Paris: Sanofi-Aventis said on Wednesday its net profit rose 5% in the second quarter as it booked higher sales of its diabetes drug Lantus as well as blood thinners Lovenox and Plavix.
The Paris-based pharmaceutical company posted net profit of €1.06 billion in the April to June period, up from €1.01 billion a year earlier.
In a statement, chief executive Chris Viehbacher said Sanofi-Aventis’ second quarter performance meant the company could increase its forecast for earnings per share growth this year to around 10%, compared to its earlier forecast of at least 7%.
Sanofi-Aventis said it is also making progress on a plan unveiled earlier this year to counter the effects of its thinning new drug pipeline and increased competition from generic drug makers over the next five years.
The company said it aims to keep sales in 2013 at the same level as the €27.6 billion it made last year, before including new sales made through acquisitions. It also aims to cut costs by €2 billion over the same period in order to maintain net profit in 2013 at the same level as the €7.2 billion made last year.