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Sanofi Quarterly Earnings, Sales Slide, Reiterates Discipline on Medivation

French pharmaceuticals company Sanofi (SNY) reported a decline in second-quarter sales and earnings that was marginally worse than expected amid problems in Venezuela and competition in the U.S. in its diabetes division.

The company, which is engaged in a three-month pursuit of San Francisco cancer drug developer Medivation (MDVN) , said sales fell 4.3% to €8.87 billion ($9.8 billion). That compared with a forecast for sales of €8.94 billion, Jefferies noted, while what Sanofi calls business net income - its preferred measure of net profit - declined 8.7% to €1.68 billion, just...


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