July 31, 2018 / 5:34 AM / 2 months ago

Genzyme sales help Sanofi deliver Q2 stable earnings

PARIS, July 31 (Reuters) - Sanofi posted slightly higher-than-expected second-quarter profits on the back of strong sales growth at its key rare diseases Genzyme unit, and narrowed its 2018 profit target.

Second-quarter business net income was up 0.4 percent at constant exchange rates to 1.558 billion euros ($1.82 billion) while revenues were up 0.1 percent to 8.176 billion.

Sales at Genzyme surged 33.1 percent to 1.8 billion euros. Vaccines revenue, however, fell 15.7 percent, hit by the supply constraint of a combination infant vaccine in China. Diabetes and cardiovascular sales were down 15.6 percent.

Analysts polled by Reuters in partnership with Inquiry Financial had on average been expecting a business net income of 1.536 billion euros on revenues of 8.279 billion.

$1 = 0.8538 euros Reporting by Matthias Blamont; Editing by Sudip Kar-Gupta

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