PARIS May 2 Sanofi reported
lower-than-expected first-quarter earnings on Thursday as the
effects of last year's patent losses damped growth from diabetes
drugs, vaccines and rare disease unit Genzyme.
The French drugmaker said it expected to return to growth in
the second half of 2013 and confirmed that earnings this year
would be flat to 5 percent lower than in 2012 at constant
Sanofi's closely watched business net income, which excludes
items such as amortisation and legal costs, dropped 33 percent
to 1.61 billion euros ($2.1 billion) on sales of 8.06 billion,
down 5.3 percent.
Sales were hit by generic competition, austerity measures in
Europe and the depreciation of several currencies, including the
dollar and the Japanese yen, against the euro.
Sanofi had been expected to post quarterly business net
income of 1.75 billion on sales of 8.3 billion, according to a
Thomson Reuters poll.
($1 = 0.7580 euros)
(Reporting by Elena Berton; Editing by Leila Abboud)