Sanofi, Pfizer settled first California Zantac bellwether case, says Barclays

Barclays analyst Iain Simpson reported that on a status update conference call for the California Judicial Council Coordinated Proceedings, or JCCP, it was indicated that Pfizer (PFE) and Sanofi (SNY) settled with the defendant in the first bellwether trial. After having reached out to Sanofi, they confirmed this news and stated in part: "Sanofi has reached a favorable agreement in principle to resolve Mr. Goetz’s claims against it. Sanofi settled this case not because it believes these claims have any merit, but rather to avoid the expense and distraction of a trial in California. With this settlement, Sanofi is not a defendant in any of the other California cases set for trial in 2023." The firm’s view is that this further removes the Zantac overhang for Sanofi, at least in the near term, Simpson stated in his note to investors. GSK (GSK) remains a defendant in this particular bellwether case and Haleon (HLN) is not named as a specific defendant in any of the cases, the analyst noted.