Sanofi posts 1st-qtr profits downturn but beats estimates

French pharma major Sanofi (Euronext: SAN) revealed this morning that first-quarter 2015 group sales increased 2.4% at constant rates, or 12.3% on a reported basis, to 8.81 billion euros ($9.82 billion, but net profit fell 6% to 1.02 billion euros. Sanofi’s shares dipped 1% to 90.63 euros in mid-morning trading.

Business net income, ie, adjusted income excluding the impact of acquisitions and divestments, increased 12% to 1.73 billion euros, helped by a weaker euro and its Genzyme biotech business, beating analysts’ expected business net income of 1.58 billion euros, according to a poll by The Wall Street Journal.