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News Summary: Sanofi profit slumps in 3rd quarter

The Associated Press

SHRINKING PROFIT: Sanofi saw its earnings slump in the third quarter as generic competitors ate into profits of its Eloxatin cancer treatment.

DETAILS: Sanofi earned €1.6 billion ($2.1 billion) for the July-September quarter, down 20 percent from €2 billion a year earlier. Sanofi lost €448 million in sales from generic competition in the quarter, although overall sales rose 3.3 percent to €9 billion.

LOOKING AHEAD: The French drugmaker now expects its core earnings to fall 12 percent this year compared to 2011, at constant exchange rates.