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News Summary: Sanofi 3Q profit slumps 21 percent

The Associated Press

THE NEWS: French drugmaker Sanofi's third-quarter net income fell 21 percent as it continued to suffer the effects of overpaying for acquisitions and a painful restructuring.

THE NUMBERS: Net profit declined to 1.21 billion euros ($1.66 billion) in the July-to-September quarter, from 1.54 billion euros a year earlier. Sales fell 6.7 percent on the loss of patent protection for one-time blockbuster treatments as well as a problem supplying some vaccines in the U.S.

THE OUTLOOK: Sanofi warned that earnings for the full year would be "at the lower end" of previous guidance, with profit down around 10 percent before exchange rate fluctuations.