PARIS (dpa-AFX) - French drugmaker Sanofi (SNYNF, SNY) announced a plunge in second-quarter net income attributable to equity holders to 444 million euros, or 0.33 euros a share, from 1.15 billion euros, or 0.88 euros a share, in the prior-year quarter. Quarterly business earnings of 1.48 billion euros, or 1.11 euros a share, were lower than last year's 1.93 billion euros, or 1.46 euros a share.
The business earnings per share slid by 24.0% and 18.5% on a reported basis and at constant exchange rates, respectively. The negative impact from Brazil generics was 0.17 euros and the negative impact related to the Plavix and Avapro losses of exclusivity in the U.S. last year was 0.18 euros, according to Sanofi.
For the recent quarter, Sanofi sales totaled 8.0 billion euros, a 9.8% decrease on a reported basis, versus last year's 8.87 billion euros. Exchange rate movements had a negative effect of 3.5 percentage points, mainly reflecting the depreciation of the Japanese Yen, U.S. Dollar, Venezuelan Bolivar, and the South African Rand against the Euro, the firm added.
Considering the impact of Brazil and the year-to-date performance, 2013 business earnings per share is now expected to be 7% to 10% lower than 2012 at constant exchange rates, barring major unforeseen adverse events. In addition, the company continues to expect to return to growth in the second half of 2013.
Copyright RTT News/dpa-AFX