Thursday, February 07, 2013 2:52 am
Sanofi earns slump in 4th quarter
The Associated Press
Sanofi said Thursday that its net profit was (EURO)438 million ($593 million) in the October-December quarter, down from (EURO)1.5 billion a year earlier. Sales were flat at (EURO)8.5 billion in the quarter. Restructuring costs rose over (EURO)100 million to (EURO)834 million.
The company blamed the loss of U.S. patent protection on key drugs Plavix and Avapro cost it (EURO)1.3 billion last year.
Sanofi warned its core earnings per share could fall up to 5 percent this year, after a 12.8 percent drop in 2012.