SAN Sanofi

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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