Euroapi hits bottom of SBF 120 index after departures of CEO, chair
10/12/2024 08:30
** Shares in Euroapi EAPI.PA fall 4.6% to the bottom of
France's SBF 120 index .SBF120 , after the French
pharmaceutical supplier appointed a new CEO and an independent
chair of the board with immediate effect
** It says the board has accepted resignation of Chair
Viviane Monges and CEO Ludwig de Mot, to be replaced by Emmanuel
Blin and David Seignolle, respectively
** J.P.Morgan says the changes are "likely to be seen as
disappointing" as Monges was "well regarded"
** JPM adds that even though departure of de Mot was
expected, it believes investors expected him to remain in place
at least in 2025 to oversee first full year of FOCUS-27 plan
** Euroapi still sees 8-11% sales decline and a core EBITDA
margin of 4-7% in 2024
** JPM expects it to guide for flat 2025 sales with a core
EBITDA margin of 6-9%
** The shares are on track for the worst day in a month
(Reporting by Olivier Cherfan)
((olivier.cherfan@thomsonreuters.com))