France’s Sanofi Q4 net profit slumps 71.5% on patents expiry

07 February 2013 08:59  [Source: ICIS news]

SINGAPORE (ICIS)--French pharmaceutical firm Sanofi reported on Thursday a 71.5%  year-on-year plunge in its fourth-quarter net income to €410m ($554m), with sales barely increasing.

Its net sales for the December quarter inched up by 0.2% to €8.53bn, largely because of patent expirations, Sanofi said in a statement.

For the whole of 2012, Sanofi’s net profit declined by 12.8% to €4.97bn, despite a 4.7% increase in sales to €34.9bn, it said.

“2012 was a turning point for Sanofi with the loss of exclusivity in the US for several significant legacy drugs,” said Sanofi CEO Christopher Viehbacher in the statement.

This year, the first-half performance is expected to see a residual effect from the patent expirations, but the company should be able to resume growth in the second half, Viehbacher said.

($1 = €0.74)

By: Surinder Malhi
+65 6780 4327

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