Sanofi 4th-qtr earnings slump but still beat expectations; expects growth to resume in 2013

Shares of French pharma major Sanofi (Euronext: SAN) dropped nearly 4% to 66.67 euros in early trading this morning, as the company posted 2012 financial results, showing that net sales for the fourth quarter dipped 0.2% (-1.7% at constant exchange rates) to 8.53 billion euros ($11.68 billion), with business net income slumping 24.3% (-27.1% CER) to 1.57 billion euros and business earnings per share down 23.7% (-23.7% CER) at 1.19 euros.

EPs exceeded the 1.17 euro-a-share average estimate of 14 analysts compiled by Bloomberg. Sanofi had been expected to post quarterly business net income of 1.54 billion euros on sales of 8.56 billion euros, according to Thomson Reuters I/B/E/S estimates.

For the full year, net sales rose 4.7% (=0.5% CER) to 34.95 billion euros, with business net income down 7% (-12.8% CER) at 8.18 billion euros and business EPS 6.8% (-12.8% CER) at 6.20 euros.