Sanofi 2nd-qtr sales and profits decline

29 July 2016

French pharma major Sanofi (Euronext: SAN) today reported second quarter 2016 aggregate company sales of 8.87 billion euros ($9.83 billion), down 4.3% (-0.2% at constant exchange rates). Exchange rate movements had a negative effect of 4.1 percentage points with the adverse evolution of the US dollar as well as several emerging market currencies more than offsetting the positive effects from the Japanese yen.

Business net income fell 8.7% (-3.3% CER) to 1.68 billion euros, and business earnings per share were 1.31 euros, down 7.1% (-2.1% CER). Sanofi continues to expect 2016 Business EPP to be broadly stable at CER, barring unforeseen major adverse events.

The results were broadly in line with analysts' expectations of 8.89 billion euros in sales and 1.68 billion in business net income, based on the mean of 10 estimates in a Reuters poll. However, Sanofi’s shares dipped 1.74% to 74.96 by mid-morning trading.

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