Q3 wasn’t a strong quarter for Sanofi – its 4.7% CER growth or rather 0.2% decline on constant exchange rate/constant structure (CER/CS) basis was behind our as well as the street’s expectations. Sales reached €9.1bn vs the consensus average estimate of €9.3bn. NB All revenue growth numbers at CER/CS unless mentioned otherwise. The under-performance (vs our estimates) came not only from the higher-than-expected decline in the diabetes business (-10% at CER), but al
13 Nov 2017
Soft quarter and moving parts on shaky ground
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Soft quarter and moving parts on shaky ground
Q3 wasn’t a strong quarter for Sanofi – its 4.7% CER growth or rather 0.2% decline on constant exchange rate/constant structure (CER/CS) basis was behind our as well as the street’s expectations. Sales reached €9.1bn vs the consensus average estimate of €9.3bn. NB All revenue growth numbers at CER/CS unless mentioned otherwise. The under-performance (vs our estimates) came not only from the higher-than-expected decline in the diabetes business (-10% at CER), but al