Sanofi aims for €2bn cost savings as Genzyme prompts an overhaul

FRENCH drugmaker Sanofi expects annual earnings to rise more than five per cent on average in the next four years as a strategic shift into new growth areas insulates it from blockbuster drugs going off patent.

The firm, which bought US biotech group Genzyme for $20.1bn earlier in the year, said it hopes to make €2bn in additional cost savings by 2015 in addition to beefing up its research and development pipeline.

Sanofi has been branching out into areas including vaccines and animal health in a bid to make up for declining sales of top drugs like bloodthinner Plavix and cancer drug Taxotere, which are facing generic rivals after losing patent protection.

“We are essentially moving into a new phase, a phase of growth,” said chief executive Chris Viehbacher.