Sanofi said that its third-quarter net profit fell 6.4% despite a slight uptick in sales as strong showings in vaccines, specialty care and emerging markets failed to fully offset continued weakness in its diabetes and cardiovascular business.
The French drugmaker reported third-quarter net profit of 1.57 billion euros ($1.83 billion) compared with EUR1.67 billion in the same period a year earlier.
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Business net income--the company's measure for adjusted income excluding the impact of acquisitions and divestments--was EUR2.14 billion for the quarter compared with EUR2.3 billion a year earlier. Sales for the quarter increased 0.3% to EUR9.05 billion. A Vara Research forecast had seen business net income at about EUR2.16 billion and sales of about EUR9.26 billion.
Third-quarter sales of Lantus, Sanofi's flagship diabetes product, were down 15.5% at a constant exchange rate, while overall sales for the diabetes franchise were down 10%.
Sanofi says that it expects sales in its global diabetes franchise to decline at an average annualized rate of between 6% and 8% at a constant exchange rate between 2015 and 2018.
The company confirmed its 2017 outlook and said it continues to expect business earnings per share for 2017 to be "broadly stable" at a constant exchange rate.
(END) Dow Jones Newswires
November 02, 2017 03:48 ET (07:48 GMT)