Sanofi slumps on poor projected diabetes results

Shares in French pharmaceutical giant Sanofi slumped Thursday in Paris on poor projected sales for its diabetes division.

Shortly after midday (1100 GMT), the company's stock had lost 5.6 percent to 88.03 euros after Morgan Stanley analysts noted "a slightly disappointing quarter" for July to September.

Sanofi, France's largest listed company, announced sales of 9.6 billion euros ($10.5 billion), up 9.2 percent year-on-year with net profits rising 36.8 percent to 1.63 billion euros in the third quarter.

But that was overshadowed by a sizeable projected drop in business for Sanofi's diabetes division, where the group foresees an annual fall of between four and eight percent at constant exchange rates through to 2018.

"Despite the challenges of our diabetes activity we are confident in Sanofi's long-term outlook," director general Olivier Brandicourt said in a statement.