Sanofi's 1996 Profits Rise 11%

Net earnings at Sanofi in 1996 were 1.74 billion French francs ($308.5million), an increase of 11%. Operating profits were up 3% to 3.53 billion francs. The firm said that the year was marked by the relative stability of the franc, except against the Japanese yen, which underwent a considerable decline, and very weak economic growth in Europe, with the exception of the UK, resulting in very intense competition. Details of the firm's 1996 sales were released last month (Marketletter February 17).