Sanofi earns soar on lower restructuring costs (Update)

Sanofi CEO Christopher A. Viehbacher, left, and President of Sanofi's Global Research and Development, Dr. Elias Zerhouni pose for photographers as they arrive for Sanofi's annual results in Paris, Thursday, Feb. 6, 2014. The French drug maker said Thursday its earnings soared in the fourth quarter as lower restructuring costs offset a hefty charge related to one of its key multiple sclerosis treatments. (AP Photo/Michel Euler)

French drug maker Sanofi said Thursday its earnings soared in the fourth quarter as lower restructuring costs offset a hefty charge related to one of its key multiple sclerosis treatments.

Paris-based Sanofi reported net profit of 1.06 billion euros ($1.4 billion) in the fourth quarter, up from 388 million euros a year earlier. Last year's profit was hammered by over 800 million euros worth of restructuring costs.

Sanofi said it took a 612-million-euro charge in the quarter to account for the U.S. Food and Drug Administration's December ruling that multiple sclerosis treatment Lemtrada is not ready for approval for the American market. Sanofi said it will miss a targeted March date for U.S. approval of the drug.

Earnings by Sanofi's preferred measure of profits—what it calls business earnings per share at constant exchange rates—fell 9.8 percent last year. The company forecast growth by this measure of between four and seven percent this year, "barring major unforeseen adverse events."

Sanofi wants to market Lemtrada as a treatment for relapsing multiple sclerosis, a disease in which the immune system attacks healthy nerves. It can cause pain, numbness, slurred speech, impaired vision, muscle weakness and neurological problems.

The drug was approved by the European Medicines Agency for use in the EU last year, and has also been approved in Canada and Australia. The FDA said Sanofi and its Genzyme subsidiary had not submitted sufficient evidence to show the benefits of Lemtrada.

Sanofi said that Genzyme is preparing its appeal to the agency.

not rated yet
add to favorites email to friend print save as pdf

Related Stories

US health watchdog rejects Sanofi's MS drug

Dec 30, 2013

French drug giant Sanofi announced Monday US health authorities had rejected its Lemtrada drug for some forms of multiple sclerosis, which is already approved in the European Union, Canada and Australia.

Sanofi warns on '13 profit as Q2 earns slump (Update)

Aug 01, 2013

Competition from generic drugs continued to hammer French pharmaceutical group Sanofi in the second quarter, the company said Thursday, warning that its full-year earnings could be twice as bad as previous guidance.

Sanofi earnings slashed in first quarter

May 02, 2013

(AP)—French drug maker Sanofi said Thursday its net profit was slashed in the first quarter from a year earlier as falling sales and patent losses on key drugs combined to hammer earnings.

Recommended for you

EU regulator: Morning-after pill OK for all women

16 hours ago

(AP)—A commonly used morning-after pill is suitable for use by heavier women, the European Medicines Agency said Thursday after a review of the evidence sparked by the French manufacturer's declaration that the drugs didn't ...

Physicians warned about counterfeit medical devices

20 hours ago

(HealthDay)—Physicians should be aware of the prevalence and serious consequences associated with use of counterfeit medical devices, according to a letter to the editor published online July 20 in Lasers in ...

Zydelig approved for three types of blood cancer

21 hours ago

(HealthDay)—Zydelig (idelalisib) has been approved by the U.S. Food and Drug Administration to treat relapsed forms of blood cancer, including chronic lymphocytic leukemia (CLL), follicular B-cell non-Hodgkin lymphoma (FL) ...

Journal raises concern about blood-thinning drug

Jul 23, 2014

A medical journal raised concerns Wednesday about a blood-thinning drug widely used by people at risk of stroke, accusing its manufacturer of concealing safety data and regulators of laxness.

User comments