Sanofi 3Q Net Profit Tumbles, Sales Rise Ahead of Forecasts
31 October 2019 - 6:14PM
Dow Jones News
By Carlo Martuscelli
Sanofi S.A. (SAN.FR) said Thursday that third quarter net profit
fell on difficult comparables, while sales climbed.
Net profit was 1.77 billion euros ($1.97 billion), compared with
EUR2.27 billion the year before.
Sales grew 1.1% to EUR9.50 billion, ahead of analyst forecasts
of EUR9.44 billion. Stripping out currency effects, sales declined
by 1.1%.
In 2018, the company made a gain on the sale of its European
generics business which didn't repeat this year.
Business net income--a company profit metric that strips out
certain one-off items--was EUR2.40 billion, rising 4.3% and topping
analyst consensus expectations of EUR2.14 billion as provided by
FactSet.
Sanofi's Chief Executive Paul Hudson, who joined the company in
September, singled out the specialty care division as a strong
performer, buoyed by sales of Dupixent, a treatment for allergic
diseases like eczema and nasal polyps.
Sales from its primary care franchise fell by 8.3% at constant
exchange rates. Revenue from diabetes drugs slid 9.9% at constant
exchange rates, hit by lower prices and competition from biosimilar
drugs.
The company said it expects to report 5% business
earnings-per-share growth at constant exchange rates for the full
year. Based on October exchange rates, the company said it sees a
currency tailwind of around 3% in 2019.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com;
@carlomartu
(END) Dow Jones Newswires
October 31, 2019 02:59 ET (06:59 GMT)
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