of 32% in 2025. Merck has just unveiled a new alliance. It will pay up to $22 billion to the Japanese group Daiichi Sankyo as part of a partnership on experimental cancer treatments. While some experts estimate that the United States represents nearly half of global oncology spending (drugs and treatments), or $196 billion in 2022, Chinese spending in this area has more than doubled in five years, going from 5 to 11.8 billion dollars.