BioCentury
ARTICLE | Financial News

Sanofi, Novo fall on diabetes outlook

October 30, 2015 12:51 AM UTC

Sanofi (Euronext:SAN; NYSE:SNY) and Novo Nordisk A/S (CSE:NVO; NYSE:NVO) reported earnings on Thursday and acknowledged challenges ahead in the diabetes market. Sanofi dipped EUR 2.31 to EUR 90.99 on Euronext and fell $1.86 to $49.63 in New York on Thursday. Novo shed $3.81 to $53.06 in New York and was off DKK20.40 to DKK364.

Sanofi expects global diabetes sales to decline by 4-8% at constant exchange rates each year until 2018. The company reported EUR 1.9 billion ($2 billion) in 3Q15 diabetes sales, down 7% from 3Q14. On a conference call Thursday, CEO Olivier Brandicourt attributed the decline largely to slower U.S. sales of Lantus insulin glargine due to higher discounts, slower than expected basal insulin market growth and a "higher proportion of sales than expected to Medicaid and other government channels." ...