ADVERTISEMENT

French giants profits hit by falling US sales of diabetes drugs

The results came a week after Sanofi filed a suit against US-based Mylan for allegedly infringing the patent of its diabetes drug, Lantus.

Lantus, a major source of revenue for Sanofi, is no longer being reimbursed by several top US health insurance companies, which have switched to Mylan's cheaper products.

Sanofi on Thursday posted a 6.4-percent drop in net profit to 1.57 billion euros ($1.83 billion) in the period from July to September, while sales edged up by 0.3 percent to 9.05 billion euros.

Nevertheless, Sanofi said it expected 2017 earnings per share to remain stable overall, barring unforeseen events.

ADVERTISEMENT

The quarterly results fell short of expectations: analysts surveyed by FactSet had been pencilling in net profit of 2.47 billion euros and sales of 10.85 billion euros for the third quarter.

Sales of diabetes treatments in the US fell 22 percent to 745 million euros, Sanofi said, adding that it expected "an accelerated decline of US diabetes sales in the fourth quarter."

In a telephone news conference, CEO Olivier Brandicourt said that Sanofi had nevertheless booked improve sales in other divisions, including a "strong launch" in the US of the Dupixent eczema treatment.

Dupixent was approved by the US Food and Drug administration in March, and is due to go on sale soon in Europe.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

NASS under Akpabio steers
Nigeria's commitment to nationhood - Ethnic leaders

NASS under Akpabio steers Nigeria's commitment to nationhood - Ethnic leaders

Erisco Foods' court case vs Chioma Okoli delayed in court over judge's absence

Erisco Foods' court case vs Chioma Okoli delayed in court over judge's absence

Army troops destroy 43 illegal refining sites, arrest 32 oil thieves

Army troops destroy 43 illegal refining sites, arrest 32 oil thieves

Legislation under Speaker Abbas aligns with democratic tenets - CSOs

Legislation under Speaker Abbas aligns with democratic tenets - CSOs

Kano Police ban Durbar celebrations for Eid-el-Kabir  amid security concerns

Kano Police ban Durbar celebrations for Eid-el-Kabir amid security concerns

Nigeria’s creative industry a goldmine - Lai Mohammed

Nigeria’s creative industry a goldmine - Lai Mohammed

Tinubu set to receive bill proposing return to regional govt on Friday

Tinubu set to receive bill proposing return to regional govt on Friday

UK-based Imo group sponsors 125 students for 2024 Junior WAEC exams

UK-based Imo group sponsors 125 students for 2024 Junior WAEC exams

FCCPC warns traders against selling contaminated foods, vows to punish offenders

FCCPC warns traders against selling contaminated foods, vows to punish offenders

Pulse Sports

'Sack him now' - Reactions as Finidi George fails to inspire Super Eagles against Benin

'Sack him now' - Reactions as Finidi George fails to inspire Super Eagles against Benin

All for women? Gabby Thomas and other female athletes accused of poor sportsmanship to Thompson-Herah

All for women? Gabby Thomas and other female athletes accused of poor sportsmanship to Thompson-Herah

Super Eagles: Nigeria are becoming World Cup qualifying no-hopers

Super Eagles: Nigeria are becoming World Cup qualifying no-hopers

NPFL Standings: What the latest title race twist means after the abandoned Rangers vs Enyimba derby

NPFL Standings: What the latest title race twist means after the abandoned Rangers vs Enyimba derby

“How much is money? — Ighalo reacts to Osimhen flaunting his private jet

“How much is money?” — Ighalo reacts to Osimhen flaunting his private jet

Benin Republic vs Nigeria: Time and where to watch Super Eagles face the Cheetahs in World Cup qualifiers

Benin Republic vs Nigeria: Time and where to watch Super Eagles face the Cheetahs in World Cup qualifiers

ADVERTISEMENT
ADVERTISEMENT