Sanofi 1st-Quarter Net Profit Rises on Sale of Animal-Health Unit
28 April 2017 - 3:59PM
Dow Jones News
By Noemie Bisserbe
PARIS--French drugmaker Sanofi SA (SAN.FR) said first-quarter
net profit jumped, boosted by the sale of its animal-health
business.
On Friday, the Paris-based drugmaker said net profit rose to 5.7
billion euros ($6.2 billion) from EUR1.09 billion a year
earlier.
Business net income, the company's term for adjusted income
excluding the impact of acquisitions and divestments, increased 4%
to EUR1.8 billion, lifted by Genzyme, Sanofi's biotech business.
That beat analysts' expectations of EUR1.6 billion, according to a
poll by data provider FactSet. Total sales rose 11% to EUR8.65
billion.
Sanofi has said it still expects business earnings per
share--excluding the impact of acquisitions and divestments--to be
stable or decline by up to 3% in 2017 at constant exchange
rates.
To revive growth, Sanofi has boosted its research and is seeking
to acquire an innovative pharmaceutical company that could
replenish its new drug pipeline. It lost out to Pfizer Inc. (PFE)
in a bidding war for cancer drug maker Medivation in August. Late
last year, talks with Actelion Ltd. (ATLN.EB) collapsed after the
French major and the Swiss biotech failed to hash out an agreement.
Johnson & Johnson (JNJ) agreed to take over Actelion for $30
billion in January.
In January, Sanofi exchanged its animal-health business for most
of Boehringer Ingelheim GmbH's consumer health-care business.
Boehringer also paid Sanofi EUR4.7 billion as part of the deal.
Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
(END) Dow Jones Newswires
April 28, 2017 01:44 ET (05:44 GMT)
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