Sanofi records drop in profit

Drugmaker Sanofi has reported a slight drop in income in the first quarter amid a leadership transition and lower sales of its Lantus diabetes drug.

The Paris-based company said its net income was €1.05bn ($1.2bn), down from 1.12bn in the first quarter of 2014. Sales were €8.8bn, up 12 percent from last year, the Associated Press reported.

A drop in United States sales of Lantus was offset by higher sales in Europe and emerging markets, the company said.

Sanofi expects slight growth this year under new Chief Executive Officer, Olivier Brandicourt. His predecessor, Christopher Viehbacher, was sacked in October over his handling of the business, including the loss of US market share for Lantus and his communications with the board.

Sanofi is a French multinational pharmaceutical company headquartered in Paris, France. As of 2013, it was the world’s fifth-largest pharmaceutical company by prescription sales.

Source : Punch

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