Sanofi shares up on pleasing financials

Shares of French pharma major Sanofi (Euronext: SAN) were up 2.62% at 77.88 euros by late morning after the company reported strong fourth-quarter and full-year 2016 financial results

For the fourth quarter, business net income excluding some items declined to 1.61 billion euros ($1.72 billion), down 2.9% at constant exchange rates from 1.71 billion euros a year earlier. That compares with a 1.59 billion-euro average of 11 analyst estimates compiled by Bloomberg. Sanofi said net profit rose to 790 million euros, up from 334 million euros a year earlier

Sales rose 3.4% to 8.87 billion euros. Analysts polled by Reuters in partnership with Inquiry Financial had on average expected business net profit of 1.57 billion euros and net sales of 8.94 billion.