PARIS — Drugmaker Sanofi has reported a sharp rise in profits in the second quarter as higher sales from its Cambridge, Massachusetts-based biotech unit Genzyme helped offset by cuts in the price of the company's diabetes treatment Lantus in the U.S.
Sanofi reported Tuesday net profit of 1.3 billion euros ($1.4 billion) from April to June, up from 777 million euros a year earlier.
Paris-based Sanofi, whose new CEO Olivier Brandicourt took over in April, said it's on track to hit earnings targets set out earlier this year, with flat to slightly higher earnings per share.
Genzyme's results were boosted by strong sales of its Aubagio multiple sclerosis treatment, Sanofi said.
Sales slid 3.8 percent in Sanofi's flagship diabetes division as it offered rebates on its blockbuster Lantus treatment in the U.S.