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Sanofi profit down 11% as diabetes drug sales slip

PARIS---French drugmaker Sanofi SA on Friday reported a fall in second-quarter net profit, hurt by dwindling diabetes U.S. sales and adverse currency moves but said it still expected to meet its profit target this year.

The Paris-based drugmaker said net profit declined by 11% to EUR1.16 billion ($1.29 billion) for the three months through June from EUR1.3 billion a year earlier.

Business net income, the company's term for adjusted income excluding the impact of acquisitions and divestments, fell 9% to EUR1.68 billion, just slightly below analysts' expectations of EUR1.7 billion. Sanofi's total sales declined 5% to EUR8.14 billion.

The company said it still...