Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
PARIS (AP) — Drugmaker Sanofi has reported an 11 percent fall in profit in the second quarter despite double-digit growth of its biotech unit Genzyme.
The Paris-based company reported Friday a fall in net income of 11 percent to 1.16 billion euros ($1.29 billion) and a 5 percent drop in net revenue to 8.14 billion euros.
Genzyme was Sanofi's strongest performer with sales growth of 20.1 percent, due mainly to its multiple sclerosis and rare disease franchises, followed by its animal health divisions, where sales were up 9.1 percent.
Fluctuating exchange rates hurt the overall figure for sales, Sanofi said, citing the U.S. dollar and "persistent inability" to exchange the Venezuelan bolivar, which collapsed, for U.S. dollars. Venezuelan product demand collapsed to 6 million euros from 199 million in 2015's second quarter.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
