Sanofi Cuts Forecast as Earnings Miss on Brazilian Woes
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Sanofi cut its full-year forecast as second-quarter profit missed analysts’ estimates, hurt by inventory mismanagement in Brazil and generic competition.
Earnings per share excluding some costs and currency swings may fall between 7 percent and 10 percent, France’s largest drugmaker said in a statement. Sanofi previously expected profit to show no change or drop 5 percent at worst. The stock slumped the most in six weeks.