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(AOF) – “Eurofins’ public comments to date have not convinced us that the company’s financial statements are free of material misstatements, and Muddy Waters therefore remains short its shares.” This is what Carson C. Block CIO (chief investment officer) of Muddy Waters states in an “open letter” addressed to Dr. Martin, the group’s founding CEO. “The announced treasury audit does not impress us, as we have seen many companies successfully manipulate similar processes, with serious problems having been ignored.”
Carson Block is releasing a series of “proposals for meaningful transparency.” These include the company “allowing former employees to speak openly with investors” without taking legal action against them.
It would also involve filing the late consolidated financial statements of Analytical Bioventures SCA, as this holding company of Dr. Martin is late in publishing its consolidated accounts for 2021, 2022 and 2023, according to the Luxembourg Companies Register.
Details of all business acquisitions from and including 2015 should also be disclosed. Eurofins should disclose each business it has acquired, whether entities or assets, together with the amounts and types of consideration, the allocation of the purchase price and the summary financial statements for the two years preceding and following the acquisitions.
Muddy Waters would also like to see Eurofins explain its reasoning for “each entity liquidated, sold or transferred since 2015” and disclose revenue, EBITDA, compensation expenses and number of employees by type of test in each geography since 2015.
Eurofins is finally being asked to disclose details of real estate sites acquired since 2020, including prices paid, square metres, names of holding companies and renovation/expansion expenditure.
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Oncology, a priority for 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 that weigh on profitability. Sanofi has therefore announced a drop in its earnings per share in 2024 and the abandonment of its target of an operating margin of 32% in 2025. Merck has just unveiled a new alliance. It will pay up to 22 billion dollars to the Japanese group Daiichi Sankyo as part of a partnership on experimental cancer treatments. While some experts estimate that the United States will account for nearly half of global spending on oncology (drugs and treatments), or $196 billion in 2022, Chinese spending in this area has more than doubled in five years, from $5 billion to $11.8 billion.
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