Sanofi says 2011 profits on target in third quarter

3rd November 2011, Comments 0 comments

French drug giant Sanofi stood by 2011 targets on Thursday with third-quarter net profit up 26.2 percent and sales up 5.0 percent thanks to internal growth and the acquisition of US business Genzyme.

Business net income was down 3.0 percent on a reported basis at 2.4 billion euros, but up 4.1 percent at constant exchange rates, Sanofi said in a statement.

Net sales were up 10.1 percent at constant exchange rates to 8.75 billion euros.

"The return to growth in sales and earnings in the third quarter reflects an important milestone as the company progressively puts the patent cliff behind it," said Sanofi CEO Christopher Viehbacher.

"The integration of Genzyme is progressing well... We continue to make strong progress in R&D with the submission of five new products and also in the tight control of our costs," he said.

© 2011 AFP

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