UPDATE: Sanofi's 4th-qtr results hit by falling diabetes sales

French pharma major Sanofi (Euronext: SAN) posted disappointing financial results for 2015, with fourth-quarter sales down 1.6% at 9.28 billion euros ($10.34 billion) and business net income fell 13.5% lower (at constant exchange rate) to 1.71 billion euros. Business earnings per share came in at 1.31 euros, down 5.8% (-12.9% at CER). Net profit fell 75% to 334 million euros.

Sales were impacted by increased pricing pressure in the US diabetes market and higher accounting charges. Revenues were also impacted – to the tune of 122 million euros - by the voluntary recall of Auvi-Q/Allerject (epinephrine injection, for emergency treatment of life-threatening allergic reactions) in the USA and Canada announced on October 30, 2015. The average expectations of analysts polled by Reuters in partnership with Inquiry Financial had been for business net profit of 1.69 billion euros and net sales of 9.34 billion euros for the quarter. Sanofi’s shares edged 0.49% higher on the Paris exchange to 70.25 euros by 09.16 CET.

For the full-year 2015, aggregate group sales were 37.06 billion euros, up 9.7% at 2015 exchange rates. Exchange rate movements had a favorable effect of 7.5 percentage pointsresulting in an increase of aggregate group sales of 2.2% at CER, the company noted. Business net income for the year was up 8.5% at 7.37 billion euros (-0.9% at CER), with EPS at 5.64 euros (0.0% at CER).