Sanofi delivers 2016 sales and business earnings per share (EPS) growth at constant exchange rate (CER).
In the fourth quarter of 2016, Sanofi company sales were €8.9 billion ($9.5 billion), up 3.3% on a reported basis. Exchange rate movements had a negative effect of 0.1 percentage points. At CER, company sales increased 3.4%.
In 2016, Sanofi sales were €33.8 billion ($36.1 billion), down 0.7% on a reported basis. Exchange rate movements had an unfavorable effect of 1.9 percentage points reflecting mainly the adverse evolution of the Argentine peso, Chinese yuan, Mexican peso and British pound, which more than offset the positive effects from the Japanese Yen. At CER, company sales increased 1.2%.
The company’s 2016 performance included a negative currency impact related to the change of exchange rate applied for the translation of Venezuela operations, resulting from the evolution of the exchange system in February 2016 as well as from the persistent inability to exchange Venezuelan bolivars for U.S. dollars at the privileged official rate.
In addition, in the first half of 2015, Sanofi benefited from a significant increase in product demand in Venezuela, due to buying patterns associated with local market conditions. As a consequence, sales in Venezuela were €18 million ($19.2 million) in 2016 compared to €455 million ($485.4 million) in 2015. Excluding Venezuela, company sales increased 3.7% and 2.6% in the fourth quarter and in 2016, respectively.
(Note: Currency rounded conversion based on €1 = $1.07 on February 8, 2017)
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