Sanofi, the French pharmaceutical manufacturer, said on Thursday that its first-quarter net income attributable to equity holders fell 43.2% to €1.13 billion ($1.21 billion) from last year's €2 billion.
The figures are based on the International Financial Reporting Standards or IFRS.
Earnings per share declined 43.1% to €0.91 from €1.60 a year ago. Business net income was €2.22 billion, compared to €2.70 billion last year. Business earnings per share were €1.78, compared to €2.16 last year.
IFRS net sales grew 2.4% to €10.46 billion from last year's €10.22 billion. Sales growth was 6.7% at constant exchange rates, driven by launches.
Looking ahead for fiscal 2024, Sanofi continues to expect business earnings per share to remain roughly stable excluding the impact of an expected effective tax rate increase to 21%, and decrease low single-digit at the coupon equivalent rate (CER) including the higher expected tax rate.