French drugs maker Sanofi-Aventis' (SNY, SAN.FR) atrial fibrillation product is still being evaluated by the transparency commission of France's Haute Autorite de Sante, which will issue an opinion on how the medicine should be reimbursed by France's health system, the pharmaceuticals company told Dow Jones Newswires Monday.

"The evaluation is ongoing, no final opinion has been issued," a Sanofi spokesman told Dow Jones Newswires.

The French business daily La Tribune Monday reported, without citing sources, that the commission had judged the medicine's medical benefits as mediocre and that reimbursement by the government should be limited to 35%.

A weak opinion from the commission could cloud the future of the drug, which is a main source of future growth for the French company, Arsene Guekam, analyst with CM-CIC said in a research note Monday. He cited France's position as the second most important drugs market in Europe, worth around $30 billion, or 10% of the European market. He rates Sanofi shares as a buy with a EUR59 target price.

Multaq was approved for use in Europe last year.

At 0933 GMT, Sanofi shares traded down 2% or EUR1.11 lower at EUR55.46 compared to a slightly lower Paris CAC-40 index. The stock hs risen 36% in value over the past 12 months.

By Mimosa Spencer, Dow Jones Newswires; +33 1 40 17 17 73; mimosa.spencer@dowjones.com
Sanofi (EU:SAN)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Sanofi Charts.
Sanofi (EU:SAN)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Sanofi Charts.