Sanofi's strong 1st-qtr driven by Genzyme

27 April 2012

French drug major Sanofi (Euronext: SAN) posted a strong set of first-quarter 2012 financial results this morning, with group turnover rising 9.4% on a reported basis (+7.0% at constant exchange rates) to 8.51 billion euros ($11.24 billion), and seeing the first consolidated contribution from Genzyme, the $20.1 billion acquisition of which was completed last year.

Business net income up12.5% (+8.4% CER) at 2.44 billion euros - beating the 2.2 billion-euro average estimate of 11 analysts compiled by Bloomberg, and business earnings per share of 1.85 euros a rise of 11.4% (+7.2% CER), significantly higher than consensus forecasts of 1.69 euros. Sanofi’s share price moved 2.45% higher to 58.17 by 9.30am.

Full-year EPS set to be 12%-15% lower

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