Sanofi (SNY) Offers Prelim. Q3 Results Update
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Sanofi (NYSE: SNY) has compiled the following items for consideration to assist in the financial modeling of the Company’s Q3 2016 results.
As a reminder, following the announcement of exclusive negotiations with Boehringer Ingelheim and as an IFRS presentation requirement for discontinued operations, net income for Sanofi's Animal Health business (Merial) is reported on a separate line in the Consolidated Income Statement. Sanofi will continue to manage and report the performance of the Animal Health business, which will remain an operating segment consistent with IFRS 8, in the Business Net Income Statement until the closing of the transaction. On June 27, 2016, the signing of contracts to secure the transaction was announced.
Q3 2015 Sales and Business EPS
Sanofi’s Aggregate sales(1) were €9,455 million in Q3 2015. This excludes €136 million of VaxServe sales of products from other vaccine manufacturers reclassified to the line “Other revenues”. Sanofi’s business EPS was €1.61 in Q3 2015.
Specific events in Q3 2015 and Q3 2016
In Q3 2015, Sanofi recorded in the line “Other operating income/expenses” €137 million as a foreign exchange loss with respect to its subsidiaries based in Venezuela.
In Q3 2016, Sanofi settled a litigation related to Cipro generic for an amount of $100 million. This charge will be recorded in the line “Other current operating income/expenses”.
On October 28, 2015, Sanofi announced a voluntary recall for AuviQ and Allerject in the U.S. and Canada. Sales of the product were €61 million in Q3 2015. These sales were recorded in “Established products”. Japan
As previously communicated, multiple generic versions of Plavix entered the market in Japan since the end of June 2015 and significantly impacted Plavix sales. In Q3 2015, sales of Plavix in Japan were €145 million. In Q2 2016, sales of Plavix in Japan were down 59.1% at CER to €93 million.
In Q3 2015, sales in Venezuela were €24 million. In Q2 2016, sales in Venezuela were €6 million.
In H1 2016, Diabetes franchise sales were €3,591 million down 3.8% at CER. Over the same period, sales of Lantus in the U.S., decreased 16.7% at CER to €1,739 million mainly reflecting lower average net price and patients switching to Toujeo. A glargine biosimilar was launched in Q3 2015 in several European countries as well as in Japan.
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