Wednesday, October 30, 2013
PARIS (AP) — Sanofi SA says net profit slumped by over a fifth in the third quarter as the French drug maker continued to suffer the effects of overpaying for acquisitions and a painful restructuring.
Sanofi says its net profit fell 21.2 percent to 1.21 billion euros ($1.66 billion) in the July to September quarter, down from 1.54 billion euros a year earlier.
In a statement Wednesday Sanofi warned that earnings for the full year would be "at the lower end" of previous guidance, with profit down around 10 percent before exchange rate fluctuations.
Sanofi says third quarter sales fell 6.7 percent as the loss of patent protection for one-time blockbuster treatments such as Plavix and Lovenox continued to have an impact, while a problem supplying some vaccines in the U.S. hurt sales.