French drugmaker Sanofi says net profit slips in 3rd quarter on higher restructuring costs

Markets Associated Press

Sanofi's net profit slipped 2.4 percent in the third quarter as the maker of the Lantus diabetes treatment booked a higher charge for restructuring at its French operations.

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The drugmaker said Tuesday that its net profit was 1.9 billion euros ($1.5 billion) in the third quarter, down from 1.22 billion euros a year earlier. The latest quarter included 163 million euros in restructuring costs.

Sanofi said growth in Asia, Latin America and the United States helped lift overall sales 4.1 percent to 8.78 billion euros in the quarter, and the company confirmed its target of annual earnings growth of between six and eight percent.