Sanofi earnings to be 'stable' despite declining salesComments
Sanofi has said it expects stable earnings this year after reporting lower profit for the final three months of 2015.
Its balance sheet was hurt by declining sales of diabetes and cancer treatments and other prescription drugs.
The French drugmaker is in the midst of a reorganisation after warning that sales at its diabetes division would keep falling until 2018.
The division is a major revenue and profit driver, but Sanofi’s best-selling insulin drug Lantus is losing ground to rivals.
In the fourth quarter, revenue from diabetes fell 12.6 percent at constant exchange rates to 1.9 billion euros.
The company wants to cut costs by reducing the size of its workforce, including 600 job cuts in France in the next three years through voluntary early retirement.Chief Executive Olivier Brandicourt said Sanofi was still exploring options for its generic drugs business in Europe, after it agreed in December to swap its animal health business for Boehringer Ingelheim’s consumer health division.