Published January 13, 2015
French drug maker Sanofi says its net profit was more than halved in the fourth quarter from a year earlier as mounting restructuring costs and patent losses on key drugs combined to hammer earnings.
Sanofi said Thursday that its net profit was €438 million ($593 million) in the October-December quarter, down from €1.5 billion a year earlier. Sales were flat at €8.5 billion in the quarter. Restructuring costs rose over €100 million to €834 million.
The company blamed the loss of U.S. patent protection on key drugs Plavix and Avapro cost it €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.
https://www.foxnews.com/world/drug-maker-sanofi-posts-steep-drop-in-q4-profit-says-slide-could-extend-into-2013