Sanofi's 1st-qtr 2018 hit by falling sales
Despite being upbeat about future growth, the shares of French pharma major Sanofi (Euronext: SAN) fell 1.84% to 65.09 euros by mid-morning, after the company released first-quarter 2018 financial results that disappointed.
In the first quarter, Sanofi generated net sales of 7,898 million euros ($9.67 billion), a decrease of 8.7% (down 0.4% at CER). The Sanofi Genzyme unit’s sales grew strongly, up 16.2%, driven by contribution from the new immunology franchise
Net income, as reported was 1,016 million euros, down 82.2%, or 0.81 euros per share. That compared to expected sales of 8 billion euros and income of 1.4 billion euros in a poll of economists by Reuters. Business net income came in at 1,598 million euros, down 10.7%, and EPS was 1.28 euros, down 9.9%.
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