Sanofi Poised for Swift Medivation Move as Earnings Drop
- Second-quarter profit drops 8.7% as Plavix, Lantus decline
- Drugmaker maintains forecast for stable earnings in 2016
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Sanofi said it’s ready to act swiftly to reach a deal with U.S. biotechnology company Medivation Inc. as profit and sales declined, highlighting the need for new medicines to propel growth.
“We have entered this new phase of our discussion with Medivation, which of course we expect will be much more productive,’’ Chief Executive Officer Olivier Brandicourt said on a conference call. “There is no certainty in terms of timing but we are ready clearly to move quickly.’’