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Wednesday, Oct 30
Sanofi profit slumps 19%, warns on full year
- Sanofi's (SNY) Q3 adjusted net income dropped 19% to €1.79B and missed analysts forecasts of €1.84B.
- Net profit slumped 21% to €1.21B.
- EPS -19.2% to €1.35, below consensus of €1.43.
- Net sales slid 6.7% to €8.43B vs forecasts of €8.55B.
- Sales in China grew by only 5% to €351M, hurt by investigations into possible bribery. Brazilian revenue tumbled 17% to €269M due to lower sales of generic drugs.
- Sanofi warned that FY adjusted EPS will fall 10% from 2012, the low end of previous guidance for a drop of 7-10%.
- Shares +1% premaarket. (PR)