PARIS – Drugmaker Sanofi has reported an 11 per cent 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 per cent to 1.16 billion euros ($1.29 billion) and a 5 per cent drop in net revenue to 8.14 billion euros.
Genzyme was Sanofi’s strongest performer with sales growth of 20.1 per cent, due mainly to its multiple sclerosis and rare disease franchises, followed by its animal health divisions, where sales were up 9.1 per cent.
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.