Sanofi 1st-qtr 2014 earnings just miss estimates

French pharma major Sanofi (Euronext: SAN) reported first-quarter 2014 financial results this morning that, despite a hit from currency effects, total group sales grew 3.5% to 7.84 billion euros ($10.85 billion).

The company’s growth platforms sales grew 7.9% to 5.78 billion euros and accounted for 73.7% of total sales in the quarter. Business net income and business earnings per share (EPS) were 1.55 billion euros (+5.6% at constant exchange rates) and 1.17 euros (+5.8% at CER, -3.3% on a reported basis), respectively. Analysts predicted profit of 1.57 billion euros, or 1.19 euros a share, according to the average of 12 estimates compiled by Bloomberg. Sanofi’s shares dipped 1.1% to 76.26 shortly after the start of trading in Paris.

The performance of the first quarter is in line with the full year guidance announced on February 6, 2014, said Sanofi. The continued performance of growth platforms, expenses in new product launches and the late-stage pipeline is expected to lead to 2014 business EPS growth between 4% and 7% at CER, barring major unforeseen adverse events, the firm added.

Steady pipeline growth