Sanofi targeting further acquisitions

Sanofi has said it plans to expand through further acquisitions as more of its medicines face competition from generic rivals.

According to Reuters, the French company's chief executive Christopher Viehbacher told reporters during a conference call on Thursday (November 3rd) that the firm will "continue to search for bolt-on acquisition around the world".

He made his comments after Sanofi revealed that its profits for the third quarter of the year declined by three percent to 2.4 billion euros (two billion pounds).

However, the firm also said it is progressing well with the integration of US biotech company Genzyme, which it acquired in February.

The performance of Genzyme, as well as diabetes drugs and vaccines, contributed to a five percent rise in net sales for the third quarter.

"Our growth platforms again achieved double digit growth and more than compensated for generic erosion," Mr Viehbacher commented.

Analysis from EvaluatePharma has said Sanofi is on course to replace Pfizer as the world's biggest pharmaceutical group next year.